The Nigerian Upstream Petroleum Regulatory Commission says the country’s rig count will hit 50 by the end of 2025.

It said the country’s rig count had increased from eight in 2021 to 40 in 2025.

NUPRC boss Gbenga Komolafe said this on Wednesday in Abuja at the ongoing 2025 Nigeria International Energy Summit.

Mr Komolafe said crude oil production increased by 70 per cent from one million barrels per day (bopd) in 2021 to the current production of 1.75 million bopd.

He said between 2023 and 2024, oil reserves increased by 1.43 per cent, reaching 37.5 billion barrels, while gas reserves grew by 0.21 per cent, reaching 209.26 trillion cubic feet.

According to Mr Komolefe, these accomplishments are not just numbers but also parameters for measuring industry vibrancy driven by effective regulatory policies.

He said in pursuit of its goal to reach 40 billion barrels of oil and 220 trillion cubic feet of gas, it had vigorously pursued strategies to stimulate exploration activities and accelerate development.

As part of these efforts, he said the commission completed the 2022/2024 bid licensing round and awarded 27 Petroleum Prospecting Licences across various terrains.

He said efforts were also on for the 2025 bid round, embracing a new paradigm of annual licensing rounds.

Speaking on optimising production and bridging the gap, Komolafe said Nigeria’s vast oil reserves presented a remarkable opportunity for growth and economic transformation.

“While our current production averages 1.75 million barrels per day, our technical potential is 2.24 million bpd. The commission is working assiduously to bridge the gap between the actual production and the potential through actions aimed at improving transparency, driving collaboration with E&P companies, ensuring financial viability and fast-tracking field developments.

“It is also adopting cutting-edge improved oil recovery technologies, reducing costs, eliminating entry barriers and optimising production,’’ he said.

(NAN)