The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a dramatic increase in the country’s oil rig count, rising from eight in 2021 to 69 as of October 2, 2025, describing the 762.5 percent growth as a clear indicator of renewed investor confidence and a revitalized upstream sector.

In a statement released on Sunday, the Commission said the latest rig count includes 40 active rigs, with others on standby, stacked, or in transit. It attributed the surge to reforms implemented since its establishment under the Petroleum Industry Act (PIA), which have helped overcome legacy challenges and reposition Nigeria as a competitive destination for oil and gas investment.

The Commission noted that its performance over the past four years reflects a shift toward transparency, efficiency, and accountability. It said revenue targets were exceeded consistently between 2022 and 2024, despite fluctuations in global oil prices and production levels. Field development approvals have also accelerated, with nearly $40 billion in potential investment unlocked through 79 approved plans between 2024 and 2025.

According to the NUPRC, Nigeria’s average daily crude oil production now stands at 1.65 million barrels, with projections to reach 2.5 million barrels per day by 2027 under the “Project 1 Mbopd” initiative. The Commission said this growth is supported by its “Drill or Drop” policy, which has compelled operators to act on dormant fields or relinquish them for reallocation.

It also highlighted improvements in licensing procedures, describing recent bid rounds as the most transparent in Nigeria’s history. The process, now fully digital, has been praised by the Nigeria Extractive Industries Transparency Initiative (NEITI) for eliminating political interference and aligning with global best practices.

Beyond production metrics, the Commission said it has made significant strides in community development. Host Community Development Trusts have remitted over ₦358 billion, funding more than 500 ongoing projects across education, healthcare, infrastructure, and vocational training. It added that these efforts have helped reduce crude oil theft by 90 percent, with losses dropping from 102,900 barrels per day in 2021 to 9,600 barrels per day in September 2025.

The Commission also reported progress in seismic data acquisition and exploration licensing, including the issuance of Nigeria’s first Petroleum Exploration Licence for a large offshore geophysical survey. It said these initiatives have helped reduce uncertainty in exploration decisions and attracted new interest in deep offshore assets.

Internationally, the NUPRC said it has continued to play a leadership role, having spearheaded the creation of the African Petroleum Regulators Forum (AFRIPERF), which now includes 16 member countries. The Commission said its achievements reflect the support of President Bola Tinubu and the administration’s commitment to creating a stable and attractive investment climate.