•Oil to last another 59 years
By Obas Esiedesa, Abuja
Nigeria’s oil and condensate reserves recorded a marginal decline of 0.74 percent to 37.01 billion barrels as of January 1, 2026, while gas reserves rose by 2.21 percent, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
In its official declaration of the national petroleum reserves position, the Commission’s Chief Executive, Oritsemeyiwa Eyesan, said total 2P crude oil and condensate reserves comprised 31.09 billion barrels of crude oil and 5.92 billion barrels of condensate.
The Commission explained that the 0.74 percent decline from 37.28 billion barrels recorded as of January 1, 2025, was due to production activities during the year, as well as updated field performance data and technical evaluations from subsurface studies.
Oil and condensate reserves had stood at 37.5 billion barrels as of January 1, 2024.
In contrast, total gas reserves increased by 2.21 percent to 215.19 trillion cubic feet
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