Abuja, Nigeria – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has heralded a dramatic revival in the nation’s oil and gas sector, announcing a 762.5 percent surge in the national rig count since 2021, coupled with billions in new investment and a massive crackdown on crude oil theft.
In a statement released on Sunday, the NUPRC confirmed the country’s active rig count a critical indicator of oil sector activity and investor confidence has jumped from a low of eight in 2021 to 69 as of October 2, 2025. The current count includes 40 active drilling rigs, signaling a robust and aggressive approach to exploration and production across the country’s oil fields.
The Commission attributed this rapid growth and the palpable resurgence of investor confidence directly to the comprehensive reforms implemented under the Petroleum Industry Act (PIA) of 2021, and aligned with President Bola Tinubu’s mandate that Nigeria is “open for business.”
Policy Wins and Investment Milestone
The NUPRC’s commitment to maximizing Nigeria’s hydrocarbon potential is evidenced by two major economic achievements:
- $39.98 Billion Investment Pipeline: The Commission has approved 79 Field Development Plans (FDPs) between 2024 and 2025, with a potential investment commitment of $39.98 billion. This is split between $20.55 billion approved in 2024 and $19.43 billion year-to-date in 2025, demonstrating sustained financial traction.
- Surpassing Revenue Targets: Despite inheriting operational challenges and fluctuations in global prices, the NUPRC has consistently exceeded its revenue goals, surpassing targets by 18.3 per cent in 2022, 14.65 per cent in 2023, and a staggering 84.2 per cent in 2024, significantly bolstering the national economy.
Activating Dormant Fields and Digital Transparency
Key to the NUPRC’s success has been the aggressive implementation of the ‘Drill or Drop’ policy, mandated by the PIA. This regulation requires explorers to relinquish dormant or unexplored acreages, ensuring the optimal use of national oil assets.
This policy has already succeeded in identifying 400 dormant oil fields across the country, forcing previously complacent operators to take immediate corrective action.
Furthermore, the Commission has transformed the historical opacity of licensing rounds. Before the PIA, bid rounds were often characterized by political influence and a lack of credibility. The NUPRC, however, has implemented a fully digitalized bid process, enhancing transparency and credibility and aligning the sector with global best practices.
Oil Theft Slashed by 90%, Community Development Soars
Perhaps the most crucial achievement is the dramatic improvement in oil security. The statement noted that the average daily crude oil losses due to theft stood at 102,900 barrels per day in 2021. Through collaborative efforts with general security forces, private contractors (TANTITA), and the introduction of new regulations including the Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation this figure has been reduced by 90 per cent to just 9,600 barrels per day as of September 2025.
In parallel, the Host Community Development Trusts (HCDTs) established under the PIA are delivering substantial benefits to producing areas. HCDTs have remitted over N358.67 billion (a combination of Naira and Dollar contributions) as of October 2025, funding over 536 ongoing community projects, including schools, health centers, and vocational facilities.
Global Presence and Future Production Goals
The NUPRC is not only focused on domestic reforms but also on elevating Nigeria’s continental standing. The Commission championed the establishment of the African Petroleum Regulators Forum (AFRIPERF), providing a unified voice for African hydrocarbon nations on the global stage.
The Commission also reaffirmed its ambitious production target, with the current average daily production of 1.65 million barrels per day (Mbopd) expected to increase significantly under the “Project 1 Mbopd” initiative, which aims to achieve a total output of 2.5 Mbopd by 2027.
These achievements, alongside the successful handling of multi-billion dollar divestments (such as those by Shell, Mobil, and Agip) described as investor portfolio re-ordering toward deep-offshore focus, solidify NUPRC’s position as a globally recognized, award-winning regulator dedicated to sustainable growth.
The statement reads in part, “Billions in divestments”
“The Commission approved divestments running into billions of dollars in 2024. From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy.
“The divestment is about investor portfolio re-ordering to focus on deep-offshore development.
“Developed regulations”
To give meaning to the intent of the PIA, 2021, the Commission, in consultation with stakeholders, has developed 24 forward-thinking Regulations. So far, 19 have been gazetted while 5 await gazetting. These forward-thinking Regulations serve as tools for transparency and the creation of an enabling investment climate and benchmark best practices
“Gas flare commercialisation”
The NUPRC completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP). The programme is aimed at eliminating gas flaring and attracting at least 2.5 billion dollars in investments.
“Overall Best Performing Parastatal – SERVICOM”
In 2024, the Commission secured the 2024 Overall Best Performing Parastatal SERVICOM Unit (PSU) Award, along with the 2024 Best Performing PSU, Team B Award, a testament to the NUPRC’s commitment to customer service. The NUPRC has again won Best Regulator, 2025 by Nigerian Energy Correspondents, aside over 60 awards from various organisations.
“HCDTs Remits N358.67bn”
Host Community Development Trusts have remitted N122.34bn in naira, while dollar contributions stand at over $168.91m as of October 2025. This translates to a combined remittance of over N358.67bn based on the prevalent exchange rate, in enthroning a conducive host community environment in Nigeria.
“Over 536 ongoing community projects”
“Still in the host community, the NUPRC is overseeing at least 536 projects at various stages of completion, including schools, health centres, roads, and vocational centres. These are being funded by the trust fund. The achievement has tremendously curbed crude oil theft.
“Development Wells Hits 306 between 2022-2025″
As part of its mandate to develop the country’s hydrocarbon, the Commission has recorded 306 development wells drilled and completed between 2022 to date.
“Removing hindrances to exploration with 2D and 3D seismic data”
The NUPRC issued Nigeria’s first Petroleum Exploration Licence (PEL) for a large offshore geophysical survey covering 56,000 km² of 3D seismic and gravity data. Furthermore, the Commission has reprocessed 17,000 line-kilometres of 2D seismic data and 28,000 square kilometres of 3D seismic data, producing sharper, higher-resolution images of our petroleum systems and reducing the uncertainties that once hindered exploration decisions.
Other data acquisition includes: 11,300 Sq.km of newly acquired 3D data, processed to PSDM, and 80,000 Sq.km of Multibeam Echo Sounding & Seafloor Geochemical Coring data.
“Curbing crude oil theft”
In 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year. However, due to the combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as the collaborative effort of the commission, this has been reduced by 90% to specifically 9,600bpd in September 2025.
“Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation, respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting.
“Leading AFRIPERF”
“Even outside the shores of Nigeria, the Engr. Gbenga Komolafe-led NUPRC has continued to show leadership as it championed the establishment of the African Petroleum Regulators Forum (AFRIPERF).
“The last event of the AFRIPERF at the Africa Oil Week (AOW) was attended by sixteen African Countries, namely: Nigeria, Ghana, Somalia, Gambia, Madagascar, Sudan, Guinea, Togo, Angola, South Africa, Mozambique, Benin Republic, Kenya, Namibia, Morocco, and Mauritania. AFRIPERF provides regulators with the mechanism to harmonise oil and gas development policies to facilitate cross-border infrastructure development, benchmark fiscals, and present a strong voice for Africa in hydrocarbon advocacy globally.”
