Nigeria’s total proven and probable (2P) oil, condensate, and gas reserves have reached 37.28 billion barrels and 210.54 trillion cubic feet (TCF) respectively, as of January 1, 2025, according to fresh data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The announcement, made by Commission Chief Executive, Engr. Gbenga Komolafe, offers a strategic snapshot of Nigeria’s hydrocarbon assets and highlights the nation’s progress under the Petroleum Industry Act (PIA) 2021.
The reserves include:
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Crude oil: 31.44 billion barrels
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Condensate: 5.84 billion barrels
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Total oil + condensate: 37.28 billion barrels
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Associated gas: 101.03 TCF
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Non-associated gas: 109.51 TCF
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Total gas: 210.54 TCF
Additionally, Nigeria’s Reserves Life Index—the estimated duration the reserves will last at current production rates—stands at 64 years for oil and 93 years for gas. The NUPRC reaffirmed its commitment to efficiency, production growth, and sustainable resource management under its Regulatory Action Plan (RAP) 2024.