The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that the country’s active oil rig count has reached 46.

Engr. Gbenga Komolafe, the Commission’s  Chief Executive Officer, revealed this at a media workshop in Abuja.

He explained that the growth in rig activity is being credited as a key indicator of the sector’s renewed vibrancy, due to the launch of the ambitious Project One Million Barrels in October 2024.

Komolafe,who said rig count is a critical metric for measuring the oil industry’s performance, highlighted the increase from 11 rigs at the beginning of the Commission’s tenure in 2021.

He added:“The rig count today is 46, and we are not stopping here.Rig count is a key equipment on which you drill the oil. The number of rig counts actually reveals the level of vibrancy in the activities of the industry”

According to him, the Petroleum Industry Act (PIA) and recent regulatory reforms are responsible for created the current  enabling environment that has attracted investment and stimulated activity.

He added: “With our determination, commitment, and resourcefulness… we have been able to proudly attain a number of high-impact achievements.”

He explained that the Project One Million Barrels initiative was designed to foster collaboration among operators, breaking down silos and leveraging collective capacity.

He also emphasized the Commission’s focus on reducing the unit cost of production, stating that optimizing revenue can be achieved either by cutting costs or by boosting output.