Nigeria\u2019s 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).<\/p>\n 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.<\/p>\n \u201cAs a testament to the renewed vigour in Nigeria\u2019s 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,\u201d the Commission declared.<\/p>\n It noted that the momentum reflected President Bola Tinubu\u2019s charge that \u201cNigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream, as daily actioned by the NUPRC.\u201d<\/p>\n 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.<\/p>\n Average crude production has climbed to 1.65 million barrels per day, with the \u201cProject 1mbopd\u201d initiative expected to raise output to 2.5 million barrels daily by 2027. \u201cBetween 2024 and 2025, the Commission has approved 79 Field Development Plans \u2026 with a potential investment of $39.98bn,\u201d Akinkuotu said.<\/p>\n The Commission also highlighted reforms to licensing rounds, saying they had been fully digitalised to curb political interference. \u201cPrior to the establishment of the Commission, licensing rounds were opaque \u2026 However, the NUPRC, with the support of President Bola Tinubu, transformed the process to be fully digital, thereby enhancing transparency and credibility,\u201d it stressed.<\/p>\n Other achievements include:<\/p>\n \u2013 Enforcement of a \u201cDrill or Drop\u201d policy that forced operators to act on 400 dormant fields. Read also:\u00a0ADC slams Tinubu over insecurity, says President failing as Commander-in-Chief<\/a><\/strong><\/p>\n 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.<\/p>\n \u201cThe achievement has tremendously curbed crude oil theft \u2026 Furthermore, two pioneer regulations \u2026 have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting,\u201d the statement added.<\/p>\n 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\u2019s energy voice.<\/p>\n Concluding, the Gbenga Komolafe-led Commission said: \u201cThe 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.\u201d<\/p>\n![](\"https:\/\/i0.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2025\/06\/336x280.jpg?resize=336%2C280&ssl=1\")
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\n\u2013 Approval of billion-dollar divestments by multinationals including Shell, Mobil, and Equinor.
\n\u2013 Gazetting of 19 new regulations to drive transparency and investor confidence.
\n\u2013 A 90 per cent cut in crude oil theft, from 102,900 barrels per day in 2021 to 9,600 in September 2025.
\n\u2013 The roll-out of Host Community Development Trusts, with \u20a6358.67bn remitted to fund over 536 local projects.<\/p>\n