Nigeria’s upstream oil and gas regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has announced significant progress in the nation’s energy sector, recording an impressive 762 per cent surge in rig count alongside billions of dollars in new investments and extensive reforms marking its four-year anniversary.
According to the Commission, these achievements reflect the success of policy reforms introduced after the passage of the Petroleum Industry Act (PIA) and underscore growing investor confidence in Nigeria’s upstream petroleum landscape.
NUPRC Rig Count Reflects Renewed Investor Confidence
In a statement issued on Sunday by the NUPRC’s Head of Media and Strategic Communications, Eniola Akinkuotu, the Commission revealed that the NUPRC rig count rose dramatically from eight in 2021 to 69 as of October 2025 — a feat attributed to transparent regulations and improved security across oil-producing areas.
Out of the total rigs, 40 are currently active, while others are on standby, in transit, or under maintenance.
The regulator described this growth as a clear demonstration that Nigeria is once again open for business, citing President Bola Tinubu’s commitment to attracting global investors and ensuring a competitive oil environment.
“This exponential growth in rig activity shows that investor confidence has returned. Nigeria’s upstream industry is now characterized by robust exploration and renewed field development,” the statement noted.
The NUPRC also stated that the rig count increase aligns with President Tinubu’s charge that the country is “ready for business” and that the right investment climate now exists in the Nigerian energy sector.
Revenue Collection, Investment Approvals, and Production Growth
The Commission disclosed that it has consistently outperformed government revenue targets over the past three years.
Between 2022 and 2024, it exceeded its benchmarks by 18.3 per cent, 14.65 per cent, and 84.2 per cent respectively, generating record earnings for the Federation.
Between 2024 and 2025 alone, the NUPRC approved 79 Field Development Plans (FDPs) worth approximately $39.98 billion, unlocking substantial new investments.
This includes $20.55 billion in 2024 and $19.43 billion in the year-to-date 2025 approvals.
In addition, the Commission reported that Nigeria’s daily crude oil production now averages 1.65 million barrels per day, with expectations to reach 2.5 million barrels per day by 2027 under its flagship “Project 1mbopd” initiative.
Akinkuotu emphasized that the NUPRC’s commitment to fiscal stability and performance metrics has strengthened its credibility as a data-driven regulator.
“The oil industry is fact-based. Every milestone we’ve achieved is backed by verifiable numbers,” he said.
Digital Reforms and Transparency Measures
Another major highlight of the Commission’s four-year journey is the digital transformation of oil licensing rounds.
Before its establishment, licensing processes were often criticized for opacity and political interference.
However, under the NUPRC, the adoption of a fully digital licensing platform has brought unprecedented transparency, earning commendations from the Nigeria Extractive Industries Transparency Initiative (NEITI).
The Commission also implemented the “Drill or Drop” policy, which compels operators to either develop idle oil fields or relinquish them.
So far, this initiative has identified 400 dormant oil fields, prompting operators to act swiftly or face license revocation.
Additionally, the regulator approved billion-dollar divestments involving major international oil companies such as Shell, Mobil, and Equinor, helping to diversify asset ownership and attract indigenous participation.
Host Communities, Security Gains, and Anti-Theft Achievements
The NUPRC also highlighted remarkable improvements in community development and security outcomes.
Under the Host Community Development Trusts (HCDTs) framework, oil firms have remitted ₦358.67 billion in combined contributions, funding over 536 projects in schools, hospitals, roads, and vocational centers across the Niger Delta and other producing regions.
One of the Commission’s most striking achievements is the drastic 90 per cent reduction in crude oil theft — from an average loss of 102,900 barrels per day in 2021 to just 9,600 barrels per day in September 2025.
This progress, according to the NUPRC, was achieved through joint military-security operations, private contractors such as Tantita Security Services, and the enforcement of new Upstream Measurement and Advanced Cargo Declaration Regulations.
“These frameworks have introduced transparency in hydrocarbon accounting and significantly reduced leakages in the system,” the Commission said.
Energy Transition and Regional Cooperation
Beyond Nigeria’s borders, the NUPRC said it had led the creation of the African Petroleum Regulators Forum (APRF), a 16-country alliance aimed at harmonizing policies, fostering cross-border cooperation, and strengthening Africa’s collective voice in global energy governance.
Domestically, the regulator has also launched the Nigerian Gas Flare Commercialisation Programme, awarding flare sites to private investors in a move expected to attract $2.5 billion in new investments while promoting cleaner energy and environmental protection.
“The NUPRC, in line with the Petroleum Industry Act, is executing forward-thinking regulations to ensure energy sustainability, accountability, and economic prosperity,” the statement added.
A Milestone in Nigeria’s Oil Regulation
Marking four years since its inception, the NUPRC said its scorecard reflects the impact of the Petroleum Industry Act in repositioning Nigeria’s oil and gas framework for global competitiveness.
While challenges persist, particularly in maintaining production stability and meeting ambitious investment goals, the regulator reaffirmed its readiness to consolidate gains and sustain growth.
“The Engr. Gbenga Komolafe-led Commission continues to demonstrate strong leadership and commitment to policy harmonization, regional collaboration, and innovation in the upstream sector,” the statement concluded.
With its rig count surging, theft declining, and transparency improving, the NUPRC appears to be setting the foundation for a stronger and more sustainable energy future for Nigeria.
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