Nigeria’s Oil and Gas Reserves Reach 37 Billion Barrels and 215 TCF in 2026, NUPRC Confirms
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially confirmed the country’s total petroleum reserves at 37.01 billion barrels of crude oil and condensate, alongside 215.19 trillion cubic feet (TCF) of natural gas as of January 1, 2026. The announcement underscores Nigeria’s enduring capacity in the upstream petroleum sector despite global energy shifts and domestic production challenges.
The declaration was made in a statement by NUPRC Chief Executive Oritsemeyiwa Eyesan, titled “Media Release on the National Annual Petroleum Reserves Position as at 1st January 2026.” Eyesan emphasized the commission’s commitment to boosting upstream performance, enhancing reserves, and ensuring stable production through the operationalization of the Petroleum Industry Act, 2021, and other strategic initiatives.
Breaking down the numbers, Nigeria holds 31.09 billion barrels of crude oil and 5.92 billion barrels of condensate, totaling 37.01 billion barrels of liquid hydrocarbons. Gas reserves include 100.21 TCF of associated gas and 114.98 TCF of non-associated gas, bringing total gas reserves to 215.19 TCF. The Reserves Life Index estimates that current oil reserves can last 59 years, while gas reserves have an 85-year lifespan at current production levels.
While oil reserves dipped slightly by 0.74% due to 2025 production and updated field evaluations, gas reserves grew by 2.21% through new discoveries and enhanced reservoir assessments. This increase supports Nigeria’s energy transition, with gas positioned as a key fuel in decarbonization efforts. The NUPRC has also launched a Gas Development Roadmap to commercialize over 55 TCF of untapped gas, aiming to boost exploration, processing, transportation, and export infrastructure.
The growth in gas reserves aligns with the Federal Government’s “Decade of Gas” initiative, targeting industrialization, power generation, and LNG market expansion. The Nigerian National Petroleum Company Limited (NNPCL) plans to expand gas reserves from 210 TCF to 600 TCF while attracting around $60 billion in investment. The Gas Master Plan 2026 also seeks to achieve 10 billion cubic feet of daily gas production to drive economic growth and strengthen energy security.
source: nairametrics