Nigeria's Oil Reserves Drop to 37.01bn Barrels in 2026

As of January 1, 2026, Nigeria's crude oil and condensate reserves have decreased by 0.74%, totaling 37.01 billion barrels, down from 37.28 billion barrels reported on January 1, 2025. This information was released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Mr.

Oritsemeyiwa Eyesan serving as the Chief Executive. In contrast, the nation's associated and non-associated gas reserves have seen significant growth, rising to 215.19 trillion cubic feet (TCF), which represents a 2.21% increase from the previous year's 210.54 TCF.

The report indicates that the 2P crude oil and condensate reserves stand at 31.09 billion barrels and 5.92 billion barrels, respectively. The slight decrease in oil reserves is attributed to field performance and technical evaluations, while the increase in gas reserves is linked to robust reservoir studies and discoveries.

The NUPRC aims to improve the upstream sector's performance and ensure stable production through the implementation of the Petroleum Industry Act 2021.