Nigeria’s oil reserves recorded a slight decline in 2026, while natural gas resources expanded, reflecting a gradual shift in the country’s hydrocarbon profile amid sustained production and fresh discoveries.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed this on Wednesday in Abuja as it released the nation’s official petroleum reserves position as of January 1, 2026.
In a statement signed by the commission’s Chief Executive, Oritsemeyiwa Eyesan, 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, titled “Media Release on the National Annual Petroleum Reserves Position as at 1st January 2026,” highlighted the commission’s commitment to strengthening upstream performance and ensuring long-term resource sustainability.
Eyesan said the commission remained focused on improving the growth of oil and gas reserves while maintaining stable production levels in line with the Petroleum Industry Act (PIA) 2021.
According to her, “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.”
She explained that the 2P crude oil reserves stood at 31.09 billion barrels, while condensate reserves were estimated at 5.92 billion barrels, bringing the total oil and condensate reserves to 37.01 billion barrels.
On gas resources, Eyesan said associated gas reserves were estimated at 100.21 trillion cubic feet, while non-associated gas reserves stood at 114.98 trillion cubic feet, bringing the country’s total gas reserves to 215.19 trillion cubic feet.
The commission also revealed that Nigeria’s Reserves Life Index (RLI) currently stands at 59 years for oil and 85 years for gas, indicating how long the resources could last at current production levels.
Eyesan explained that the slight drop in oil reserves was mainly due to production activities in the previous year and technical updates to reserve estimates.
She said the 0.74 per cent decline in oil and condensate reserves reflected output recorded in 2025 as well as updated field performance data based on subsurface studies and technical evaluations.
In contrast, gas reserves increased by 2.21 per cent, driven largely by new discoveries and improved reservoir analysis.
Eyesan noted that robust exploration activities and detailed reservoir studies contributed to the upward revision in both associated and non-associated gas reserves.
Declaring the figures official, she stated that Nigeria’s 37.01 billion barrels of oil and condensate reserves and 215.19 trillion cubic feet of gas represent the country’s national petroleum reserves position as of January 1, 2026.
Industry data show that Nigeria’s reserves position has shifted slightly from 2025, when oil and condensate reserves were estimated at about 37.3 billion barrels, while gas reserves stood at approximately 210 to 211 trillion cubic feet.
The updated figures highlight a modest contraction in oil reserves due to continued production and limited new crude discoveries, alongside stronger growth in gas resources.
Analysts say the trend reinforces Nigeria’s gradual transition toward a gas-focused energy strategy, in line with the Federal Government’s “Decade of Gas” initiative and rising global demand for cleaner fuels.
They also note that despite the slight decline, Nigeria’s oil reserves of about 37 billion barrels still place the country among Africa’s leading crude holders.
At the same time, the expanding gas reserves strengthen Nigeria’s position as one of the world’s most gas-rich nations, with significant potential for domestic energy supply and export opportunities.
Experts add that the Petroleum Industry Act is expected to support further reserves growth by improving the investment climate, enhancing regulatory transparency, and encouraging exploration activities across the upstream sector.
