Nigeria’s Oil Rig Count Hits 46 as FG Targets Additional 1 Million Barrels per Day by 2026

Nigeria’s upstream oil sector is showing renewed momentum as the country’s active oil rig count has surged to 46, up from 31 in January 2025, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This development signals growing investor confidence and robust industry activity aimed at ramping up crude oil production.

Speaking at a two-day media workshop in Abuja on Wednesday, NUPRC’s Commission Chief Executive, Engr. Gbenga Komolafe, described the uptick in rig activity as a “geometric leap,” aligning with the federal government’s Project One Million Barrels initiative—an ambitious plan to boost daily oil production by 1 million barrels between October 2024 and October 2026.

“We launched Project One Million Barrels when production was falling dangerously close to 1 million barrels per day. Today, we’re oscillating around 1.7 million barrels—a clear sign of progress,” Komolafe said.

The rig count, a key indicator of exploration and production activity, reflects the intensity of drilling operations. Komolafe noted that a higher rig count typically signals increased investments, job creation, and output growth.

“The count now stands at 46 rigs, and we are not stopping there. The signs are positive. Industry feedback has been very encouraging,” he added.

$16bn Sector Commitment and the Role of Regulation

Komolafe reiterated that the Commission is executing its mandate as provided by the Petroleum Industry Act (PIA) 2021, which tasks the regulator with driving upstream growth, fostering transparency, and attracting investment. He also recalled President Bola Tinubu’s 2023 directive to aggressively unlock Nigeria’s petroleum potential.

The CCE explained that prior fragmentation among operators slowed progress. “One of the biggest challenges was that companies operated in silos. We’ve unified efforts and directed everyone toward the shared goal of achieving an additional 1 million barrels per day, and we’re already seeing results—300,000 bpd added since project inception,” he said.

236 Wellbores Drilled, $8bn Deployed Since 2022

Providing technical insights, Ala Opuene, Senior Manager, Wells & Drilling Services at NUPRC, revealed that more than $8 billion has been invested in drilling activities since 2022, resulting in the successful execution of approximately 236 wellbores.

“Rigs play a pivotal role beyond just crushing rocks—they unlock real value. They’re critical to executing the 120 approved Field Development Plans (FDPs) since 2022, which aim to unlock an estimated 4.7 billion barrels of oil (BBO) and 29.26 trillion cubic feet (TCF) of gas,” Opuene explained.

He further clarified the operational breakdown of Nigeria’s current rig fleet:

• 43 rigs are actively driving production

• 7 rigs are “warm-stacked” (ready but temporarily inactive)

• 4 rigs are “cold-stacked” (inactive for longer-term preservation)

• 4 rigs are in transition to new drilling sites

Opuene attributed the surge in activity to stronger investor confidence, tighter regulatory oversight, and a more stable policy environment following the enactment of the PIA.

“Rig availability is just the starting point. The real value lies in deploying fit-for-purpose units that align with Nigeria’s geological and operational needs,” he added.

With strategic investments and bold policy direction, the Federal Government and NUPRC remain optimistic that Nigeria will achieve its goal of reaching 2.7 million barrels per day by October 2026, ushering in a new era for the country’s petroleum sector.