27th February 2025
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the country’s rig count is expected to reach 50 by the end of 2025, up from eight in 2021 to 40 in 2025.
Speaking at the 2025 Nigeria International Energy Summit in Abuja, NUPRC Chief Executive Gbenga Komolafe stated that crude oil production has increased by 70%, rising from 1 million barrels per day (bpd) in 2021 to 1.75 million bpd in 2025.
Between 2023 and 2024, oil reserves grew by 1.43% to 37.5 billion barrels, while gas reserves increased by 0.21% to 209.26 trillion cubic feet. Komolafe credited these gains to effective regulatory policies aimed at stimulating exploration and accelerating development.
To drive further growth, the commission completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licences and is preparing for the 2025 bid round with an annual licensing model.
Komolafe also emphasized closing the production gap, noting that while Nigeria’s technical production potential is 2.24 million bpd, current output stands at 1.75 million bpd. He said the commission is working to enhance transparency, collaborate with companies, ensure financial viability, and fast-track field development to boost production.
Efforts to reactivate shut-in wells and adopt advanced oil recovery technologies will help achieve Project One MMbopd, a recently launched initiative to increase production by 1 million barrels per day.
