Nigeria’s oil and condensate reserves have recorded a marginal decline, whereas fuel reserves posted robust progress, in accordance with the Nigerian Upstream Petroleum Regulatory Fee (NUPRC).
The Fee disclosed that oil and condensate reserves fell by 0.74% to 37.01 billion barrels as of January 1, 2026, in comparison with 37.28 billion barrels recorded a yr earlier.
It defined that the decline was pushed by production actions through the yr, alongside up to date discipline efficiency information and new technical evaluations from subsurface research.
Of the whole reserves, 31.09 billion barrels are crude oil, whereas 5.92 billion barrels are condensate.
In distinction, Nigeria’s fuel reserves rose by 2.21% to 215.19 trillion cubic ft (TCF), supported by new discoveries and improved reservoir assessments. This consists of 100.21 TCF of related fuel and 114.98 TCF of non-associated fuel.
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The Fee mentioned the expansion highlights stronger prospects for the nation’s fuel sector, which continues to draw growing funding and growth focus.
The reserves life index was put at 59 years for oil and 85 years for fuel, indicating a extra sturdy long-term outlook for pure fuel sources.
In response to NUPRC Chief Government, Oritsemeyiwa Eyesan, the updates align with the company’s mandate beneath the Petroleum Trade Act, 2021, to increase reserves and guarantee sustainable upstream production.
In the meantime, oil and condensate output dropped to 1.48 million barrels per day in February, down from 1.62 million barrels per day in January. Nevertheless, Nigeria’s 2026 price range nonetheless assumes a production goal of 1.84 million barrels per day.
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