Nigeria’s hope of increasing crude oil reserves to 40 billion barrels faltered yesterday as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) put the country’s reserves at 37 billion barrels, the same point it has been over the last decade.

In 2017, the country’s crude oil reserves stood at 37.453 billion barrels, and the Federal Government had already missed two targets to increase them to 40 billion barrels. A target was set for 2020, but it remained unrealistic until 2025 was set.

NUPRC said the oil and gas reserves recorded marginal growth, stating that as of January 1, 2026, the nation’s total proven (2P) crude oil and condensate reserves stood at 37.01 billion barrels. This comprises 31.09 billion barrels of crude oil and 5.92 billion barrels of condensate.

Gas reserves, however, showed a modest increase, with associated gas estimated at 100.21 trillion cubic feet (TCF) and non-associated gas at 114.98 TCF, bringing total gas reserves to 215.19 TCF.

According to the Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, the reserves life index indicates that Nigeria’s oil resources may last for 59 years, while gas could sustain production for up to 85 years, based on current output levels.

Despite these figures, the data highlights a stagnation in oil reserves growth, with only a slight decline of 0.74 per cent recorded in 2025. The commission attributed this to ongoing production activities and routine technical evaluations of existing fields.

In contrast, gas reserves grew by 2.21 per cent, driven largely by discoveries and improved reservoir studies, underscoring Nigeria’s increasing strategic focus on gas as a transition fuel.

The commission reiterated its commitment to enhancing upstream performance through the full implementation of the Petroleum Industry Act (PIA) 2021 and its broader strategic objectives to boost reserves and ensure stable production.

Eyesan declared the figures as Nigeria’s official petroleum reserves position, in line with the provisions of the PIA.