Nigeria’s upstream petroleum regulator has announced major progress in the oil and gas sector, reporting a 762 per cent increase in rig count, billions of dollars in new investments, and sweeping reforms just four years after its creation.

In a statement on Sunday, the Nigerian Upstream Petroleum Regulatory Commission, through its Head of Media and Strategic Communication, Eniola Akinkuotu, said its achievements since the enactment of the Petroleum Industry Act have boosted investor confidence, reduced crude theft, and positioned Nigeria for sustainable energy growth.

According to the Commission, the number of active rigs surged from eight in 2021 to 69 as of October 2025—40 of which are currently operational, while others are on standby or in transit.

NUPRC highlighted 16 key accomplishments achieved over the past four years and urged Nigerians to recognize the Commission’s significant progress despite the challenges inherited from the pre-PIA era.

“As a testament to the renewed vigour in Nigeria’s upstream oil and gas sector, the rig count rose geometrically from eight in 2021 to 69 as of October 2, 2025. The latest rig count of 69, which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years. The number is expected to increase even further in the coming months. This shows a renewed investor confidence in Nigeria. The success aligns with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream, as daily actioned by the NUPRC.

“This is clear evidence that Nigeria is once again open for business, and the upstream environment is attracting serious exploration and development activity,” the statement read in part.

The NUPRC noted that the oil and gas sector operates on verifiable data and measurable indicators, emphasizing that performance in the industry is judged strictly by facts and metrics.

On revenue performance, the NUPRC said it had consistently surpassed government targets, exceeding its collection benchmarks by 18.3% in 2022, 14.65% in 2023, and an impressive 84.2% in 2024. The Commission added that between 2024 and 2025, it approved 79 Field Development Plans worth $39.98 billion, unlocking new capital inflows and exploration projects.

It also reported steady gains in crude oil production, with national output now averaging 1.65 million barrels per day, supported by the ongoing “Project 1mbopd” initiative aimed at raising production capacity to 2.5 million barrels daily by 2027.

Akinkuotu said, “The Commission consequently outlined some of its high-impact achievements as follows: In 2022, 2023 and 2024, the Commission surpassed its revenue target by 18.3 per cent, 14.65 per cent and 84.2 per cent, respectively, despite fluctuations in oil production and prices, thus contributing largely to our nation’s economic growth.

“Potential Investment of $39.98bn from FDPs

Between 2024 and 2025, the Commission has approved 79 Field Development Plans (FDP) (41 in 2024 and 38 YTD 2025 with a potential investment of $39.98bn. This comprises $20.55bn in 2024 and $19.43bn in YTD 2025.

“Since the inception of Commission, crude oil production has increased with current average daily production of 1.65Mbopd expected to increase further with the Project 1 Mbopd initiative, which is aimed at achieving 2.5 Mbopd in 2027, compared to NUPRC commencement.”

Beyond production and revenue gains, the NUPRC attributed the restoration of credibility in oil block bidding to its fully digitalised licensing rounds, noting that the process achieved unprecedented transparency levels, as verified by the Nigeria Extractive Industries Transparency Initiative.

“Prior to the establishment of the Commission, the licensing rounds were opaque. They were beclouded by political influence, which made the process lack credibility. However, the NUPRC, with the support of President Bola Tinubu, transformed the process to be fully digital, thereby enhancing transparency and credibility. It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices, which was even attested to by the Nigeria Extractive Industries Transparency Initiative.

“The Commission, in line with the PIA, 2021 and with the support of President Bola Tinubu, is implementing the ‘Drill or Drop’ policy, which prescribes that unexplored acreages are to be relinquished. This is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. This policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action,” It noted.

The statement further revealed that Host Community Development Trusts had remitted over ₦358.67 billion, financing more than 536 projects in education, road infrastructure, and healthcare across oil-producing regions.

It added that crude oil theft—a persistent drain on national revenue—had fallen by 90%, from 102,900 barrels per day in 2021 to 9,600 barrels per day as of September 2025, following intensified joint military-security operations and the implementation of new hydrocarbon measurement regulations.