3 hours ago
23
Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Chief Executive, Engr. Gbenga Komolafe, has revealed that the Commission is targeting rig count expansion of 50 by the end of 2025.
The NUPRC Chief Executive, who said this during his opening address at the 2025 Nigeria International Energy Summit (NIES 2025) stressed that only a proper regulation will enable the country to actualize its target.
Nigeria’s rig count rose from 8 in 2021 to 40 in 2024.
Independent reports that Rig Count is a commonly cited oil and gas industry statistic which refers to the number of drilling rigs operating in a specified area.
Komolafe highlighted NUPRC’s role as a catalyst for growth and sustainability in Nigeria’s oil and gas sector, which he said contributes significantly to the country’s economy.
The NUPRC boss noted achievements such as a 1.43% increase in oil reserves and a 0.21% increase in gas reserves between 2023 and 2024, alongside a substantial rise in rig count and production.
The CCE outlined NUPRC’s strategies to enhance exploration, accelerate development, and promote local content and technological innovation.
According to him, the Commission has successfully completed licensing rounds and is preparing for the 2025 round, aiming to reach 40 billion barrels of oil and 220 trillion cubic feet of gas.
“In the short-term, we have set new benchmarks for oil and gas production and significantly strengthened the nation’s energy security.
“Our achievements speak for themselves: between 2023 and 2024, oil reserves increased by 1.43%, reaching 37.5 billion barrels, while gas reserves grew by 0.21%, reaching 209.26 trillion cubic feet. Rig count increased from 8 in 2021 to 40 in 2025 and is projected to reach 50 before year end while production increased by 70% from 1 million bopd in 2021 to the current production of circa 1.75 million bpd.
“These accomplishments are not just numbers but are parameters for measuring vibrancy in the industry driven by effective regulatory policies.
“In pursuit of our goal to reach 40 billion barrels of oil and 220 trillion cubic feet of gas, we have vigorously pursued strategies to stimulate exploration activities and accelerate development.
“As part of these efforts, the Commission successfully completed the 2022/2024 bid licensing round, and awarded twenty-seven (27) Petroleum Prospecting Licenses (PPLs) across various terrains.
“Efforts are also on for the 2025 bid round, embracing a new paradigm of annual licensing rounds.
“At this point, it is worth highlighting that the Commission has deliberately been acquiring high-quality geological and geophysical data through multiclient service arrangements.
“The Commission also ensures access to the data for enhanced value especially during
licensing rounds and other transformative deals.
“This proactive approach empowers informed decision making and fuels strategic investments that will shape the future of Nigeria’s oil and gas sector for shared prosperity” he said.
English (US) ·