Nigerian oil rig count sees sharp rise

Core Insights - Nigeria's oil rig count has increased significantly from eight in 2021 to 69, representing a 762.5% rise over four years, indicating a resurgence in the oil and gas sector [1] - The NUPRC expects further growth due to a policy review that identified 400 dormant oilfields, encouraging previously inactive operators to engage [2] - The NUPRC has achieved revenue targets exceeding expectations for three consecutive years, with increases of 18.3%, 14.65%, and 84.2% in 2022, 2023, and 2024 respectively [3] Investment and Production - A potential investment of $39.98 billion (N58.59 trillion) has been noted from 79 approved field development plans (FDPs) for 2024 and 2025, aimed at boosting crude oil production [4] - The average daily crude oil production is currently at 1.65 million barrels per day (mbbl/d), with an initiative to increase this to 2.5 mbbl/d by 2027 [4] Regulatory and Operational Developments - The NUPRC has implemented the Drill or Drop policy to optimize oil asset usage and prevent dormant fields from occupying potential reserves [5] - Since 2022, the NUPRC has overseen the drilling and completion of 306 development wells and issued Nigeria's first petroleum exploration license for a significant offshore survey [6] - Daily crude oil losses have been reduced by 90%, from 102,900 barrels per day (bpd) in 2021 to 9,600 bpd [6] Regional Collaboration - The NUPRC has established the African Petroleum Regulators Forum to promote cross-border development and a unified African voice in global hydrocarbon advocacy [7]