Findings have shown that Nigeria’s crude oil rigs have risen astronomically from eight to 69 in the past four years.
The 762.5 per cent leap, said Nigerian Upstream Petroleum Regulatory Commission (NUPRC), indicates renewed investor confidence in the nation’s energy sector.
NUPRC, in a statement highlighting its successes in the last four years, expects the number of rigs to increase in the coming months.
The commission, however, revealed that it identified 400 dormant oil fields during the period.
The statement yesterday by its spokesman, Eniola Akinkuotu, was titled: ‘’Rising Rig Count: As a testament to the renewed vigour in Nigeria’s upstream oil and gas sector.’’
NUPRC also explained that it approved 79 Field Development Plans (FDPs) between 2024 and 2025, with estimated investments valued at $39.98 billion. This comprises $20.55billion in 2024 and $19.43billion in 2025.”
The commission, which put current crude oil production at 1.65mbpd, projected the figure to 2.5 Mbpd in 2027.
It added that crude oil theft has dropped by 90 per cent with the combined efforts of ‘’General Security Forces and a private security contractor, Tantita Security Services Nigeria Limited.
The statement partly reads: “The latest rig count of 69 which comprises 40 active rigs, eight on standby, five on warm stack, four on cold stack and 12 on the move, represents a 762.5 per cent increase in barely four years.’’
On dormant oil fields, the commission said: “We successfully identified 400 dormant oil fields and have also propelled complacent oil companies to take quick action.”
NUPRC explained that its successes in the past four years align with the charge of President Tinubu that Nigeria is ready for business and that the right investment climate prevails now in the Nigerian upstream sector.
