The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that the country’s rig count will reach 50 by the end of 2025.
This disclosure was made by NUPRC Chief Executive, Gbenga Komolafe during the ongoing 2025 Nigeria International Energy Summit (NIES) on Wednesday in Abuja.
According to the commission, Nigeria’s rig count has grown significantly from eight in 2021 to 40 in 2025.
Komolafe further stated that crude oil production increased by 70 per cent from one million barrel per day (bpd) in 2021 to 1.75 million bpd in 2025.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says the country’s rig count will hit 50 by the end of 2025,” the source read in part.
He also highlighted that between 2023 and 2024, oil reserves increased by 1.43 per cent to 37.5 billion barrels, while gas reserves surged by 0.21 per cent, reaching 209.26 trillion cubic feet.
Komolafe explained that these milestones go beyond figures but are parameters for measuring the industry’s growing strength, driven by effective regulatory policies.
Strengthening the oil and gas sector
To achieve its target of 40 billion barrels of oil and 220 trillion cubic feet of gas reserves, the commission has carried out strategies to boost exploration and development.
- Komolafe noted that the NUPRC successfully completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses (PPLs) across various terrains.
- The Chief highlighted that the commission has acquired high-quality geological and geophysical data through multi-client service arrangements, ensuring accessible and valuable insights, particularly during licensing rounds and key industry deals.
He noted that this proactive approach enhances decision-making and drives strategic investments, positioning Nigeria’s oil and gas sector for long-term growth.
More insights
Discussing efforts to optimize production and bridge the gap, Komolafe described Nigeria’s vast oil reserves as a major opportunity for economic expansion and transformation.
- He pointed out that while the country’s current crude oil production stands at 1.75 million bpd, its technical potential is 2.24 million bpd.
- The commission is actively improving transparency, strengthening collaboration with Exploration & Production (E&P) companies, ensuring financial stability, and accelerating field developments.
- It is also adopting advanced recovery technologies, cutting costs, removing entry barriers, and optimizing production.
- Efforts to reactivate shut-in wells and capitalize on available opportunities are expected to contribute to the success of Project One MMbpd, a key initiative aimed at increasing national oil production.
