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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that the country’s crude oil reserves will last for 64 years, while its natural gas reserves can sustain operations for up to 93 years, based on current production rates.
This was disclosed on Friday in Abuja by NUPRC Chief Executive Gbenga Komolafe, who revealed the latest reserves data as of January 1, 2025.
Updated Reserves Figures
According to Komolafe:
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2P crude oil and condensate reserves now stand at 31.44 billion barrels and 5.84 billion barrels respectively — totaling 37.28 billion barrels.
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Gas reserves have risen to 210.54 trillion cubic feet (TCF), encompassing both associated and non-associated gas.
“The Reserves Life Index is 64 years for oil and 93 years for gas,” Komolafe stated.
Commitment to Growth Under PIA
He affirmed that NUPRC remains committed to boosting both reserves growth and production output, aligning with the goals of the Petroleum Industry Act (PIA) 2021, which aims to reposition Nigeria’s oil and gas sector for efficiency, transparency, and sustainability.
The announcement comes at a time of increased scrutiny and interest in the long-term viability of Nigeria’s petroleum sector, especially as global energy markets evolve and pressure mounts for energy transition.
