Nigeria’s oil industry is making strides to reclaim its competitive edge on the global stage as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announces a doubling of the country’s oil rig count. According to NUPRC Chief Executive, Gbenga Komolafe, the rig count has surged from 16 in 2021 to 32 in 2024 under the commission’s watch.
“Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the Commission’s oversight.
“This increase reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.”
Speaking during a session with the Senate Committee on Appropriation, Komolafe linked this increase to concerted efforts to reinvigorate upstream activities and expand crude oil production capacity. These developments are central to achieving Nigeria’s ambitious target of producing at least 2.1 million barrels of oil and condensate per day by 2025, up from 1.6 million barrels per day as of December 2024.
This milestone according to Komolafe demonstrates the commitment of the NUPRC to drive the sustainable growth of the upstream sector, and by doubling the rig count within three years, they are not just boosting production but positioning Nigeria as a more competitive player in the global oil and gas market.
The oil rig count serves as a critical indicator of drilling activity and potential output in the industry. A higher count typically signifies increased exploration and production, which can influence global oil prices and economic dynamics. With the current trajectory, Nigeria aims to reinforce its standing among oil-producing nations and bolster its economic stability.
Oil rigs, whether onshore or offshore, are essential for extracting crude oil and natural gas. This increase in active rigs signals renewed confidence in Nigeria’s oil sector, which has faced challenges ranging from insecurity to fluctuating global demand.
