Juliet Ezeh
Nigeria’s gradual transition from an oil-dependent economy to a gas-driven energy future is becoming more evident, as latest data shows a decline in crude reserves alongside a notable increase in gas resources.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday released the country’s official petroleum reserves position as of January 1, 2026, revealing a slight drop in oil reserves and steady growth in gas.
According to the Commission’s Chief Executive, Oritsemeyiwa Eyesan, Nigeria’s total oil and condensate reserves stood at 37.01 billion barrels, reflecting a marginal decline from the previous year. In contrast, gas reserves rose to 215.19 trillion cubic feet, underscoring increased exploration success and strategic focus on gas development.
The data shows that while oil reserves fell by 0.74 percent due to sustained production and limited new discoveries, gas reserves grew by 2.21 percent, driven by fresh finds and improved reservoir evaluations.
A breakdown of the figures indicates that crude oil reserves stood at 31.09 billion barrels, while condensates accounted for 5.92 billion barrels. On the gas side, associated gas reserves were put at 100.21 trillion cubic feet, with non-associated gas contributing 114.98 trillion cubic feet.
The Commission also put Nigeria’s reserves life index at 59 years for oil and 85 years for gas, suggesting that gas will remain a longer-term pillar of the country’s energy mix at current production levels.
Eyesan attributed the oil decline to ongoing production activities and technical reviews of existing fields, while emphasizing that gas growth reflects stronger exploration outcomes and better data-driven resource evaluation.
The latest figures reinforce Nigeria’s “Decade of Gas” agenda, a government-backed strategy aimed at positioning gas as a cleaner, more sustainable alternative to crude oil, while also boosting revenue and energy security.
Analysts say the trend is significant, as it signals a structural shift in Nigeria’s hydrocarbon profile at a time when global energy markets are increasingly favouring cleaner fuels.
The Petroleum Industry Act (PIA) 2021 is also expected to accelerate this transition by improving regulatory transparency, attracting investment, and enhancing reserves growth through better licensing and data management systems.
Despite the dip, Nigeria’s oil reserves remain among the largest in Africa at over 37 billion barrels. However, the rapid expansion of gas resources is strengthening the country’s position as a global gas powerhouse, with potential to drive industrialisation, power generation, and export earnings in the coming decades.
The latest reserve update highlights a clear direction: while oil remains important, Nigeria’s energy future is increasingly tied to gas.
Juliet Ezeh is the founder and chief reporter at Westbridge Reporters with over 7 years of experience in journalism. She covers crime, industry, policy, and social developments, delivering timely and accurate reporting.