Nigerian Upstream Petroleum Regulatory Commission said Nigeria’s proven petroleum reserves stood at 37.01 billion barrels of crude oil and condensate and 215.19 trillion cubic feet of natural gas as of January 1, 2026, underscoring the country’s enduring hydrocarbon base despite production headwinds and shifting global energy dynamics.
The figures were disclosed in a statement issued on Wednesday, April 1, 2026, by the commission’s chief executive, Oritsemeyiwa Eyesan, titled “Media Release on the National Annual Petroleum Reserves Position as at 1st January 2026.”
The annual reserves declaration provides a snapshot of Nigeria’s upstream resource position and reflects updated field performance data, production levels, and discoveries recorded over the previous year.
A breakdown of the data shows crude oil reserves at 31.09 billion barrels and condensate at 5.92 billion barrels, bringing total liquids to 37.01 billion barrels. On the gas side, associated gas reserves stood at 100.21 trillion cubic feet, while non-associated gas accounted for 114.98 trillion cubic feet, resulting in total gas reserves of 215.19 trillion cubic feet.
The latest figures point to relative stability in oil reserves and continued growth in gas resources. Oil and condensate reserves declined marginally by 0.74 per cent, reflecting 2025 production and revised reservoir evaluations. Gas reserves, by contrast, rose by 2.21 per cent, supported by new discoveries and improved technical assessments of existing fields.
At current production rates, Nigeria’s reserves life index suggests oil resources could last about 59 years, while gas reserves have a projected lifespan of 85 years.
Eyesan said the commission remains focused on strengthening upstream performance and sustaining reserves growth through regulatory reforms anchored on the Petroleum Industry Act, 2021.
“The commission is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity,” she said in the statement.
The data reinforces Nigeria’s position as one of Africa’s largest holders of oil and gas resources, while also highlighting a strategic shift toward gas as a transition fuel in a decarbonising global energy system.
Gas has become central to Nigeria’s long-term energy and economic strategy, with policymakers seeking to leverage abundant reserves to drive industrialisation, expand power generation and diversify export earnings.
The reserves update comes amid broader efforts by the federal government to deepen gas development under its “Decade of Gas” initiative, which aims to accelerate investment across the value chain.
The commission recently launched a gas development roadmap targeting the commercialisation of more than 55 trillion cubic feet of unutilised gas resources, with a focus on unlocking capital for exploration, processing, transportation and export infrastructure.
In parallel, Nigerian National Petroleum Company Limited has outlined ambitions to significantly expand the country’s gas base. The state energy company said it plans to grow reserves from about 210 trillion cubic feet to as much as 600 trillion cubic feet over the longer term, alongside efforts to attract roughly $60 billion in investment into the sector.
NNPCL has also set production targets under its Gas Master Plan 2026, aiming to reach 10 billion cubic feet per day of gas output to support domestic demand and export capacity.
While crude oil remains Nigeria’s primary source of government revenue, the steady increase in gas reserves reflects a recalibration toward cleaner-burning fuels in response to global energy transition pressures.
Analysts say sustained investment, regulatory clarity and infrastructure development will be critical to converting Nigeria’s substantial gas endowment into tangible economic gains, particularly as competition intensifies in global liquefied natural gas markets.
The latest reserves declaration provides a baseline for policymakers and investors assessing the trajectory of Nigeria’s upstream sector, as the country balances near-term fiscal dependence on oil with longer-term ambitions to position gas as a cornerstone of its energy future.