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Nigeria’s oil and gas regulator has announced sweeping gains in the upstream sector, citing a 762 per cent surge in rig activity, nearly $40bn in new projects, and landmark reforms driven by the Petroleum Industry Act (PIA).
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in a statement issued Sunday by its Head of Media and Strategic Communication, Eniola Akinkuotu, said investor confidence had been restored through transparency measures and decisive enforcement.
“As a testament to the renewed vigour in Nigeria’s upstream oil and gas sector, the rig count rose geometrically from eight in 2021 to 69 as of October 2, 2025. The latest rig count of 69, which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years,” the Commission declared.
It noted that the momentum reflected President Bola Tinubu’s charge that “Nigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream, as daily actioned by the NUPRC.”
The agency said its revenue collections had consistently beaten targets, surpassing benchmarks in 2022, 2023, and 2024 by 18.3 per cent, 14.65 per cent, and 84.2 per cent, respectively. Between 2024 and 2025, it approved 79 Field Development Plans worth $39.98bn, unlocking fresh capital inflows and drilling campaigns.
Average crude production has climbed to 1.65 million barrels per day, with the “Project 1mbopd” initiative expected to raise output to 2.5 million barrels daily by 2027. “Between 2024 and 2025, the Commission has approved 79 Field Development Plans … with a potential investment of $39.98bn,” Akinkuotu said.
The Commission also highlighted reforms to licensing rounds, saying they had been fully digitalised to curb political interference. “Prior to the establishment of the Commission, licensing rounds were opaque … However, the NUPRC, with the support of President Bola Tinubu, transformed the process to be fully digital, thereby enhancing transparency and credibility,” it stressed.
Other achievements include:
– Enforcement of a “Drill or Drop” policy that forced operators to act on 400 dormant fields.
– Approval of billion-dollar divestments by multinationals including Shell, Mobil, and Equinor.
– Gazetting of 19 new regulations to drive transparency and investor confidence.
– A 90 per cent cut in crude oil theft, from 102,900 barrels per day in 2021 to 9,600 in September 2025.
– The roll-out of Host Community Development Trusts, with ₦358.67bn remitted to fund over 536 local projects.
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The Commission also disclosed that gas flare sites had been successfully awarded under the Nigerian Gas Flare Commercialisation Programme, projected to attract at least $2.5bn in investments.
“The achievement has tremendously curbed crude oil theft … Furthermore, two pioneer regulations … have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting,” the statement added.
On the continental stage, the NUPRC said it had spearheaded the African Petroleum Regulators Forum, now involving 16 nations, to harmonise policies and strengthen Africa’s energy voice.
Concluding, the Gbenga Komolafe-led Commission said: “The NUPRC has continued to show leadership and provide 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.”
Timothy Enietan-Matthews Read More