- Nigeria’s rig count has risen from 8 in 2021 to 69 in 2025.
- NUPRC reforms, fresh regulations, and investor confidence drive exploration growth.
Nigeria’s rig count has reached 69, showing a strong oil and gas exploration rebound. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that active rigs rose from just eight in 2021 to the October 2025 figure. This surge signals growing investor confidence and renewed stability in the petroleum sector.
NUPRC’s Head of Media and Strategic Communication, Mr Eniola Akinkuotu, confirmed the upward trend will continue. He explained that the growth supports President Bola Tinubu’s Renewed Hope Agenda, which positions Nigeria as open for business.
Since its establishment, NUPRC has enforced the “Drill or Drop” policy. Under the Petroleum Industry Act 2021, companies with idle acreages must either develop them or give them up. The Commission has identified over 400 dormant oil fields, prompting operators to restart exploration.
To strengthen confidence further, NUPRC has gazetted 19 of 24 new regulations. These reforms promote transparency and foster an investor-friendly climate. The Commission also approved multi-billion-dollar divestments involving NAOC, Equinor, Mobil, and Shell. Their assets moved to Oando, Chappal Energies, Seplat, and Renaissance Africa Energy. These transactions support Nigeria’s deep offshore expansion.
The gas sector is also recording progress. Through the Gas Flare Commercialisation Programme, flare site awards have been completed. This step will attract $2.5 billion in investment and eliminate routine flaring.
Meanwhile, Host Community Development Trusts delivered N122.34 billion and $168.91 million. These funds supported 536 community projects, including schools, health centres, and roads.
NUPRC reported a 90 per cent fall in crude oil losses. Losses dropped from 102,900 barrels daily in 2021 to only 9,600 by September 2025. The Commission linked this success to tighter regulation, enhanced security partnerships, and new transparency rules like the Upstream Measurement and Advanced Cargo Declaration Regulations.
It also showcased a fully digital licensing round. This process removed political interference and gained global recognition for transparency, which the Nigeria Extractive Industries Transparency Initiative validated.