With the current drive and policies to ramp up crude oil production, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) aims to achieve about 2.5 million barrels per day of crude oil production in 2027.
The Commission said since its establishment, the country has continued to record a continuous increase in crude oil production, now at an average daily production of 1.65mbopd.
In a statement released on Sunday, signed by its Head of Media and Strategic Communication, Eniola Akinkuotu, NUPRC said the 2.5mbopd crude oil production is expected to be achieved through the Project 1 Million Barrels of Oil Per Day (1MMBOPD) initiative. The initiative, which was launched in October last year during NUPRC’s third anniversary, was aimed at raising the country’s oil production to 2.6 million barrels in 12 to 24 months.
The Commission said its policies and activities in the upstream oil and gas sector has led to a 762.5 per cent increase in oil rig count in the last four years.
The statement highlighted the achievements of the upstream regulator four years since its establishment.
It said the rig count rose geometrically from eight in 2021 to 69 as of October 2, 2025, reflecting a 762.5 per cent increase. “The latest rig count of 69 which comprises 40 active rigs, 8 on standby, 5 on warm stack, 4 on cold stack and 12 on the move, represents a 762.5% increase in barely four years,” the Commission stated, adding that the number is expected to increase further in the coming months.
It said the achievements show a renewed investor confidence in Nigeria, adding that it aligns with President Bola Tinubu administration’s drive to attract significant investments into the upstream sector.
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The statement further said that between 2024 and 2025, the Commission approved 79 Field Development Plans (FDP) with potential investment of $39.98 billion. While 41 FDPs were approved in 2024 38 have been approved this year. “This comprises $20.55bn in 2024 and $19.43bn in YTD 2025.”
It noted that in line with the Petroleum Industry Act (PIA), 2021 and with the support of President Tinubu, the Commission has been implementing the ‘Drill or Drop’ policy which stipulates that unexplored acreages are to be relinquished to ensure the optimal use of oil assets and prevent dormant fields from tying up potential reserves. “This policy successfully identified 400 dormant oil fields and has also propelled complacent oil companies to take quick action,” it said.
It also disclosed that the Commission approved divestments running into billions of dollars in 2024. These include the Nigeria Agip Oil Company (NAOC) onshore asset acquisition by 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,” it emphasised.
Revenue
On revenue, the Commission said it has consistently exceeded targets from 2022 to 2024. While that of 2022 target was surpassed by 18.3 per cent, it was 14.65 per cent in 2023 and 84.2 per cent in 2024.
It said this was achieved “despite fluctuations in oil production and prices thus contributing largely to our nation’s economic growth.”
READ ALSO: NUPRC Falls Short of Revenue Target in August despite Improved Crude Output
Aside oil production and revenue, the upstream regulator said it has transformed the process for licensing rounds for oil exploration, from the previous opaque nature to a more transparent and credible one with full digitalization. It said the maintained that the digitalised licensing rounds is the most transparent bid round on record in Nigeria’s upstream petroleum history was even and attested to by the Nigeria Extractive Industries Transparency Initiative (NEITI).
Reduced Crude oil theft
The Commission further stated the crude oil theft has significantly reduced through improved security provided by a combined effort of Nigerian military and private security contractors, leading to a reduction of crude oil losses by 90 per cent in the last four years.
It also noted that two pioneer regulations introduced by the Commission have also contributed to the success. These include: The Upstream Measurement Regulation and the Advanced Cargo Declaration Regulation respectively, aimed at achieving transparency in hydrocarbon accounting.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
