The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s rig count is projected to reach 50 by the end of 2025. The rig count, which stood at just eight in 2021, has now increased to 40 as of 2025.
This statement was made by the Chief Executive of NUPRC, Gbenga Komolafe, during his address at the ongoing 2025 Nigeria International Energy Summit (NIES) in Abuja on Wednesday.
Komolafe highlighted that crude oil production has surged by 70 percent, rising from one million barrels per day (bopd) in 2021 to the current level of 1.75 million bopd. He also pointed out that between 2023 and 2024, Nigeria’s oil reserves grew by 1.43 percent, reaching 37.5 billion barrels, while gas reserves increased by 0.21 percent to 209.26 trillion cubic feet.
According to Komolafe, these achievements reflect the industry’s vitality, driven by the implementation of effective regulatory policies. He explained that the NUPRC is focused on reaching ambitious targets of 40 billion barrels of oil and 220 trillion cubic feet of gas. To achieve this, the commission has been pursuing strategies to stimulate exploration and accelerate development in the sector.
As part of these efforts, the commission successfully completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses (PPLs) across different terrains. The NUPRC is also preparing for the 2025 bid round, which will embrace a new paradigm of annual licensing rounds.
Komolafe further emphasized that the commission is making concerted efforts to acquire high-quality geological and geophysical data through multi-client service arrangements, ensuring enhanced access to this data during licensing rounds and other transformative deals.
Discussing Nigeria’s vast oil reserves, Komolafe stated that the country has significant potential for growth and economic transformation.
He added that the commission is focused on reactivating shut-in wells and tapping into low-hanging fruit opportunities to bring the country closer to meeting its recently inaugurated Project One MMbopd additional production target.
