Victor EzejaChief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr Gbenga Komolafe, has stated that Nigeria’s oil rigs have risen to 46 from eight in the last two years.
This increase indicates a thriving petroleum industry.
Join our WhatsApp ChannelSpeaking on Wednesday at a two-day media workshop in Abuja, Komolafe asserted that the rise in rig counts demonstrated how far the nation has come in utilising its hydrocarbon resources.
He highlighted NUPRC’s performance over the past few years, including the rise in Nigeria’s oil production from just over one million barrels per day to about 1.7 million barrels.
According to him, this is consistent with the Commission’s endeavor to enhance oil production and fulfill its ambitious goal of raising Nigeria’s crude oil output by one million barrels per day between October 2024 and October 2026.
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He attributed the outcome in crude oil production to NUPRC’s Project One Million Barrels initiative, which was introduced in October 2024.
According to him, since the programme’s inception, approximately 300,000 barrels of oil per day have been produced.
“The recount today is 46, and we are not stopping there. I’m proud to say that is a leap jump, very geometric, but we are moving higher, the signs are positive,” Komolafe stated.
Emphasising the significance of the increase in the number of rigs, the NUPRC boss said: “You all know that the rig count is a very key metric for measuring vibrancy and performance in the industry, because of course that is a key equipment on which we drill the oil. So the number of rig counts actually reveals the level of vibrancy, the activities in the industry.”
These improvements, he said, were driven by bold reforms, investor-friendly regulation, and improved fiscal regimes introduced by the Petroleum Industry Act (PIA).
Komolafe applauded President Bola Tinubu’s signing of executive orders that have removed long-standing obstacles, boosted investment, and made doing business in the industry easier.
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According to the NUPRC boss, the Commission’s current regulatory direction is anchored on lowering the unit cost of production and boosting investor confidence.
He called for stronger partnerships between the media and the NUPRC in shaping public understanding of Nigeria’s Oil and Gas reforms.
Komolafe described the media as a critical partner in the ongoing transformation of the Upstream sector, praising journalists for their consistent role in educating the public and clarifying NUPRC’s often misunderstood functions.
He emphasized that open communication between the Commission and the press is critical to fostering trust and accountability throughout the sector.
