Industry & Money

$8b Investments Lift Oil Rig Count to 46

As part of efforts to improve the country’s daily production of hydrocarbon potential, crude oil producers operating in Nigeria have invested a total sum of $8bn in providing rig infrastructure, the Nigerian Upstream Petroleum Regulatory Commission disclosed on Wednesday.

The amount invested within three years, between 2022 and 2025, has resulted in a significant boost to drilling activity and production capacity.

This investment has financed the drilling of 236 wellbores to total depth since 2022 and has increased the nation’s rig count to a new high of 46 as of July 2025.

The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, disclosed the latest figures during a media workshop on Wednesday in Abuja.

He said the country’s rig count has seen a sharp rise, increasing from just eight in 2021 to 31 in January 2025, and further climbing to 46 by July 2025, representing a 475 per cent increase over a four-year period, and a 48 per cent rise within the first seven months of 2025 alone.

In the oil and gas industry, a rig is the equipment used to drill wells into the earth’s subsurface to extract crude oil or natural gas.

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