The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed plans to raise the active oil rigs in Nigeria’s petroleum sector from the current 36 to 50 by the end of 2025.
Speaking at the ongoing 2025 Africa Energies Summit (AES) in London, United Kingdom, the Chief Executive of the NUPRC, Gbenga Komolafe, noted that from eight oil rigs in 2021, President Bola Tinubu’s recent reforms have significantly removed the bottlenecks and enhanced investment in the country’s oil sector.
The number of active oil rigs is a key indicator of the level of activity in the oil and gas sector, reflecting how much exploration and production work is currently underway. Each active rig represents an investment by an oil company to either discover new oil reserves or extract oil from known fields.
Komolafe, who spoke on the theme: “Igniting Nigeria and Africa’s Energy Future: Evolving Landscapes, Challenges, and Transformative Opportunities”, told the global audience at the event that Nigeria is now well positioned to tap into the projected $600 billion annual upstream investment required to grow Africa’s oil sector, estimated to hit about $3 trillion by 2030.
Quoting the International Energy Forum (IEF), the NUPRC chief executive pointed out that Africa’s energy need is projected to rise by 30 per cent by 2040, noting that to meet the projected demand, Nigeria has continued to play its part to attract the right investment to the sector.
“Africa’s own energy demand is poised to surge by 30 per cent by 2040, driven by rapid population growth, industrial ambition, and the rightful quest for universal energy access. Meeting this demand sustainably will require over $600 billion in upstream investments annually through 2030, according to a study conducted by the International Energy Forum (IEF) last year,” Komolafe said.
According to him, through the recent Presidential Executive Orders and the proactive stance of the NUPRC, Nigeria has redefined itself not only as a land of vast hydrocarbon potential but as a destination where opportunity meets ease of doing business, certainty, and investor value.
“The transformative impact has been remarkable. Our oil and gas sector has seen a significant surge in investment. New investors, empowered by clarity and quality, have entered our sector, oil and gas reserves and production have increased, while rig counts have surged from 8 in 2021 to 36 currently, with projections to reach 50 by the end of the year.
“This momentum reflects a bold new chapter; one driven by ambition, resilience, and opportunity. With 210.54 trillion cubic feet of natural gas reserves, the largest in Africa, and 37.28 billion barrels of crude oil reserves, Nigeria holds enormous reserves.
“Our national production target is 3 million barrels per day but achieving this requires continuous investment to unlock new basins and mature frontier fields to secure future energy needs that will match our fast-growing population. Therefore, it is safe to say that Nigeria is a major force and the rallying point in hydrocarbon conversation in Africa,” Komolafe added.
On recent licensing initiatives, the NUPRC boss explained that each of the awards and rounds was conducted with unprecedented transparency, unmatched competitiveness, and remarkable investor engagement.
Besides, Komolafe stated that the NUPRC had repositioned Nigeria as a prime destination for oil and gas investment, while reaffirming its commitment to global standards of excellence, innovation, and partnership.
Highlighting the quality and accessibility of subsurface data in the country, he disclosed that through a landmark partnership with TGS-PetroData and other multi-client service providers, the NUPRC embarked on one of Africa’s most ambitious data acquisition and reprocessing campaigns, acquiring over 11,000 square kilometers of 3D seismic data as part of the broader 56,000 sq km Awalé project.
(FROM: THISDAY)
