Nigeria’s oil reserves saw a slight drop in 2026, while gas reserves increased, signalling a gradual shift in the country’s energy profile amid ongoing production and new discoveries.
The Nigerian Upstream Petroleum Regulatory Commission announced this in Abuja, releasing the official petroleum reserves data as of January 1, 2026.
According to a statement signed by its Chief Executive, Oritsemeyiwa Eyesan, total oil and condensate reserves stood at 37.01 billion barrels, while 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,” reaffirmed the commission’s focus on boosting upstream performance and ensuring sustainable resource management.
Eyesan said, “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, and implementation of the strategic pillars of the commission.”
She explained that 2P crude oil and condensate reserves stood at 31.09 billion barrels and 5.92 billion barrels respectively, totaling 37.01 billion barrels.
On gas reserves, she stated, “2P associated gas and non-associated gas reserves stand at 100.21 trillion cubic feet and 114.98 trillion cubic feet, respectively, resulting in total gas reserves of 215.19 trillion cubic feet.”
The commission also noted that the reserves life index was 59 years for oil and 85 years for gas, reflecting how long the resources could last at current production rates.
Explaining the changes, Eyesan attributed the slight decline in oil reserves to production activities and technical updates.
“The Reserves Life Index is 59 Years and 85 Years for Oil and Gas, respectively. The reason for the slight change in 1.1.2026 oil and condensate reserves by 0.74 per cent is attributable to production in 2025 and reserves update due to field performance and technical evaluation based on subsurface studies.
“The reason for the increase in 1.1.2026 AG and NAG reserves by 2.21 per cent is largely because reserves update is based on discoveries and the result of robust reservoir studies,” she said.
She added that gas reserves grew due to fresh discoveries and improved technical assessments.
“The reason for the increase in 1.1.2026 associated gas and non-associated gas reserves by 2.21 per cent is largely because the reserves update is based on discoveries and the result of robust reservoir studies,” she added.
Formally declaring the figures, Eyesan said, “Consequently, and in furtherance of the provisions of the Petroleum Industry Act, I 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.”
Data shows a slight shift from 2025, when oil and condensate reserves were about 37.3 billion barrels, while gas stood around 210–211 trillion cubic feet.
Overall, oil reserves declined by 0.74 per cent due to continued production and fewer new discoveries, while gas reserves rose by 2.21 per cent driven by exploration success and increased focus on gas development.
This trend highlights Nigeria’s gradual move toward a gas-focused energy strategy, aligned with the government’s “Decade of Gas” initiative and global demand for cleaner energy.
The Petroleum Industry Act, 2021, is also expected to support reserve growth by improving investment conditions, strengthening data systems, and enhancing transparency in licensing.
Despite the slight drop in oil reserves, Nigeria remains one of Africa’s leading crude oil holders, while its expanding gas reserves reinforce its position as a major global gas-rich nation.
