Nigeria’s Oil Rig Count Rises to 44 Amid Renewed Investment – NUPRC
Nigeria’s oil and gas sector has recorded a major milestone as the number of active oil rigs in the country has climbed to 44, marking a significant rebound from pandemic-era lows.
The announcement was made by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which credited the surge to strategic policy reforms, increased investor confidence, and renewed upstream activity.
According to NUPRC Chief Executive Officer, Gbenga Komolafe, the increase from just 8 active rigs in 2021 to 44 as of mid-2025 signals a remarkable turnaround in the industry’s capacity and attractiveness. Komolafe said the country is well on track to meet its target of 50 active rigs by the end of the year.
He attributed the growth to the successful implementation of the Petroleum Industry Act (PIA), as well as recent executive orders that have improved fiscal terms, reduced contract cycle times, and enhanced transparency in the licensing process.
These measures, he noted, have helped unlock over $16 billion in new oil sector investments.
The NUPRC chief also highlighted Nigeria’s ambition to ramp up crude oil production from around 1.7 million barrels per day to 2.5 million barrels per day by 2026. This is part of the commission’s “Project One Million Barrels” initiative aimed at expanding output and boosting national revenue.
In addition to increasing oil production, the commission revealed plans to add 500 million barrels to the country’s crude reserves, which currently stand at 37.28 billion barrels as of December 2024.
The expansion will be driven by a combination of improved drilling activity, enhanced exploration strategies, and advanced seismic data acquisition, including a new 11,000 square kilometer 3D seismic mapping project.
Komolafe noted that Nigeria’s oil sector must position itself to attract a fair share of the projected $3 trillion global upstream investment expected in Africa by 2030. He emphasized that with the improved business environment and regulatory clarity now in place, Nigeria has become a much more competitive destination for global energy companies.
The growth in rig count, he explained, is not only a signal of recovery but also a foundation for long-term sustainability in the industry. It is seen as a step forward in achieving energy security, increasing government revenue, and supporting local capacity in the oil and gas value chain.
As the country works to consolidate these gains, the NUPRC says it will continue to promote data transparency, investor partnerships, and cost-efficiency throughout the upstream segment.
The commission also reaffirmed its commitment to supporting President Bola Tinubu’s administration’s broader goal of revitalizing Nigeria’s oil industry and restoring its leadership role on the African energy stage.
