Nigeria’s crude oil rig count has surged from eight to 69 in the past four years, reflecting a 762.5 per cent increase and renewed investor confidence in the country’s energy sector, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The commission, in a statement by its spokesman Eniola Akinkuotu, said the development was a testament to the vigour injected into the upstream oil and gas sector since the enactment of the Petroleum Industry Act (PIA).
Of the 69 rigs, 40 are active, eight are on standby, five are on warm stack, four are on cold stack, and 12 are in transit.
NUPRC said it approved 79 Field Development Plans (FDPs) between 2024 and 2025, with projected investments totalling $39.98 billion. Current crude oil production stands at 1.65 million barrels per day (mbpd), with output projected to reach 2.5 mbpd by 2027.
The commission added that crude oil theft has declined by 90 per cent due to improved collaboration between security forces and private contractor Tantita Security Services.
It also disclosed that it had identified 400 dormant oil fields and compelled operating companies to take remedial action.
Listing 16 key achievements since the passage of the PIA, NUPRC said it surpassed its revenue targets by 18.3 per cent in 2022, 14.65 per cent in 2023, and 84.2 per cent in 2024.
The commission further noted the approval of billion-dollar divestments, including Agip’s sale to Oando, Equinor’s to Chappal Energies, Mobil Producing Nigeria to Seplat, and Shell to Renaissance Africa Energy — transactions it said would reposition investors to focus on deep offshore development.
On gas flare reduction, NUPRC said it had completed the award of flare sites under the Nigerian Gas Flare Commercialisation Programme (NGFCP), expected to attract at least $2.5 billion in investments.
The regulator also confirmed that oil firms had so far remitted N122.34 billion and $168.91 million to Host Community Development Trusts, funding 536 projects such as schools, health centres, roads, and vocational centres in oil-producing communities.
According to NUPRC, these achievements align with President Bola Tinubu’s push to make Nigeria a more attractive investment destination for global energy investors.
