Nigeria’s oil reserves recorded a marginal decline in 2026, reflecting a gradual shift in the country’s hydrocarbon profile amid sustained production and discoveries, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the official petroleum reserves position as at fJanuary 1, 2026, released on Wednesday in Abuja, Nigeria’s total oil and condensate reserves stood at 37.01 billion barrels, while total gas reserves rose to 215.19 trillion cubic feet.
The statement signed by the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, highlighted the commission’s commitment to strengthening upstream performance and ensuring long-term resource sustainability.
“The Nigerian Upstream Petroleum Regulatory Commission, in keeping with its mandate, is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity via the operationalisation of the Petroleum Industry Act, 2021, and implementation of the strategic pillars of the commission,” Eyesan said.
She stated that “2P crude oil and condensate reserves stand at 31.09 billion barrels and 5.92 billion barrels, respectively, amounting to a total of 37.01 billion barrels.”
On gas, she said, “2P associated gas and non-associated gas reserves stand at 100.21 trillion cubic feet and 114.98 trillion cubic feet, respectively, resulting in total gas reserves of 215.19 trillion cubic feet.”
The Commission added that Nigeria’s reserves life index stood at 59 years for oil and 85 years for gas, indicating the estimated duration the resources would last at current production levels.
Explaining the changes recorded within the period, Eyesan noted that crude volumes declined slightly due to production activities during the previous year.
“The Reserves Life Index is 59 Years and 85 Years for Oil and Gas, respectively. The reason for the slight change in 1.1.2026 oil and condensate reserves by 0.74 per cent is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.
“The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21 per cent is largely because reserves update is based on discoveries and the result of robust reservoir studies,” she said.
In contrast, she said that gas reserves increased on the back of fresh discoveries and improved technical assessments.
“The reason for the increase in 1.1.2026 associated gas and non-associated gas reserves by 2.21 per cent is largely because the reserves update is based on discoveries and the result of robust reservoir studies,” she added.
Declaring the figures official, Eyesan said, “Consequently, and in furtherance of the provisions of the Petroleum Industry Act, I hereby declare the total oil and condensate reserves of 37.01 billion barrels and total gas reserves of 215.19 trillion cubic feet as the official national petroleum reserves position as of 1st January 2026.”
The 2026 data, therefore, indicates a 0.74 per cent decline in oil reserves, largely driven by sustained production and limited new oil discoveries, while gas reserves expanded by 2.21 per cent due to ongoing exploration success and renewed focus on gas development.
The trend underscores Nigeria’s gradual transition towards a gas-driven energy strategy, in line with the Federal Government’s “Decade of Gas” initiative and global demand for cleaner fuels.
GIK/APA