Snapshot from Apr 17, 2026 at 07:00 UTC. For live data and tracking: View Live
Events / Nigeria's Oil Reserves Dip, Gas Reserves Rise
Regulatory petroleum reserves update

Nigeria's Oil Reserves Dip, Gas Reserves Rise

Analysis based on 7 articles · First reported Apr 01, 2026 · Last updated Apr 02, 2026

Sentiment
10
Attention
4
Articles
7
Market Impact
Direct
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Market Impact

The market is impacted by the slight decrease in Nigeria's oil reserves, which could affect future oil production forecasts and investment in the sector. Conversely, the increase in gas reserves presents a positive outlook for Nigeria's gas industry and potential for increased gas exports.

Oil and gas Energy
Event Summary

The Nigeria===Nigerian Upstream Petroleum Regulatory Commission announced Nigeria's official national petroleum reserves position as of January 1, 2026. Total oil and condensate reserves decreased by 0.74% to 37.01 billion barrels, attributed to 2025 production and technical evaluations. In contrast, total gas reserves increased by 2.21% to 215.19 TCF, primarily due to new discoveries and robust reservoir studies. The Reserves Life Index stands at 59 years for oil and 85 years for gas. This announcement, made by Commission Chief Executive Oritsemeyiwa Eyesan, aligns with the Petroleum Industry Act, 2021, aiming to enhance upstream sector performance and ensure stable production for Nigeria.

Key Actions
100 Nigeria===Nigerian Upstream Petroleum Regulatory Commission announced national petroleum reserves position Nigeria
90 Nigeria experienced a decrease in oil and condensate reserves
90 Nigeria experienced an increase in gas reserves
80 Oritsemeyiwa Eyesan declared official national petroleum reserves position Nigeria
Entities Involved
cnt
Nigeria
Nigeria's total oil and condensate reserves slightly decreased by 0.74% to 37.01 billion barrels, while its total gas reserves increased by 2.21% to 215.19 TCF. This update provides crucial information on the nation's energy resources and future production capacity.
Importance 100 Sentiment 10
govactor
Nigeria===Nigerian Upstream Petroleum Regulatory Commission
The Nigeria===Nigerian Upstream Petroleum Regulatory Commission announced the official national petroleum reserves position for Nigeria as of January 1, 2026. This announcement is part of its mandate to improve upstream sector performance and enhance oil and gas reserves growth.
Importance 90 Sentiment 20
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Oritsemeyiwa Eyesan
Oritsemeyiwa Eyesan, the Commission Chief Executive of the Nigeria===Nigerian Upstream Petroleum Regulatory Commission, officially declared the national petroleum reserves position. Her statement detailed the changes in oil, condensate, and gas reserves, and the reasons behind them.
Importance 80 Sentiment 10
Relationships
Oritsemeyiwa Eyesan related ↔ Nigeria===Nigerian Upstream Petroleum Regulatory Commission
Nigeria related ↔ Nigeria===Nigerian Upstream Petroleum Regulatory Commission
Oritsemeyiwa Eyesan related ↔ Nigeria
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