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 1st, 2025, as follows:

• 2 P (proven and probable) Crude Oil and Condensate reserves stands at 31.44 Billion Barrels and 5.84 Billion Barrels respectively, amounting to a total of 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 54 TCF.
• The Reserves Life Index is 64 Years and 93 Years for Oil and Gas, respectively.

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 TCF as the official National Petroleum Reserves Position as of 1^st January, 2025.

Signed

Engr. Gbenga Komolafe, CON, FNSE

Commission Chief Executive

April 11, 2025