In a significant boost to Nigeria’s energy sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has officially declared the nation’s crude oil and condensate reserves at a total of 37.28 billion barrels as of January 1, 2025. The announcement also revealed that Nigeria’s natural gas reserves have soared to a staggering 210.54 trillion cubic feet (TCF), reinforcing the country’s position as a leading hydrocarbon hub in Africa.
The figures were disclosed in a press release on Friday, titled “The Declaration of Annual National Petroleum Reserves Position as of 1st January 2025,” signed by the Commission’s Chief Executive, Engr. Gbenga Komolafe.
According to Komolafe, the proven (2P) crude oil reserves now stand at 31.44 billion barrels, while condensate reserves have risen to 5.84 billion barrels, bringing the combined total to 37.28 billion barrels. On the gas front, Nigeria holds 101.03 TCF of associated gas and 109.51 TCF of non-associated gas, summing up to an impressive 210.54 TCF of natural gas.
Engr. Komolafe emphasized that the declaration is part of the Commission’s statutory responsibility under the Petroleum Industry Act (PIA) 2021. He stated that the data is not merely a statistical representation but an affirmation of the Commission’s dedication to boosting exploration, increasing hydrocarbon production, and ensuring energy sustainability.
“The Reserves Life Index stands at 64 years for oil and 93 years for gas,” Komolafe noted, adding that these figures indicate Nigeria’s long-term viability in the global energy supply chain.
He reiterated that NUPRC is focused on a strategic Regulatory Action Plan for 2024, which targets upstream investment growth, enhanced exploration activities, and efficient management of Nigeria’s vast hydrocarbon resources.
The substantial reserve levels come at a critical time for Nigeria as the country continues to grapple with fluctuating oil production, pipeline vandalism, and an urgent need to diversify revenue sources. Experts believe that accurate reserve reporting and policy reforms under the PIA are key enablers for investment inflow into the sector.
Energy analyst and industry consultant, Dr. Timi Oladiran, stated, “What these numbers do is send a strong message to global investors that Nigeria remains a viable and resource-rich frontier for oil and gas development. But we must match these figures with stable policies and security in the Niger Delta region.”
With oil still accounting for over 80% of Nigeria’s foreign exchange earnings and about 60% of government revenue, a boost in reserves may aid the country’s efforts to attract foreign direct investment (FDI) and stabilize its economy.
The NUPRC also reaffirmed that it is working in tandem with other arms of government, international oil companies (IOCs), and indigenous operators to unlock value across the upstream value chain. The recent launch of the 2024 Regulatory Action Plan has already seen improved engagement with stakeholders, clearer guidelines for exploration licensing rounds, and accelerated development of marginal fields.
Komolafe added, “We are not resting. The Commission will continue to ensure that operators comply with reserve evaluation standards and annual reporting obligations. Accurate reserve data is crucial for national planning and international competitiveness.”
In line with the global movement towards cleaner energy, Komolafe highlighted the importance of balancing Nigeria’s hydrocarbon expansion with climate goals.
“NUPRC is aligning its regulatory framework with global best practices, including flaring reduction, cleaner technologies, and energy transition plans, while ensuring we don’t leave value on the table,” he said.
Nigeria is also exploring ways to utilize its vast gas resources to meet domestic power demands and become a major LNG exporter. The African Energy Chamber in its recent report noted that Nigeria could potentially become Africa’s gas superpower if its gas infrastructure is expanded and properly harnessed.
Official Declaration
“I, Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.28 billion barrels and Total Gas reserves of 210.54 trillion cubic feet as the official National Petroleum Reserves Position as of January 1, 2025.”
The declaration of Nigeria’s oil and gas reserves is a milestone that underscores the nation’s rich natural endowment and strategic importance in the global energy market. However, translating these numbers into economic prosperity will require consistent policy execution, security in oil-producing regions, and transparent governance of the sector.
As Nigeria seeks to navigate a rapidly evolving global energy landscape, the NUPRC’s data release marks a step toward greater investor confidence and sustainable development of the country’s petroleum industry.