Despite the institution of the Frontier Exploration Fund (FEF) from which over N450 billion was realised by the Nigerian Nationwide Petroleum Firm Restricted (NNPC) in 2025 alone, Nigeria’s oil reserves have declined in not less than the final three years, a THISDAY evaluate has proven.
That is coming because the Nigerian Upstream Petroleum Regulatory Fee (NUPRC) on Wednesday introduced that the nation’s crude reserves slumped by 0.74 per cent as of January 2026 to 37.01 billion barrels.
For context, in 2025, Nigeria’s crude oil reserves stood at 37.28 billion barrels, falling from 37.50 billion barrels in 2024, the NUPRC introduced on the time.
At its core, Nigeria’s frontier exploration fund was created underneath the Petroleum Trade Act (PIA) in 2021 to finance exploration in frontier basins of the nation the place hydrocarbons are suspected however not but confirmed or commercially developed.
In plain phrases, it was designed to seek for new oil and fuel deposits in underexplored areas, broaden Nigeria’s reserves base past the standard Niger Delta and de-risk exploration in troublesome or unproven terrains the place non-public traders are often reluctant to go.
These frontier basins embrace locations just like the Chad Basin, Sokoto Basin, Anambra Basin, Benue Trough, Dahomey Basin, and others. Earlier than President Bola Tinubu stopped its administration by the NUPRC and the NNPC early this 12 months, instructing direct fee to the Federation Account, the regulation mandated that about 30 per cent of NNPC’s revenue from oil and fuel production-sharing contracts was put aside for this goal.
However in a media launch on Wednesday updating Nigerians in regards to the nation’s hydrocarbons inventory, the fee said that in line with its mandate, it remained dedicated to bettering upstream sector efficiency.
Apart from, it reiterated its dedication to enhancing the expansion of oil and fuel reserves and making certain steady production for shared prosperity by way of operationalisation of the Petroleum Trade Act, 2021 (PIA), and implementation of the strategic pillars of the fee.
The Chief Government of the NUPRC, Oritsemeyiwa Eyesan, whereas breaking down the numbers, defined that 2P (confirmed plus possible) crude oil and condensate reserves presently stand at 31.09 billion barrels and 5.92 billion barrels, respectively, amounting to a complete of 37.01 billion barrels.
In the identical vein, Eyesan defined that 2P Related Fuel (AG) and Non-Related Fuel (NAG) reserves stand at 100.21 Trillion Cubic Ft (TCF) and 114.98 TCF, respectively, leading to whole Fuel reserves of 215.19 TCF.
“In view of this, I’m happy to current to you an summary of the nation’s oil, condensate, related fuel, and non-associated fuel reserves as of January 1st, 2026, as follows: 2P crude oil and condensate reserves stand at 31.09 billion barrels and 5.92 billion barrels, respectively, amounting to a complete of 37.01 billion barrels.
“2P Related Fuel (AG) and Non-Related Fuel (NAG) reserves stand at 100.21 Trillion Cubic Ft (TCF) and 114.98 TCF, respectively, leading to whole fuel reserves of 215.19 TCF,” Eyesan defined.
The NUPRC chief government emphasised that presently, Nigeria’s crude oil can serve the nation for the subsequent 59 years whereas the fuel belongings can final the subsequent 85 years.
“The reserves life index is 59 years and 85 years for oil and fuel, respectively. The explanation 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 replace attributable to discipline efficiency and technical analysis based mostly on subsurface research.
“The explanation for the rise in 1.1.2026 AG and NAG reserves by 2.21 per cent is essentially as a result of the reserves replace relies on discoveries and the results of strong reservoir research,” Eyesan said.
She added: “Consequently, and in furtherance of the provisions of Chapter 1, Half III, Part 7 (g), (i), (j), (okay), (m), (q), (r) and different powers enabling me on this respect, I, Mrs. Oritsemeyiwa Eyesan, Fee Chief Government, hereby declare the full oil and condensate reserves of 37.01 Billion Barrels and Whole Fuel reserves of 215.19 Trillion Cubic Ft because the official nationwide petroleum reserves place as of 1st January 2026.”
In February this 12 months, THISDAY reported that the NNPC obtained over N453.455 billion within the 12 months of 2025 from the FEF, quoting knowledge from the Federation Account Allocation Committee (FAAC).
Emmanuel Addeh and Peter Uzoho
Times Nigeria