(First published by The Nation Newspaper – October 5, 2025)
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a sharp rise in Nigeria’s rig count to 69, marking a significant rebound and renewed investor confidence in the nation’s oil and gas industry.
According to a statement issued by the Commission’s Head of Media and Strategic Communication, Eniola Akinkuotu, the rig count increased from 8 in 2021 to 69 as of October 2, 2025 — a growth of over 762 percent in four years.
The breakdown shows 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack, and 12 in transit. The NUPRC noted that the number is expected to rise further in the coming months as more projects move into development phases.
The Commission also disclosed that a recent policy review identified 400 dormant oil fields across Nigeria, prompting previously inactive operators to take corrective steps in compliance with the Drill or Drop directive under the Petroleum Industry Act (PIA) 2021.
NUPRC described this achievement as part of President Bola Tinubu’s Renewed Hope Agenda, emphasizing Nigeria’s readiness for global investment and transparency in the upstream sector.
In its four years of establishment, the Commission highlighted 16 major post-PIA milestones, including surpassing revenue targets for three consecutive years (2022–2024) and recording over $39.98 billion in potential investments from approved 79 Field Development Plans (FDPs).
Crude oil production now averages 1.65 million barrels per day, with projections to reach 2.5 million barrels daily by 2027 under the Project 1Mbopd initiative.
Other major achievements include:
Development of 24 forward-thinking regulations to strengthen transparency and investor confidence.
Completion of the Nigerian Gas Flare Commercialisation Programme (NGFCP) with an expected $2.5 billion investment inflow.
Over 536 host community projects in progress under the Host Community Development Trusts (HCDTs), with remittances exceeding ₦358.67 billion.
Significant reduction in crude oil theft — from 102,900 barrels per day in 2021 to just 9,600 barrels in September 2025 (a 90% drop).
Issuance of Nigeria’s first Petroleum Exploration Licence (PEL) for a 56,000 km² offshore survey and reprocessing of major 2D/3D seismic data to enhance exploration accuracy.
Leadership in Africa through the establishment of the African Petroleum Regulators Forum (AFRIPERF), now comprising sixteen African nations.
The NUPRC, led by Engr. Gbenga Komolafe, reaffirmed its commitment to sustaining the reforms that will maximize Nigeria’s hydrocarbon potential and promote sustainable energy growth across the continent.
This report was first published by The Nation Newspaper on October 5, 2025, and adapted by Geri Alimi News for broader public disseminations
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