By Obinna Uballa
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria’s upstream oil and gas regulator, has rolled out an ambitious scorecard to mark its fourth anniversary, citing record rig activity, fresh multibillion dollar investments, improved revenues, and a sharp drop in crude theft as evidence of sweeping reforms since its creation under the Petroleum Industry Act (PIA).
In a statement on Sunday, the commission said the sector had undergone a major turnaround in the past four years, with investor confidence returning and production growth firmly on track.
Rig count surges 762%
The Commission revealed that active rig count jumped from just eight in 2021 to 69 as of October 2025, representing a 762 per cent increase. Of these, 40 rigs are fully active, while the rest are either on standby, stacked, or in transit.
“This is clear evidence that Nigeria is once again open for business,” said Eniola Akinkuotu, NUPRC’s Head of Media and Strategic Communication who signed the statement. “The surge in rig activity reflects renewed investor confidence and aligns with President Bola Tinubu’s charge that Nigeria is ready for business.”
Billions in new projects
Between 2024 and 2025, the regulator approved 79 Field Development Plans (FDPs) worth $39.98 billion, $20.55bn in 2024 and $19.43bn so far in 2025. These projects are expected to unlock fresh reserves and boost exploration across Nigeria’s oil-rich basins, the statement said.
Revenue collection has consistently exceeded targets, with the Commission surpassing benchmarks by 18.3 per cent in 2022, 14.65 per cent in 2023, and an extraordinary 84.2 per cent in 2024, it added.
Daily crude output now averages 1.65 million barrels, with the “Project 1mbopd” initiative designed to lift production to 2.5 million barrels per day by 2027.
The Commission credited reforms and security operations for a dramatic 90 per cent reduction in crude theft – from 102,900 barrels per day in 2021 to just 9,600bpd in September 2025. Two new regulations – the Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation, were cited as critical tools in tightening hydrocarbon accountability.
Meanwhile, Host Community Development Trusts have remitted over N358.67 billion in combined naira and dollar contributions. The funds are financing at least 536 ongoing community projects, including schools, health centres, roads, and vocational hubs, across oil-producing states, the statement said.
Reforms and transparency
The regulator highlighted its fully digital oil licensing rounds, which it said ended decades of opaque allocation practices and won praise from the Nigeria Extractive Industries Transparency Initiative (NEITI).
Other reforms include:
A “Drill or Drop” policy forcing operators to act on 400 dormant fields.
Approval of multi-billion-dollar divestments by Shell, Mobil, and Equinor.
Gazetting of 19 new regulations, with five more pending, to improve investment climate and transparency.
Launch of the Nigerian Gas Flare Commercialisation Programme, targeting $2.5bn in investments to end gas flaring.
Beyond national reforms, the Commission spearheaded the African Petroleum Regulators Forum, now comprising 16 countries working to harmonise policies and strengthen Africa’s collective voice in global energy governance.
“The Engr. Gbenga Komolafe-led NUPRC has continued to provide leadership and the mechanisms to harmonise oil and gas development policies across Africa,” the statement said.
While challenges remainparticularly around meeting ambitious output targets, the Commission insists its record shows that the PIA is beginning to transform Nigeria’s upstream sector.
