Nigeria's Oil Rigs Surge to 70, Production Hits 1.82mbpd

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), announced that Nigeria's active oil rigs have surged from fewer than 10 in 2023 to over 70, indicating a significant increase in drilling activity within the country's upstream sector. This announcement was made during the fifth anniversary celebration of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja, themed “NUPRC at 5: From Uncertainty to Stability: Unlocking the Next Phase of Investment.” Lokpobiri reported that Nigeria's crude oil production has risen to 1.821 million barrels per day, including condensates, marking an increase of over 80% from the less than one million barrels per day recorded before the President Bola Tinubu administration took office.

He urged the NUPRC to continue efforts to unlock Nigeria's crude oil reserves and maintain competitive regulatory frameworks. President Bola Tinubu, represented by Vice-President Kashim Shettima, called for compliance with work programmes and transparency from the NUPRC, emphasizing the government's commitment to the rule of law in the petroleum sector.