The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Sunday, published a list of 16 high impact achievements four years after its establishment, listing as one of its highpoints, the geometric rise in Nigeria’s rig count from a low of eight in 2021 to 69 as of October 2, 2025.
Rig count is a key indicator for assessing the health and future production potential of the industry, investor confidence, and the demand for oilfield services. A higher rig count generally signals increased oil and gas production activity. The NUPRC had in July announced that Nigeria’s rig count rose to 46.
In a statement issued oj Sunday, by the commission’s spokesman, Eniola Akinkuotu, the NUPRC stated that it was a testament to the renewed vigour in Nigeria’s upstream oil and gas sector.
It said the latest rig count of 69 which comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years.
The Gbenga Komolafe-led commission noted that the number was expected to increase even further in the coming months, saying that this shows a renewed investor confidence in Nigeria.
The regulator stated that the success aligns with the charge of President Bola Tinubu that Nigeria was ready for business and that the right investment climate prevails now in Nigeria upstream as daily actioned by the NUPRC.
As part of its high impact achievements, the NUPRC said in 2022, 2023 and 2024, the commission surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent, respectively, despite fluctuations in oil production and prices, thus contributing significantly to the nation’s economic growth.
It also cited potential investment of $39.98 billion from Field Development Plans (FDPs), noting that between 2024 and 2025 it has approved 79 FDPs, including 41 in 2024 and 38 year-to-date (YTD) 2025. This, it explained, comprises $20.55 billion in 2024 and $19.43 billion in YTD 2025.
It also mentioned increased crude oil production as part of the achievements in the last four years.
It added that since the inception of commission, crude oil production has increased with current average daily production of 1.65 million barrels of oil per day (Mbopd), and expected to increase further with the Project 1 Mbopd initiative which is aimed at achieving 2.5 Mbopd in 2027 compared to NUPRC commencement.
The commission equally mentioned its conduct of transparent bid rounds, saying “prior to the establishment of the commission, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility. However, the NUPRC said with the support of President Bola Tinubu, it transformed the process to be fully digital thereby enhancing transparency and credibility.
“It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).”
In line with the PIA 2021 and with the support of Tinubu, NUPRC said it was implementing the ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.
This is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. The Commission said this policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
The commission also counted billions of dollars recorded in divestments by the international oil companies (IOCs) in 2024.
“From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. The divestment is about investor portfolio re-ordering to focus on deep-offshore development,” NUPRC said.
It also mentioned the regulations it developed in line with the PIA.
“To give meaning to the intent of the PIA, 2021, the commission in consultation with stakeholders has developed 24 forward-thinking regulations. So far 19 have been gazetted while five await gazetting. These forward-thinking regulations serve as tools for transparency and creation of enabling investment climate and benchmark best practices,” NUPRC stated.
The NUPRC said it completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP), adding that the programme was aimed at eliminating gas flaring and attracting at least $2.5 billion in investments.
Also, the NUPRC noted that the Host Community Development Trusts (HCDTs) have remitted N122.34 billion in naira, while dollar contributions stand at over $168.91 million as of October 2025. It said this translates to a combined remittance of over N358.67 billion based on the prevalent exchange rate in enthroning a conducive host community environment in Nigeria.
Still on host communities, the NUPRC said it was overseeing at least 536 projects at various stages of completion including schools, health centres, roads and vocational centres. It explained that these were being funded by the trust fund, adding that the achievement has tremendously curbed crude oil theft.
As part of its mandate to develop the country’s hydrocarbon, the commission said it has recorded 306 development wells drilled and completed between 2022 to date. The NUPRC said it issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.
Furthermore, the commission stated that it has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of our petroleum systems and reducing the uncertainties that once hindered exploration decisions.
On crude oil theft, it noted that in 2021 the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year.
“However, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the commission this has reduced by 90 per cent to specifically 9,600bpd in September 2025.
“Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting,” the NUPRC stated.
Even outside the shores of Nigeria, Komolafe-led NUPRC said it has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF).
According to the statement, the last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by 16 African countries namely: Nigeria, Ghana, Somalia, Gambia Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco and Mauritania.
The commission explained that AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals and present a strong voice for Africa in hydrocarbon advocacy globally.
Emmanuel Addeh, Peter Uzoho
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