Nigeria’s Oil and Gas Reserves Reach New Heights
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has reported that as of January 1, 2026, the country’s total oil and condensate reserves have risen to 37.01 billion barrels. Meanwhile, gas reserves have also shown significant growth, reaching 215.19 trillion cubic feet (TCF), marking a notable advancement in Nigeria’s energy sector.
Key Figures Unveiled by NUPRC
This data was presented in a statement released on Wednesday, which was signed by Oritumeiwa Isan, the chief executive of the commission. The announcement was made in accordance with the Petroleum Industry Act of 2021 (PIA), which mandates transparency in reporting reserves. According to the report, crude oil reserves were estimated at 31.09 billion barrels, while condensate reserves accounted for 5.92 billion barrels.
Gas Reserves Breakdown
The breakdown for gas reserves shows that associated gas is estimated at 100.21 TCF, with non-associated gas reserves at 114.98 TCF. This classification is crucial for understanding the potential extraction and utilization pathways for Nigeria’s gas resources.
Reserve Life Index Indicates Longevity of Resources
The NUPRC has established a reserve life index of 59 years for oil and 85 years for gas, projecting the longevity of these resources at current production rates. These figures underscore the potential for sustained production, provided that investments and technology advancements continue to progress in the industry.
Trends in Reserve Changes
Oritumeiwa Isan noted that oil and condensate reserves experienced a slight decline of 0.74% year-on-year. This decrease is attributed to production levels in 2025 and recent updates based on field performance assessments and evolving underground technologies. In contrast, gas reserves have seen a 2.21% increase, primarily driven by new discoveries and enhanced reservoir evaluations.
Efforts to Strengthen the Upstream Sector
The updated reserve figures reflect the NUPRC’s ongoing initiatives to enhance the performance of the upstream sector. The commission is focused on promoting reserve growth and ensuring stable production to align with its mission of responsibly managing Nigeria’s oil resources. These declarations are pivotal for the country’s energy strategies moving forward.
Investment Initiatives by the Federal Government
Amid ongoing reforms in the oil and gas sector, the Nigerian government has intensified efforts to attract both local and foreign investments. Recently, President Bola Tinubu approved a targeted financial incentive package designed to facilitate the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project. This move follows a visit from Shell executives to Abuja and aligns with rising global oil prices, largely influenced by geopolitical tensions disrupting supply chains.
Shell’s Renewed Commitment to Nigeria
During a visit in January, Shell expressed a renewed interest in investing in Nigeria, citing improved political stability and coherent policy frameworks as significant factors influencing their decision. Shell’s CEO, Wael Sawan, emphasized the company’s eagerness to engage in the Nigerian market, indicating a shift in sentiment that could pave the way for increased investment and development in the nation’s oil and gas sector.
