The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant increase in the country’s rig count from eight in 2021 to 69. Head Media and Strategic Communication of NUPRC, Eniola Akinkuotu, who announced this in a statement last week Thursday, highlighted some of commission’s high impact achievements since its establishment four years.
Akinkuotu noted that the growth was a clear testament to the renewed vigour and investor confidence in Nigeria’s upstream petroleum sector. He said in spite of the challenges the commission inherited from the prePetroleum Industry Act (PIA) era, it exceeded revenue targets, recorded 39.98 billion dollars investment, and increased rig count and crude oil production. “The latest rig count of 69 comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move. “This represents a 762.5 per cent increase in barely four years.
“The success aligns with the charge of President Bola Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC,” he said. He added that NUPRC approved billions of dollars divestments in 2024 from the Nigeria Agip Oil Company to Oando Energy Resources; and Equinor to Chappal Energies.
The commission also said there was divestment from Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. According to Akinkuotu, the divestment is about investor portfolio re-ordering to focus on deep-offshore development, adding that to give meaning to the intent of the PIA, 2021, the commission, in consultation with stakeholders, developed 24 forward-thinking regulations, adding that 19 had been gazetted while five await gazetting.
He revealed that in 2022, 2023 and 2024, NUPRC surpassed its revenue target by 18.3 percent, 14.65 percent and 84.2 percent respectively, in spite of oil production and prices fluctuation, thus contributing to economic growth. “Between 2024 and 2025, the commission approved 79 Field Development Plans (FDP) (41 in 2024 and 38 Year-to-Date (YTD) 2025 with potential investment of 39.98 billion dollars.
“Crude oil production has increased with current average daily production of 1.65 million barrels per day. “It is expected to increase further with the Project one million barrels per day initiative, aimed at achieving 2.5 million barrels per day in 2027 compared to NUPRC’s commencement,” he said.
He also noted that prior to NUPRC‘s establishment, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility. “However, the NUPRC with the support of President Bola Tinubu, transformed the process to be fully digital, enhancing transparency and credibility.
