Nigeria’s oil and gas sector has achieved remarkable growth, with the country’s rig count increasing from an average of eight in 2021 to 38 in 2024, representing a 79% increase.
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, disclosed this during the Petroleum Industry Stakeholders’ Forum in Abuja on Thursday.
Komolafe, while highlighting the significant strides made in the upstream petroleum sector, noted that oil production rose by 26% between April 2023 and November 2024, while national oil and gas reserves increased by 1.45% and 0.206%, respectively, compared to 2023.
He attributed these gains to effective policies, industry collaboration, and enhanced security measures, which led to a 40% reduction in oil theft and production delays.
“Your leadership in seeking and promoting sustainable growth in the oil and gas industry through issuance of appropriate policies is remarkable and has led to visible positive outcomes giving renewed confidence to different stakeholders in the industry, increasing investment and production,” he said.
