Nigeria’s oil rigs climb to 46, production hits 1.7 million barrels daily

Nigeria’s active crude oil rigs have increased from 44 last week to 46, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

This growth reflects ongoing efforts to boost the country’s oil production capacity and attract greater investment into the sector.

NUPRC Chief Executive Gbenga Komolafe announced this development during a recent workshop for media practitioners held in Abuja.

He highlighted that since the launch of the government’s production enhancement project in August 2024, Nigeria’s crude oil output has risen by 300,000 barrels per day.

This has pushed the nation’s current production level to approximately 1.7 million barrels daily, marking a steady recovery in the industry.

Komolafe credited this positive trend to the implementation of key reforms supported by President Bola Tinubu. Specifically, he mentioned Executive Orders 40, 41, and 42, which introduce various tax incentives, strengthen local content laws, and redefine contracting thresholds and procedures.

These reforms aim to create a more favorable investment climate and have already led to significant Final Investment Decisions by oil companies.

According to Komolafe, the feedback from industry operators has been encouraging, with many reporting increased activities and improved performance.

The NUPRC continues to monitor progress closely through daily evaluations, ensuring that efforts to optimize Nigeria’s hydrocarbon resources remain on track.

Overall, the increase in oil rig count and production levels signals renewed confidence in Nigeria’s oil sector and demonstrates the effectiveness of ongoing regulatory and policy reforms designed to drive sustainable growth in the industry.