Nigeria’s oil and condensate reserves have recorded a marginal decline, while gas reserves posted strong growth, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The Commission disclosed that oil and condensate reserves fell by 0.74% to 37.01 billion barrels as of January 1, 2026, compared to 37.28 billion barrels recorded a year earlier.
It explained that the decline was driven by production activities during the year, alongside updated field performance data and new technical evaluations from subsurface studies.
Of the total reserves, 31.09 billion barrels are crude oil, while 5.92 billion barrels are condensate.
In contrast, Nigeria’s gas reserves rose by 2.21% to 215.19 trillion cubic feet (TCF), supported by new discoveries and improved reservoir assessments. This includes 100.21 TCF of associated gas and 114.98 TCF of non-associated gas.
The Commission said the growth highlights stronger prospects for the country’s gas sector, which continues to attract increasing investment and development focus.
The reserves life index was put at 59 years for oil and 85 years for gas, indicating a more robust long-term outlook for natural gas resources.
According to NUPRC Chief Executive, Oritsemeyiwa Eyesan, the updates align with the agency’s mandate under the Petroleum Industry Act, 2021, to expand reserves and ensure sustainable upstream production.
Meanwhile, oil and condensate output dropped to 1.48 million barrels per day in February, down from 1.62 million barrels per day in January. However, Nigeria’s 2026 budget still assumes a production target of 1.84 million barrels per day.
