Mkpoikana Udoma
Port Harcourt — Nigeria’s oil and gas industry is witnessing a major rebound in exploration and production activities, as the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, announced that rig counts have risen from just 8 in 2021 to 43 as of September 2025, signalling renewed investor confidence in the country’s upstream sector.
The Chief Executive of NUPRC, Engr. Gbenga Komolafe, disclosed this at the Africa Oil Week in Accra, Ghana, attributing the surge to regulatory clarity, fiscal reforms, and decisive policies under President Bola Ahmed Tinubu’s administration.
“In nearly four years, the Commission has rolled out 24 transformative regulations, 19 of which are now gazetted to operationalize key provisions of the Petroleum Industry Act,” Komolafe stated.
“These reforms have dismantled barriers, unlocked opportunities, and created a more transparent, competitive operating environment.”
The NUPRC boss explained that the rise in rig activity underscores the effectiveness of Nigeria’s Regulatory Action Plan, RAP, which was designed to fast-track licensing, remove bottlenecks, and attract fresh capital into the upstream oil and gas sector.
He stressed that energy security remains at the heart of Nigeria’s strategy: “Energy security is the cornerstone of economic growth, national resilience, and shared prosperity in Africa. Nigeria’s upstream revival demonstrates that reforms, when implemented with discipline, can deliver measurable results.”
Highlighting the broader transformation under Tinubu’s Renewed Hope Agenda, Komolafe pointed to the approval of five major acquisition deals worth over $5 billion, alongside high-profile Final Investment Decisions, FIDs, such as the $5 billion Bonga North project and the $500 million Ubeta Gas Project.
“These FIDs, along with other expected projects like HI NAG Development, Ima Gas, Owowo Deep Offshore, and Preowei Fields, signal renewed long-term commitments from operators and affirm Nigeria’s competitiveness,” he said.
Komolafe further noted that bid rounds and concession awards, including the 57 Petroleum Prospecting Licenses awarded in 2022, the 2022 Mini-Bid Round, and the 2024 Licensing Round, were executed with “unprecedented transparency,” attracting exceptional investor participation.
According to him, Nigeria has deliberately optimized signature bonus requirements and widened accessibility to new entrants, resulting in 27 out of 31 blocks offered in 2024 being successfully awarded.
“With the Petroleum Industry Act as our foundation, reinforced by bold Presidential Executive Orders and transformative regulatory initiatives, we are not just opening our doors to investment; we are building a world-class upstream oil and gas environment that rewards ambition, innovation, and responsibility,” Komolafe declared.
He concluded that the combination of rising rig counts, record Field Development Plan approvals, and renewed investor confidence affirms that Nigeria’s upstream sector is “standing at the dawn of a new era defined by clarity, competitiveness, and confidence.”
