Oct 06, 2025 (MarketLine via COMTEX) --
This uptick is partly attributed to a policy review that identified 400 dormant oilfields.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a substantial increase in Nigeria's oil rig count, with numbers soaring from eight in 2021 to 69.
This marks a 762.5% rise over four years, indicating a resurgence of activity and confidence in the oil and gas sector, reported the Nation Newspaper.
The current rig count comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 in transit.
The NUPRC anticipates further growth in the coming months. This uptick is partly attributed to a policy review that identified 400 dormant oilfields, prompting action from previously inactive operators.
The commission's statement, delivered by head of media and strategic communication Eniola Akinkuotu, ties the sector's progress to President Bola Tinubu's directive that Nigeria is open for business. The conducive investment climate in the upstream sector is seen as a reflection of this policy stance.
The NUPRC also highlighted 16 significant achievements since the introduction of the Petroleum Industry Act, including exceeding revenue targets for three consecutive years.
The commission's revenue is said to have exceeded targets by 18.3%, 14.65% and 84.2% in 2022, 2023, and 2024, respectively, contributing to Nigeria's economic growth despite oil production and price volatility.
A record potential investment of $39.98bn (N58.59trn) from field development plans (FDPs) has been noted, with 79 FDPs approved between 2024 and 2025.
This investment is expected to bolster crude oil production, which has already seen an increase, with the average daily production at 1.65 million barrels of oil per day (mbbl/d). The Project 1mbopd initiative aims to push this figure to 2.5mbbl/d by 2027.
The NUPRC has been implementing the Drill or Drop policy to ensure optimal use of oil assets and prevent dormant fields from tying up potential reserves.
The commission's efforts in gas flare commercialisation have led to the award of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme, which aims to eliminate gas flaring and attract $2.5bn in investment.
The NUPRC has overseen the drilling and completion of 306 development wells since 2022 and issued Nigeria's first petroleum exploration licence for a significant offshore survey.
Joint efforts by the General Security Forces and Private Security Contractors, as well as the NUPRC, have reduced daily crude oil losses by 90%, from 102,900 barrels per day (bpd) in 2021 to 9,600bpd.
Under the leadership of Gbenga Komolafe, the NUPRC has also established the African Petroleum Regulators Forum, promoting cross-border development and a unified African voice in global hydrocarbon advocacy.
On 29 September, Nigeria's oil workers union launched a nationwide strike following the dismissal more than 800 unionised staff at the Dangote refinery, reported Bloomberg.
In the first 24 hours of a strike, the country experienced a substantial drop in crude and gas production, leading to significant losses.
Nigerian National Petroleum CEO Bayo Ojulari detailed the impact in a letter, stating that Nigeria lost 283,000bpd of oil and 1.7 billion standard cubic feet per day of gas.
The strike, organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria, was called off on 1 October after the Dangote refinery agreed to reassign workers who had been dismissed.
http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall
not be liable for errors or delays in the content, or for any actions
taken in reliance thereon
COMTEX_469317801/2227/2025-10-06T09:36:37
Copyright (C) 2025 Datamonitor. All rights reserved
