1 week Ago By Ayo Yusuf
*Crude stock reduces marginally by 0.60%, gas rises 0.61% Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday announced that Nigeria’s oil and condensate reserves as at January 2025 were 37.
28 billion barrels, a decline of about 0.60 percent by THISDAY computation. With the new data, Nigeria retained its position as the country with the second largest crude reserves in Africa, just behind Libya, which has an estimated 48.
36 billion barrels of oil, although the West African nation remains the continent’s biggest oil producer. However, the country’s gas stock hit 210.54 Trillion Cubic Feet (TCF), rising 0.
61 per cent, according to THISDAY checks, retaining its first position in Africa and about ninth globally and effectively making the country a gas nation. In recent years, Nigeria has sought to explore and exploit its gas resources, massively reducing flaring and intentionally searching for the resource, as against the past, where gas accidentally climbed to the surface in the process of drilling for crude oil. In terms of gas reserves, Nigeria comes behind Russia, Iran, Qatar, United States, Saudi Arabia, Turkmenistan, United Arab Emirates (UAE) and Venezuela.
A statement released by the upstream regulator in Abuja, signed by the Chief Executive of the commission, Gbenga Komolafe, further stated that while for crude oil, reserves life index in Nigeria was 64 years as of the first day of this year, it was 93 years for gas. According to the Commission, the release of the current reserves figures was in compliance with the relevant sections of the Petroleum Industry Act (PIA), 2021. In April last year, the commission had put the combined reserves of crude oil and condensate at 37.
50 billion barrels, while the reserves of Associated Gas and Non-Associated Gas stood at 102.59 TCF and 106.67 TCF, respectively, to hit 209.
26 TCF at the time. At the time, Komolafe added that within the total reserves, crude oil and condensate were recorded at 31.56 billion barrels and 5.
94 billion barrels, respectively. “The commission, in keeping with its mandate as enshrined in the Petroleum Industry Act, 2021 (PIA), is committed to driving the efficiency and effectiveness of the upstream oil and gas sector, enhancing the growth of oil and gas reserves and ensuring sustainable increase in oil and gas production for shared prosperity, as articulated in the Regulatory Action Plan (RAP) for 2024 and the near term. “Against the foregoing, I am pleased to present to you an overview of the nation’s oil, condensate, associated gas, and non-associated gas reserves as of January 1, 2025, as follows: 2P crude oil and condensate reserves stand at 31.
44 billion barrels and 5.84 billion barrels respectively, amounting to a total of 37.28 billion barrels.
“2P Associated Gas and Non-Associated Gas reserves stands at 101.03 Trillion Cubic Feet (TCF) and 109.51 TCF, respectively, resulting in total gas reserves of 210.
54 TCF. The reserves life index is 64 years and 93 years for oil and gas, respectively,” the statement added yesterday. For clarity, 2P reserves also known as proven reserves, are a classification of oil and gas reserves that represent the best estimate of recoverable resources in a particular area.
According to Komolafe, the release was in keeping with several portions of the law that mandates the Commission to make such public pronouncements on an annual basis. “In view of the above, and in furtherance of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r), and other powers enabling me in this respect, I, Engr. Gbenga Olu Komolafe, Commission Chief Executive, hereby declare the total oil and condensate reserves of 37.
28 billion barrels and total gas reserves of 210.54 trillion cubic feet as the official national petroleum reserves position as of January 1, 2025,” the statement added. Globally, Nigeria ranks around 11th in proven crude oil reserves.
Despite this strong reserve base, Nigeria’s global production share is relatively lower than its reserve ranking—mainly due to underinvestment, infrastructure issues, security concerns, and regulatory uncertainties. This means that although in terms of reserves, Nigeria is a top-tier country, in terms of actual production and export capacity, it’s operating below potential. Meanwhile, Nigeria’s crude oil production declined to a five-month low in March 2025, with the country recording as low as 1.
4 million barrels per day during the period under consideration. In November last year, when oil output began to pick up, Nigeria produced 1.48 million bpd; 1.
48 million bpd in December; 1.53 million bpd in January; 1.46 million bpd in February, before the latest figure of 1.
4 million bpd recorded last month. Data released by the NUPRC yesterday indicated that the production figure represented 93 per cent of the Organisation of Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd, down from 98 per cent in February.
Although the commission did not state the actual reasons for the decline, in March, the political problems in Rivers state, a major hub of Nigeria’s oil and gas production, led to the temporary shutdown of a number of pipelines in the state after they were attacked. According to the NUPRC document, the lowest and peak combined crude oil and condensate production in March were 1.46 million bpd and 1.
76 million bpd respectively. OPEC does not compute condensate as part of member nations’ oil output..
