The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday projected that the country’s rig count will reach 50 before the end of this year as the government continues to rev up drive for new Final Investment Decisions (FIDs) from global investors into the hydrocarbon resources industry.
The Chief Executive Officer of the commission, Engr. Gbenga Komolafe, who gave this hint at the 2025 Nigeria International Energy Summit in Lagos, explained that Nigeria had recently achieved some progress in hydrocarbon exploration and production (E&P) activities, with the rig count rising to 40 currently from just eight rigs in 2021.
This is even as he disclosed that Nigeria’s crude oil production had surged by 70% from 1 million barrels per day (bpd) in 2021 to 1.75 million bpd in 2025, indicating the huge potential of the sector for Nigeria’s growth.
The industry expert reported that the nation’s crude oil reserves increased by 1.43% to 37.5 billion barrels, while gas reserves increased by 0.21% to 209.26 trillion cubic feet between 2023 and last year.
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According to him, the plan of the commission is achieve 40 billion barrels of oil reserves and 220 trillion cubic feet of gas reserves through intensified exploration and licensing rounds.
Lamenting that despite the recent improvements in oil and gas production, the country’s full potential remains untapped, the NUPRC boss explains that while the country currently produces around 1.75 million bpd, its technical capacity stands at 2.24 million bpd.
Komolafe promised that the NUPRC, through sundry licensing and operational measures, was determined to bridge this gap.
He clarified: “Nigeria’s success in the upstream oil and gas sector is anchored on a predictable and enabling regulatory environment. Through regulatory excellence, collaboration, and visionary planning, NUPRC is poised to guide Nigeria toward a future defined by energy security, economic growth, and environmental responsibility.
“The journey ahead is promising, and with the sustenance of the right regulatory direction as being steered by the NUPRC, Nigeria’s upstream sector will continue to be a beacon of success on the global stage,” the industry expert assured.
