NUPRC reports surge in investor confidence as rig count rises to 69
…says remittances to host community development trust now N358.67bn
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has observed a resurgence in activity within the country’s upstream oil and gas sector, with the rig count rising from 8 in 2021 to 69 as of October 2, 2025.
The Commission in a statement to mark its 4th year anniversary, signed by Eniola Akinkuotu, the head of media and strategic communication, said that the increase shows a renewed investor confidence in Nigeria. The latest rig count according to the commission, comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move.
“The number is expected to increase even further in the coming months. This shows a renewed investor confidence in Nigeria. The success aligns with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigeria upstream as daily actioned by the NUPRC,” it stated.
Also among the activities of the commission, since its inception is the implementation of ‘Drill or Drop’ policy which prescribes that unexplored acreages are to be relinquished.
The policy which is in line with the PIA, 2021, is designed to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. With this policy, the Commission said it has identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action.
As part of its achievements in past four years, the Commission said, “To give meaning to the intent of the PIA, 2021, the Commission in consultation with stakeholders has developed 24 forward-thinking Regulations. So far 19 have been gazetted while five await gazetting. These forward-thinking Regulations serve as tools for transparency and creation of enabling investment climate and benchmark best practices.
“The Commission approved divestments running into billions of dollars in 2024. From the Nigeria Agip Oil Company (NAOC) to Oando Energy Resources; Equinor to Chappal Energies; Mobil Producing Nigeria Unlimited to Seplat Energies; and Shell Development Company Nigeria Limited to Renaissance Africa Energy. The divestment is about investor portfolio re-ordering to focus on deep-offshore development.
“The NUPRC completed awards of flare sites to successful bidders under the Nigerian Gas Flare Commercialisation Programme (NGFCP). The programme is aimed at eliminating gas flaring and attracting at least 2.5 billion dollars in investments.”
It also announced that the Host Community Development Trusts have remitted N122.34 billion, while dollar contributions stand at over $168.91 million as of October 2025. This translates to a combined remittance of over N358.67 billion based on the prevalent exchange rate.
“Still on host community, the NUPRC is overseeing at least 536 projects at various stages of completion including schools, health centers, roads and vocational centers. These are being funded by the trust fund. The achievement has tremendously curbed crude oil theft.
“In 2021, the average daily crude oil losses stood at 102,900 barrels per day or 37.6 million barrels per year. However, due to combined efforts of the General Security Forces and Private Security Contractors (TANTITA) as well as collaborative effort of the Commission this has reduced by 90 percent to specifically 9,600bpd in September 2025.
“Furthermore, two pioneer regulations introduced by the Commission have also contributed to the success, namely: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, have contributed as pioneer efforts at achieving transparency in hydrocarbon accounting.”
Highlighting transparent bid round as part of its achievements, the Commission explained that prior to its establishment, the licensing rounds were opaque and beclouded by political influence which made the process lack credibility.
It noted that with the support of President Bola Tinubu, the process has been transformed to be fully digital thereby enhancing transparency and credibility.
“It was the most transparent bid round on record in Nigeria’s upstream petroleum history as it leveraged digital technology, devoid of any human interference, in a manner adjudged to be in line with global best practices which was even attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI),” it added.
