Nigeria’s crude oil reserves are projected to last for the next 64 years, while its gas reserves are estimated to sustain the country for 93 years, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This projection was revealed in a statement released in Abuja on Friday and signed by the Chief Executive of the Commission, Gbenga Komolafe.
The figures represent the nation’s official reserves status as of January 1, 2025.
According to the report, the nation’s 2P (proven plus probable) crude oil and condensate reserves are currently pegged at 31.44 billion barrels and 5.84 billion barrels respectively, bringing the combined total to 37.28 billion barrels.
In addition, Nigeria’s associated and non-associated natural gas reserves have now reached 210.54 trillion cubic feet (TCF), marking a significant milestone in the country’s energy resource base.
Reiterating the Commission’s commitment to energy development, Komolafe said: “NUPRC remains committed to enhancing reserves growth and boosting oil and gas production, in line with the objectives set out in the Petroleum Industry Act (PIA) 2021.”
He further added: “The Reserves Life Index is 64 years and 93 years for oil and gas respectively.”
The NUPRC’s latest assessment underscores the need for continued investment in the petroleum sector and offers a clearer perspective on the longevity of Nigeria’s hydrocarbon resources in the face of evolving global energy dynamics.
