Nigerian Oil Rig Count Surges 762% with $40B Investments Amid PIA Reforms

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported a remarkable resurgence in Nigeria's oil and gas upstream sector, with rig counts soaring by 762% from 8 in 2021 to 69 in 2025, including 40 active rigs. This growth is attributed to reforms under the Petroleum Industry Act (PIA) and strong regulatory actions that have restored investor confidence, reduced crude oil theft, and fostered a more transparent and attractive investment climate. The Commission has also approved nearly $40 billion in new investments and 79 Field Development Plans, supporting increased exploration and production activities. President Bola Tinubu's administration is credited for promoting policies that position Nigeria as ready for business, with initiatives like the "Drill or Drop" policy to optimize oil asset utilization. Furthermore, the NUPRC has implemented digitalized licensing rounds to reduce political interference and has exceeded revenue collection targets substantially in recent years. These developments signal a fundamental shift in Nigeria's oil and gas sector management, aiming for sustainable long-term energy growth and increased crude production, with a target of 2.5 million barrels per day by 2027.