The Commission’s latest assessment also puts the country’s 2P crude oil and condensate reserves at 31.09 billion barrels and 5.92 billion barrels, respectively, totaling 37.01 billion barrels.

According to Mrs. Oritsemeyiwa Eyesan, Commission Chief Executive, the slight decline in oil and condensate reserves, compared with 37.28 billion barrels in 2025, is due to production in 2025 and updates from field performance and technical evaluations. The growth in gas reserves, however, is largely attributed to new discoveries and comprehensive reservoir studies.

The Reserves Life Index, which estimates how long the country’s reserves can sustain current production, stands at 59 years for oil and 85 years for gas.

“In furtherance of the provisions of Chapter 1, Part III, Section 7 (g), (i), (j), (k), (m), (q), (r) and other powers enabling me in this respect, I, Mrs. Oritsemeyiwa Eyesan, Commission Chief Executive, hereby declare the Total Oil and Condensate reserves of 37.01 Billion Barrels and Total Gas reserves of 215.19 Trillion Cubic Feet as the official National Petroleum Reserves Position as of 1st January 2026,” Eyesan said.

She emphasized that  the NUPRC’s commitment to enhancing upstream sector performance, expanding reserves, and ensuring sustainable production under the framework of the Petroleum Industry Act, 2021 (PIA).

“The Commission, in keeping with its mandate, is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity via operationalisation of the Petroleum Industry Act, 2021 (PIA), and implementation of the strategic pillars of the Commission,” Eyesan added.