Nigeria’s proven hydrocarbon reserves remain robust, with the country’s crude oil reserves recorded at 37.28 billion barrels and natural gas reserves reaching 210.54 trillion cubic feet as of January 1, 2025. This latest data was shared by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), reinforcing the nation’s position as a key energy player in Africa.
According to NUPRC’s Commission Chief Executive, Engr. Gbenga Komolafe, the crude oil figure includes 31.44 billion barrels of oil and 5.84 billion barrels of condensates. On the gas front, reserves comprise 101.03 tcf of associated gas—found alongside crude oil—and 109.51 tcf of non-associated gas, which occurs independently.
While the updated gas reserves show a slight increase from the previous year’s figure of 209.26 tcf, crude oil reserves saw a marginal decline from 37.50 billion barrels in 2024. Nevertheless, the current reserves suggest long-term energy security, with a Reserve Life Index of 64 years for oil and 93 years for gas, assuming current production levels persist.
Komolafe emphasized that the updated reserves align with the goals of the Petroleum Industry Act (PIA) 2021 and the NUPRC’s strategic regulatory framework for 2024 and beyond.
The announcement comes as President Bola Tinubu pushes for increased oil production, aiming to surpass 2 million barrels per day in 2025. Notably, in February this year, Nigeria’s oil output exceeded its OPEC quota, reaching 1.57 million barrels per day, according to international monitoring sources.
In 2024 alone, Nigeria produced over 566 million barrels of crude oil and condensates, reflecting ongoing efforts to optimize output and attract investment into the sector—particularly through initiatives like the gas flare commercialization programme, which could unlock up to $2.5 billion in new investments.
With both its oil and gas sectors under continuous reform, Nigeria’s updated reserve data positions it to meet growing global energy demand while advancing its domestic economic development goals.
