The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a significant rise in Nigeria’s rig count, increasing from eight in 2021 to 69.
The statement by the NUPRC’s Head, Media and Strategic Communication, Eniola Akinkuotu, noted some of the Commission’s high impact achievements in four years since its establishment and that the growth was a clear testament to the renewed vigour and investor confidence in Nigeria’s upstream petroleum sector.
According to the statement, in spite of the challenges it inherited from the pre-Petroleum Industry Act (PIA) era, it exceeded revenue targets, recorded $39.98 billion investment, and increased rig count and crude oil production.
“The latest rig count of 69 comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move.
“This represents a 762.5 per cent increase in barely four years.
“The success aligns with the charge of President Bola Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC,” the statement said.
It added that the NUPRC approved billions of dollars divestments in 2024 from the Nigeria Agip Oil Company to Oando Energy Resources; and Equinor to Chappal Energies.
The statement said that there was also divestment from Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy.
According to the statement, the divestment is about investor portfolio re-ordering to focus on deep-offshore development.
On Gas Flare Commercialisation, the statement said that it had completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP).
It added that the programme was aimed at eliminating gas flaring and attracting 2.5 billion dollars investments.
The NUPRC spokesman stated that the Host Community Development Trusts have remitted N122.34 billion, while dollar contributions stand at over 168.91 million dollars.
This, he said, translated to a combined remittance of over N358.67 billion based on the prevalent exchange rate.
“The NUPRC is overseeing at least 536 projects at various stages of completion, including schools, health centers, roads and vocational centres.
“These are being funded by the trust fund while the achievement has curbed crude oil theft,” he said.
As part of its mandate to develop the country’s hydrocarbon, Akinkuotu further said that the commission had recorded 306 development wells drilled and completed between 2022 to date.
He said that the NUPRC also issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data.
According to him, in 2021, the average daily crude oil losses stood at 102,900 barrels per day (bpd) or 37.6 million barrels per year.
GIK/APA