Nigeria’s Oil Reserves Slip as Gas Holdings Surge to 215 TCF – NUPRC Reveals

Nigeria’s oil reserves experienced a slight decline as of January 2026, while gas reserves expanded, signaling a gradual pivot in the country’s energy landscape toward cleaner fuel sources.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed the updated national petroleum reserves in a statement issued on Wednesday, highlighting a modest shift from last year’s figures.

According to NUPRC Chief Executive Oritsemeyiwa Eyesan, total oil and condensate reserves currently stand at 37.01 billion barrels, down from approximately 37.3 billion barrels in 2025. Meanwhile, total gas reserves increased to 215.19 trillion cubic feet (TCF) from around 210–211 TCF last year.

“The slight decrease in oil and condensate reserves, a 0.74% dip, is primarily due to production activities in 2025 and updated field evaluations based on subsurface studies,” Eyesan explained. She added that 2P crude oil and condensate reserves amount to 31.09 billion barrels and 5.92 billion barrels, respectively.

On the gas front, reserves grew by 2.21%, attributed to new discoveries and advanced reservoir assessments. Eyesan reported that 2P associated gas (AG) and non-associated gas (NAG) reserves now stand at 100.21 TCF and 114.98 TCF, respectively.

The commission also revealed Nigeria’s Reserves Life Index, estimating the lifespan of the country’s hydrocarbon resources at 59 years for oil and 85 years for gas at current production levels.

The data reflects Nigeria’s ongoing transition toward a gas-driven energy strategy, aligning with the federal government’s “Decade of Gas” initiative and the global push for cleaner fuels. Analysts note that, despite the minor decline, Nigeria remains one of Africa’s top oil holders, while its expanding gas reserves solidify its status as a global gas powerhouse.

The NUPRC emphasized that the Petroleum Industry Act, 2021, continues to play a pivotal role in strengthening upstream operations, enhancing regulatory oversight, and encouraging investment to boost reserves through transparent licensing and robust data management.