Nigeria’s oil reserves to run out in 64 years, says NUPRC

From Kingsley Jeremiah, Abuja

Nigeria’s crude oil reserves have been projected to last for another 64 years, while its gas reserves could sustain the country for 93 years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said in Abuja on Friday.

The latest reserves figures from NUPRC, contained in a statement signed by the Chief Executive of the commission, Gbenga Komolafe, said the nation’s official petroleum reserves position as of January 1, 2025, especially the 2P crude oil and condensate reserves now stand at 31.44 billion barrels and 5.84 billion barrels respectively, bringing the total to 37.28 billion barrels.

Similarly, associated and non-associated gas reserves have reached 210.54 trillion cubic feet (TCF).

Komolafe said NUPRC remains committed to enhancing reserves growth and boosting oil and gas production, in line with the objectives set out in the Petroleum Industry Act (PIA) 2021.

“The Reserves Life Index is 64 years and 93 years for oil and gas respectively,” Komolafe stated.