‘Nigeria’s crude oil reserves dips to 37.01b’
By John Ofikhenua, Abuja Nigeria’s crude oil reserves dipped to 37.01billion barrels as at January 1, 2025 from the 37.28bb recorded on January 1, 2026. The Nigerian Upstream Petroleum Regulatory
By John Ofikhenua, Abuja
Nigeria’s crude oil reserves dipped to 37.01billion barrels as at January 1, 2025 from the 37.28bb recorded on January 1, 2026.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Officer, Oritsemeyiwa Eyesan made this known in a press statement yesterday.
The Commission attributed the slight change in the January oil and condensate reserves by 0.74per cent to production to field performance and technical evaluation based on subsurface studies.
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The statement disclosed that crude oil and condensate reserves stood at 31.09billion barrels and 5.92 billion barrels, respectively, amounting to a total of 37.01 billion barrels.
The statement also said that Associated Gas (AG) and Non-Associated Gas(NAG) reserves stood at 100.21 Trillion Cubic Feet (TCF) and 114.98 TCF, respectively, resulting in total gas reserves of 215.19 TCF within the period.
It revealed that the nation’s Reserves Life Index is 59 Years and 85 Years for Oil and Gas, respectively.
It also attributed the increase recorded in AG and NAG reserves by 2.21per cent to discoveries and the result of robust reservoir studies.
“In furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other powers enabling me in this respect, I, Mrs. Oritsemeyiwa Eyesan, Commission Chief Executive, 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,” Eyesan said.
