Oil reserves begin Nigeria’s energy story in early 2026, setting the tone for growth and transition.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed reserves of 37.01 billion barrels of crude oil and condensate, along with 215.19 trillion cubic feet of gas, as at January 1, 2026.
Oil Reserves Begin Nigeria’s Energy Story
Chief Executive Oritsemeyiwa Eyesan announced the figures and reinforced the Commission’s commitment to sector progress.
These figures show that the sector remains stable despite global energy changes.
Nigeria continues to rank among Africa’s leading oil and gas producers.
In detail, crude oil accounts for 31.09 billion barrels, while condensate adds 5.92 billion barrels, alongside 215.19 trillion cubic feet of gas.
Gas Gains Momentum In Energy Mix
Meanwhile, gas plays an increasingly central role in Nigeria’s energy future.
Associated gas stands at 100.21 trillion cubic feet, while non-associated gas reaches 114.98 trillion cubic feet.
Gas reserves grew by 2.21% as new discoveries and improved field evaluations boosted totals.
In contrast, oil and condensate declined slightly by 0.74% as production and updated data took effect.
As a result, this shift reflects a broader national strategy towards cleaner energy.
Nigeria now positions gas as a transition fuel in global energy markets.
Oil reserves may last 59 years, while gas could last 85 years at current production levels.
Read Also: Afreximbank Secures $2 Billion In Record Syndicated Loan Deal
Policy And Investment Drive Future Growth
Furthermore, the NUPRC guides this transition through its regulatory mandate.
The Commission improves performance, supports reserve growth, and strengthens stability under the Petroleum Industry Act 2021.
It aims to secure long-term value while sustaining production.
At the same time, the Federal Government advances the “Decade of Gas” initiative.
The policy promotes industrial growth, power generation, and export diversification through natural gas.
Nigeria therefore expands its energy mix rather than replacing oil.
In addition, the Nigerian National Petroleum Company Limited (NNPC Limited) drives further growth.
It targets higher gas reserves and seeks $60 billion in investment.
It also implements its Gas Master Plan 2026, aiming for 10 billion cubic feet of daily production to strengthen energy security.
