SEATTLE (Oil Monster): The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a remarkable increase in the country’s rig count from eight in 2021 to 69, representing a 762.5% rise in just four years.
In a statement issued by its Head of Media and Strategic Communication, Eniola Akinkuotu, the commission attributed the surge to renewed investor confidence and proactive reforms in the upstream petroleum sector.
Despite challenges inherited from the pre-Petroleum Industry Act era, NUPRC exceeded revenue targets, attracted investments worth $39.98 billion, and drove growth in crude oil production. The 69 rigs include 40 active rigs, eight on standby, five on warm stack, four on cold stack, and 12 in transit. Akinkuotu highlighted key divestments approved in 2024 involving Agip, Equinor, Mobil, and Shell, which are part of strategic portfolio realignments towards deep-offshore developments.
To give full effect to the Petroleum Industry Act, NUPRC has developed 24 forward-thinking regulations—19 already gazetted—aimed at enhancing transparency and operational efficiency. Between 2024 and 2025, the commission approved 79 Field Development Plans with potential investments of nearly $40 billion. Average daily crude oil production currently stands at 1.65 million barrels per day, with the “Project One Million Barrels per Day” initiative expected to boost output to 2.5 million barrels by 2027. Licensing rounds have been fully digitised to eliminate political interference, while the ‘Drill or Drop’ policy is compelling companies to either explore or relinquish idle acreages. This has led to the identification of 400 dormant fields and accelerated development activity across the sector.
NUPRC has also advanced gas flare commercialisation, awarding sites under the Nigerian Gas Flare Commercialisation Programme to attract $2.5 billion in investment and end gas flaring. Host Community Development Trusts have remitted over Naira 358.67 billion, funding 536 community projects, including schools, health centres, roads, and vocational facilities, which have helped curb oil theft.
The commission has overseen the drilling and completion of 306 development wells since 2022 and issued Nigeria’s first Petroleum Exploration Licence for a 56,000 sq.km offshore geophysical survey. Daily crude oil losses have fallen by 90% from 102,900 barrels in 2021 to 9,600 barrels, thanks to coordinated security efforts. NUPRC’s leadership has also championed the creation of the African Petroleum Regulators Forum (AFRIPERF), giving Africa a stronger voice in global hydrocarbon advocacy.
Courtesy: wwwmedafricatimes.com
