Nigeria's proven oil and condensate reserves stood at 37.01 billion barrels as of January 1, 2026, a 0.74% decline from the 37.28 billion barrels recorded a year earlier. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the drop, attributing it to 2025 production levels and technical reassessments based on field performance. Mrs Oritsemeyiwa Eyesan, NUPRC's Commission Chief Executive, disclosed the figures in a statement released Wednesday. Crude oil reserves were listed at 31.09 billion barrels, with condensates at 5.92 billion barrels.
Gas reserves, however, showed growth, rising 2.21% to 215.19 trillion cubic feet (TCF) from 210.54 TCF in 2025. Associated gas stood at 100.21 TCF, while non-associated gas reached 114.98 TCF. Eyesan credited the increase to new discoveries and detailed reservoir studies. The 2025 reserves were previously announced on April 1 by former NUPRC chief Mr Gbenga Komolafe, who reported oil and condensate totals at 31.44 billion and 5.84 billion barrels, respectively.
The Reserves Life Index now stands at 59 years for oil and 85 years for gas, down from 64 and 93 years in 2025. Eyesan declared the updated figures in line with the Petroleum Industry Act, 2021, citing statutory obligations and sector transparency.
A drop in oil reserves while gas grows suggests Nigeria is slowly shifting its subsurface focus, but the real story is in the shrinking lifespan of oil—down to 59 years. Mrs Oritsemeyiwa Eyesan's declaration under the PIA framework shows compliance with reporting rules, but not progress in reversing depletion. For Nigerians, this means the clock is ticking louder on an economy still chained to a dwindling resource. More gas reserves won't matter if infrastructure and investment remain stuck in place.
