The Nigerian Upstream Petroleum Regulatory Commission says the country’s oil rig count has risen to 32.
The NUPRC Chief Executive, Gbenga Komolafe, announced this during his recent appearance before the Senate Committee on Appropriation.
Komolafe said the rig count doubled under the commission’s oversight, from 16 in 2021 to 32 as of 2024.
The chief executive stated that the increase in rig count reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.
A statement by the NUPRC disclosed that the regulator has set a production target of at least 2.1 million barrels of oil per day by 2025.
What this means is that, from 1.6 mbpd in December, the commission is targeting the production of 2.1 mbpd (oil and condensate) from January 2025.
Komolafe, while highlighting the significant strides made by the commission since its establishment in 2021, noted that “Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the Commission’s oversight.“
He stressed, “This increase reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.
The NUPRC boss added that this bold production target aims to position Nigeria as a more competitive and sustainable player in the global oil and gas industry.
Oil rigs, also known as drilling rigs, are structures designed for drilling wells into the earth to extract oil and natural gas. They can be located on land or in the ocean and are equipped with specialised equipment to facilitate the drilling process.
The oil rig count refers to the number of oil rigs actively drilling for oil in a particular region or country. This indicator is crucial in assessing the level of oil production activity and can impact oil prices.
A higher rig count typically suggests increased oil production, while a lower count indicates reduced activity.