The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected that the country’s oil rig count will reach 50 by the end of 2025. This marks a significant increase from just eight rigs in 2021 to 40 in early 2025.
Speaking at the 2025 Nigeria International Energy Summit (NIES) in Abuja, NUPRC Chief Executive Gbenga Komolafe highlighted a 70% surge in crude oil production. Nigeria’s daily crude production rose from 1 million barrels per day (bpd) in 2021 to 1.75 million bpd in 2025.
Key Developments in the Oil & Gas Sector
- Reserves Growth: Between 2023 and 2024, crude oil reserves rose by 1.43% to 37.5 billion barrels, while gas reserves grew by 0.21% to 209.26 trillion cubic feet.
- Strategic Goals: Nigeria aims to hit 40 billion barrels of crude and 220 trillion cubic feet of gas through enhanced exploration and development initiatives.
- Licensing Rounds: The NUPRC successfully completed the 2022/2024 bid licensing round, awarding 27 Petroleum Prospecting Licenses (PPLs). A new 2025 licensing round is in progress.
- Data-Driven Investments: The commission is enhancing access to high-quality geological and geophysical data to attract investors and improve exploration outcomes.
Bridging the Production Gap
Komolafe emphasized that Nigeria’s technical production potential is 2.24 million bpd, significantly higher than its current 1.75 million bpd. To close this gap, the commission is focusing on:
- Increasing transparency
- Collaborating with exploration and production (E&P) firms
- Fast-tracking field developments
- Implementing advanced oil recovery technologies
- Reducing operational costs
- Reactivating shut-in wells
The NUPRC is also pushing for a one-million-barrel-per-day additional production target to further boost Nigeria’s oil output.
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