The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant rise in the country’s rig count to 69, reflecting renewed activity and investor confidence in the nation’s oil and gas sector.

In a statement issued on Sunday by its head of media and strategic communication, Eniola Akinkuotu, the Commission said the rig count had grown sharply from eight in 2021 to 69 as of October 2, 2025 — representing a 762.5 percent increase in just four years.

According to the breakdown, the current figure includes 40 active rigs, eight on standby, five on warm stack, four on cold stack, and 12 in transit. The NUPRC added that the number is expected to rise further in the coming months.

The Commission also revealed that its recent policy review led to the identification of 400 dormant oil fields across the country, a move that has spurred previously inactive operators into taking corrective action.

Describing the development as evidence of growing investor confidence, the statement noted that the achievement aligns with President Bola Tinubu’s directive that Nigeria is open for business and that the upstream environment now offers a conducive climate for investment.

The NUPRC further highlighted 16 major post–Petroleum Industry Act (PIA) achievements recorded within its four years of establishment, including surpassing revenue targets despite challenges inherited from the pre-PIA era.

The Commission reaffirmed its commitment to sustaining reforms aimed at maximizing Nigeria’s hydrocarbon potential and driving the country’s energy sector toward sustainable growth.

In 2022, 2023, and 2024, according to the statement, the Commission surpassed its revenue target by 18.3 per cent, 14.65 per cent, and 84.2 per cent, respectively, despite fluctuations in oil production and prices, thus contributing largely to our nation’s economic growth.

NUPRC said there is a record of Potential Investment of $39.98bn from FDPs between 2024 and 2025 and that it has approved 79 Field Development Plans (FDP) (41 in 2024 and 38 YTD 2025 with a potential investment of $39.98bn.

NUPRC added that “This comprises $20.55bn in 2024 and $19.43bn in YTD 2025.”

It also said that since the inception of the commission, crude oil production has increased, with the current average daily production of 1.65Mbopd expected to increase further with the Project 1 Mbopd initiative, which is aimed at achieving 2.5 Mbopd in 2027, compared to the NUPRC commencement.

On transparent bid rounds, it recalled that before the establishment of the Commission, the licensing rounds were opaque.

It further noted that they were beclouded by political influence, which made the process lack credibility. According to the statement, however, the NUPRC, with the support of President Bola Tinubu, transformed the process to be fully digital, thereby enhancing transparency and credibility.

NUPRC said in line with the PIA, 2021, and with the support of President Bola Tinubu, is implementing the ‘Drill or Drop’ policy, which prescribes that unexplored acreages are to be relinquished.

It stressed that this Is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. This policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.

The statement reads In part, “Billions in divestments

“The Commission approved divestments running into billions of dollars in 2024. From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy.

“The divestment is about investor portfolio re-ordering to focus on deep-offshore development.

“Developed regulations

To give meaning to the intent of the PIA, 2021, the Commission, in consultation with stakeholders, has developed 24 forward-thinking Regulations. So far, 19 have been gazetted while 5 await gazetting. These forward-thinking Regulations serve as tools for transparency and the creation of an enabling investment climate and benchmark best practices

“Gas flare commercialisation

The NUPRC completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP). The programme is aimed at eliminating gas flaring and attracting at least 2.5 billion dollars in investments.

“Overall Best Performing Parastatal – SERVICOM

In 2024, the Commission secured the 2024 Overall Best Performing Parastatal SERVICOM Unit (PSU) Award, along with the 2024 Best Performing PSU, Team B Award, a testament to the NUPRC’s commitment to customer service. The NUPRC has again won Best Regulator, 2025 by Nigerian Energy Correspondents, aside over 60 awards from various organisations.

“HCDTs Remits N358.67bn

Host Community Development Trusts have remitted N122.34bn in naira, while dollar contributions stand at over $168.91m as of October 2025. This translates to a combined remittance of over N358.67bn based on the prevalent exchange rate, in enthroning a conducive host community environment in Nigeria.

Over 536 ongoing community projects

“Still in the host community, the NUPRC is overseeing at least 536 projects at various stages of completion, including schools, health centres, roads, and vocational centres. These are being funded by the trust fund. The achievement has tremendously curbed crude oil theft.

“Development Wells Hits 306 between 2022-2025

As part of its mandate to develop the country’s hydrocarbon, the Commission has recorded 306 development wells drilled and completed between 2022 to date.

“Removing hindrances to exploration with 2D and 3D seismic data

The NUPRC issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data. Furthermore, the Commission has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of our petroleum systems and reducing the uncertainties that once hindered exploration decisions.

Other data acquisition includes: 11,300 Sq.km of newly acquired 3D data, processed to PSDM, and 80,000 Sq.km of Multibeam Echo Sounding & Seafloor Geochemical Coring data.

“Curbing crude oil theft

In 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year. However, due to the combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as the collaborative effort of the commission, this has been reduced by 90% to specifically 9,600bpd in September 2025.

“Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation, respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting.

“Leading AFRIPERF

“Even outside the shores of Nigeria, the Engr. Gbenga Komolafe-led NUPRC has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF).

“The last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by sixteen African Countries, namely: Nigeria, Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco, and Mauritania. AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals, and present a strong voice for Africa in hydrocarbon advocacy globally.” (The Nation)