The Nigerian Upstream Petroleum Regulatory Commission says the country’s oil rig count has risen to 32.
Chief Executive Officer of NUPRC, Gbenga Komolafe, who made the disclosure during a budget defence session at the National Assembly, said the rig count doubled under the commission’s oversight, from 16 in 2021 to 32 as of 2024.
The oil rig count refers to the number of oil rigs actively drilling for oil in a particular region or country and is an important indicator in assessing the level of oil production activity and can impact oil prices. A higher rig count typically suggests increased oil production, while a lower count indicates reduced activity.
According to Komolafe, the increase in rig count reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.
A statement by the NUPRC disclosed that the regulator has set a production target of at least 2.1 million barrels of oil per day by 2025.
Komolafe, while highlighting the significant strides made by the commission since its establishment in 2021, noted that “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,” he added.
Komolafe further stated that this bold production target aims to position Nigeria as a more competitive and sustainable player in the global oil and gas industry.
