Nigeria’s Oil Rig Count Soars to 46 Following $8 Billion Investment Surge
Nigeria’s oil industry has achieved a remarkable milestone as the country’s active oil rig count has surged to 46, up dramatically from just eight rigs in 2021, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced today.
The explosive growth follows over $8 billion in investments by oil producers between 2022 and 2025, resulting in the drilling of 236 wellbores across the country. Commission Chief Executive Gbenga Kamolafe attributed the surge to transformative reforms including the 2021 Petroleum Industry Act, the Project One Million Barrels initiative launched in 2024, and Executive Orders 40, 41, and 42 issued in 2024.
“These reforms have boosted investor confidence, attracted capital, and enabled regulatory efficiencies,” Kamolafe explained. Nigeria’s oil production has now averaged over 1.7 million barrels per day (bpd), a substantial increase from 1 million bpd in 2021.
The rigs are now active across all terrains – land, swamp, and offshore – including deepwater fields. The NUPRC emphasized that increased rig activity serves as a key metric of industry health, with sustained momentum driving progress toward the country’s ambitious 2.6-2.8 million bpd production target by 2026.
Nigeria’s rig count is expected to approach 50 by the end of 2025, signaling continued growth in the sector.
Source: energycapitalpower.com
