Nigeria’s rig depend anticipated to achieve 50 by finish of 2025 – NUPRC says 

The Nigerian Upstream Petroleum Regulatory Fee (NUPRC) has projected that the nation’s rig depend will attain 50 by the tip of 2025.

This disclosure was made by NUPRC Chief Govt, Gbenga Komolafe throughout the continuing 2025 Nigeria Worldwide Power Summit (NIES) on Wednesday in Abuja.

In response to the fee, Nigeria’s rig depend has grown considerably from eight in 2021 to 40 in 2025.

Komolafe additional acknowledged that crude oil manufacturing elevated by 70 per cent from a million barrel per day (bpd) in 2021 to 1.75 million bpd in 2025.

“The Nigerian Upstream Petroleum Regulatory Fee (NUPRC), says the nation’s rig depend will hit 50 by the tip of 2025,” the supply learn partially.

He additionally highlighted that between 2023 and 2024, oil reserves elevated by 1.43 per cent to 37.5 billion barrels, whereas fuel reserves surged by 0.21 per cent, reaching 209.26 trillion cubic ft.

Komolafe defined that these milestones transcend figures however are parameters for measuring the trade’s rising energy, pushed by efficient regulatory insurance policies.

Strengthening the oil and fuel sector 

To attain its goal of 40 billion barrels of oil and 220 trillion cubic ft of fuel reserves, the fee has carried out methods to spice up exploration and improvement.

• Komolafe famous that the NUPRC efficiently accomplished the 2022/2024 bid licensing spherical, awarding 27 Petroleum Prospecting Licenses (PPLs) throughout varied terrains.
• The Chief highlighted that the fee has acquired high-quality geological and geophysical knowledge by means of multi-client service preparations, guaranteeing accessible and useful insights, significantly throughout licensing rounds and key trade offers.

He famous that this proactive strategy enhances decision-making and drives strategic investments, positioning Nigeria’s oil and fuel sector for long-term progress.

Extra insights 

Discussing efforts to optimize manufacturing and bridge the hole, Komolafe described Nigeria’s huge oil reserves as a serious alternative for financial growth and transformation.

• He identified that whereas the nation’s present crude oil manufacturing stands at 1.75 million bpd, its technical potential is 2.24 million bpd.
• The fee is actively bettering transparency, strengthening collaboration with Exploration & Manufacturing (E&P) firms, guaranteeing monetary stability, and accelerating area developments.
• It’s also adopting superior restoration applied sciences, chopping prices, eradicating entry limitations, and optimizing manufacturing.
• Efforts to reactivate shut-in wells and capitalize on out there alternatives are anticipated to contribute to the success of Mission One MMbpd, a key initiative geared toward growing nationwide oil manufacturing.