The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared that the nation’s crude oil and condensate reserves stood at 31.44 Billion Barrels and 5.84 Billion Barrels respectively as of January 1, 2025, amounting to a total of 37.28 Billion Barrels.
NUPRC also declared that Associated Gas and Non-Associated Gas reserves stood at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively within the same period, resulting in total Gas reserves of 210.54 TCF.
This figure as contained in the Annual Petroleum Reserves Position released by the Commission Chief Executive of the NUPRC, Engr. Gbenga Komolafe on Friday is a decline from the 37.50 Billion Barrels recorded last year.
While there is no immediate implications for this development, industry experts attributed the decline to less oil exploration activities in the country.
However, NUPRC disclosed that the Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.
The declaration by the Commission was in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), to drive the efficiency and effectiveness of the upstream oil & gas sector, enhance the growth of oil and gas reserves and ensure sustainable increase in oil & gas production for shared prosperity, as articulated in the Regulatory Action Plan for 2024 and the Near Term (RAP).
