The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that the country’s rig count will reach 50 by the end of 2025.
The commission noted that Nigeria’s rig count had already risen from eight in 2021 to 40 in 2025.
NUPRC Chief Executive, Gbenga Komolafe, made this known on Wednesday in Abuja during the ongoing 2025 Nigeria International Energy Summit (NIES).
He stated that crude oil production had increased by 70 percent, rising from one million barrels per day (bopd) in 2021 to the current level of 1.75 million bopd.
Komolafe further highlighted that between 2023 and 2024, Nigeria’s oil reserves grew by 1.43 percent to 37.5 billion barrels, while gas reserves increased by 0.21 percent to 209.26 trillion cubic feet.
According to him, these figures are not just statistics but key indicators of industry growth, driven by effective regulatory policies.
He reaffirmed the commission’s commitment to achieving its target of 40 billion barrels of oil and 220 trillion cubic feet of gas by aggressively pursuing exploration and accelerating development efforts.
As part of these initiatives, the NUPRC successfully concluded the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses (PPLs) across different terrains. Plans are also in place for the 2025 bid round, marking a shift towards annual licensing rounds.
“The commission has been proactively acquiring high-quality geological and geophysical data through multi-client service arrangements,” he said.
He explained that ensuring access to these datasets enhances their value, particularly during licensing rounds and transformative industry deals.
“This strategic approach supports informed decision-making and attracts investments that will shape the future of Nigeria’s oil and gas sector for collective prosperity,” Komolafe added.
Discussing production optimization, he emphasized that Nigeria’s substantial oil reserves offer significant potential for economic transformation.
“While our current production stands at 1.75 million barrels per day, our technical potential is 2.24 million bpd,” he stated.
He noted that the commission is actively working to bridge the gap between actual and potential production by enhancing transparency, strengthening collaboration with Exploration & Production (E&P) companies, ensuring financial stability, and fast-tracking field developments.
Other measures include adopting advanced oil recovery technologies, reducing operational costs, eliminating entry barriers, and optimizing production processes.
Komolafe further highlighted that efforts to reactivate shut-in wells and capitalize on low-hanging opportunities will contribute to achieving the recently launched Project One MMbopd, aimed at increasing production by an additional one million barrels per day.
