The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s active oil rig count has climbed to 46, marking a significant milestone in efforts to revitalize Nigeria’s oil and gas sector.
Speaking at a media workshop in Abuja, the Chief Executive Officer of the Commission, Engr. Gbenga Komolafe, attributed the surge in rig activity to the ambitious Project One Million Barrels initiative launched in October 2024.
Komolafe described the rig count as a critical indicator of industry performance, noting the remarkable jump from just 11 rigs at the start of the Commission’s tenure in 2021.
“The rig count today is 46, and we are not stopping here. Rig count is a key piece of equipment on which you drill the oil. The number of rigs actually reveals the level of vibrancy in the industry’s activities,” he said.
The NUPRC boss emphasized that the implementation of the Petroleum Industry Act (PIA) and recent regulatory reforms have created an enabling environment that has attracted investments and stimulated industry activity.
“With our determination, commitment, and resourcefulness, we have been able to proudly attain a number of high-impact achievements,” Komolafe stated.
He explained that Project One Million Barrels was designed to encourage collaboration among operators, break down operational silos, and leverage collective capacity to boost national production.
In addition to ramping up production, the Commission is also focused on reducing the unit cost of production. According to Komolafe, optimizing revenue for both operators and the government can be achieved either by cutting costs or increasing output — or both.
Industry stakeholders have welcomed the latest rig count figures, describing them as a positive sign of renewed investor confidence and a potential catalyst for economic growth.
With Nigeria seeking to reclaim its position as Africa’s leading oil producer, the increased rig activity is expected to play a crucial role in raising crude output and boosting foreign exchange earnings.
