Nigeria’s oil sector is on an upward trajectory, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) forecasting that the country’s rig count will hit 50 by the end of 2025. This marks a substantial increase from just eight rigs in 2021, with projections to reach 40 rigs by 2025.
NUPRC’s Chief Executive, Gbenga Komolafe, shared these insights during his address at the ongoing 2025 Nigeria International Energy Summit in Abuja on Wednesday.
He revealed that Nigeria’s crude oil production has surged by 70%, growing from one million barrels per day in 2021 to an impressive 1.75 million barrels per day.
In addition to this production boost, Komolafe highlighted notable growth in the country’s reserves: oil reserves increased by 1.43% between 2023 and 2024, reaching 37.5 billion barrels, while gas reserves grew by 0.21% to 209.26 trillion cubic feet.
According to Komolafe, these numbers represent not just statistics, but significant milestones in the ongoing development of Nigeria’s energy sector, driven by effective and forward-thinking regulatory policies.
Komolafe also outlined the commission’s ambitious goals to further enhance the country’s resource base, with a target of 40 billion barrels of oil and 220 trillion cubic feet of gas.
As part of this strategy, NUPRC has been actively encouraging exploration and speeding up development through various initiatives, including the successful 2022/2024 bid licensing round, which awarded 27 Petroleum Prospecting Licences across diverse terrains.
Looking ahead, the commission is preparing for the 2025 bid round, adopting an innovative approach of annual licensing rounds to keep momentum strong.
In his speech, Komolafe emphasized NUPRC’s commitment to acquiring high-quality geological and geophysical data through multi-client service arrangements. This data will not only support licensing rounds but also foster better-informed decisions, driving strategic investments that will shape the future of Nigeria’s oil and gas sector for sustainable growth and prosperity.
On the matter of optimising production, Komolafe pointed to Nigeria’s vast untapped potential, noting that while current production averages 1.75 million barrels per day, the country’s technical potential stands at 2.24 million barrels per day.
He assured that the NUPRC is working diligently to close this gap, focusing on improving transparency, fostering collaboration with exploration and production companies, ensuring financial sustainability, and accelerating field developments.
The commission is also adopting cutting-edge enhanced oil recovery technologies, reducing costs, eliminating entry barriers, and optimizing production. By focusing on reactivating shut-in wells and capitalizing on immediate opportunities, NUPRC is confident in achieving its recently launched Project One MMbopd additional production target, marking another leap forward for Nigeria’s energy sector.
