The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, says that Nigeria’s oil rig count has risen to 32.
Speaking during his defence of the Commission’s budget before the Senate Committee on Appropriation, Komolafe said that the rig count doubled under the commission’s oversight, from 16 in 2021 to 32 as of 2024.
He explained that the increase in rig count reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.
According to the statement by the NUPRC, a production target of at least 2.1 million barrels of oil per day has been set for 2025 and that from 1.6 mbpd in December, the commission is targeting the production of 2.1 mbpd (oil and condensate) from January 2025.
Highlighting the significant strides made by the commission since its establishment in 2021, Komolafe said: “Nigeria’s rig count, which stood at 16 as of 2021, has now doubled to 32 under the Commission’s oversight.“
“This increase reflects ongoing efforts to boost upstream activities and enhance the country’s crude oil production capacity.”
He 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, while 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.
GIK/APA