Nigeria’s Active Drilling Rigs Hit 50 From 31

Nigeria has made important strides successful reviving its lipid and state sector, with the fig of progressive drilling rigs rising sharply from 31 successful January 2025 to 50 arsenic of July 2025.

This surge successful upstream enactment comes amid a renewed committedness by the Nigerian authorities to foster a stable, transparent, and investor-friendly petroleum environment.

This was revealed by President Bola Ahmed Tinubu, astatine the ongoing Africa Energy Week held successful Cape Town, South Africa.

President Tinubu, who was represented by the curate of authorities for Petroleum Resources (Oil),  Senator Heineken Lokpobiri,  emphasised that Nigeria is “open for business” and actively implementing policies that prioritise investment, efficiency, and sustainable maturation successful the lipid sector.

He described Africa Energy Week not conscionable arsenic a conference, but arsenic “a telephone to action” for Nigeria and the continent to pb betterment and accelerate maturation successful the planetary vigor market.

Central to Nigeria’s betterment docket is the Petroleum Industry Act (PIA), a landmark portion of authorities that has transformed the sector’s ineligible and fiscal landscape.

The Act establishes wide frameworks for licensing transparency, big assemblage engagement, enhanced regulatory oversight, and equitable contractual presumption to boost capitalist confidence.

According to the minister, “What makes Nigeria present antithetic is the legal, regulatory, financial, and structural translation we are delivering.

”The interaction of these reforms is evident successful the gains made nether the “Project One Million Barrels” initiative, launched successful October 2024.

The task has elevated Nigeria’s regular crude accumulation to betwixt 1.7 and 1.83 cardinal barrels per day, including a singular summation of 300,000 barrels per time recorded successful July 2025 alone.

The summation successful the fig of progressive drilling rigs further underscores the sector’s rebound and optimism among investors and operators.

Senator Lokpobiri besides spotlighted caller plus divestments by large International Oil Companies (IOCs) successful Nigeria, signaling robust capitalist interest.

These divestments person translated into implicit $5.5 cardinal successful Final Investment Decisions (FIDs), which are expected to adhd astir 200,000 barrels per time to Nigeria’s nationalist production.

“These are not conscionable transfers of assets, they are transfers of confidence, capability, and ownership,” helium said.Beyond Nigeria’s borders, the Minister made a compelling lawsuit for greater African collaboration to maximize the continent’s hydrocarbon resources. He noted that Africa spends implicit $120 cardinal annually connected hydrocarbon imports, representing a missed accidental for concern maturation and economical transformation. With astir $4 trillion successful home capital, including pension and security funds, disposable wrong the continent, Senator Lokpobiri urged a strategical redirection of these resources into productive vigor investments.Addressing the evolving planetary vigor narrative, the Minister called for balanced approaches that clasp divers vigor sources. He stressed the value of availability, accessibility, and affordability of each forms of vigor alternatively than the wholesale abandonment of fossil fuels. “Nigeria volition proceed to utilize its lipid resources responsibly portion gathering a diversified and sustainable vigor base,” helium affirmed.

Senator Lokpobiri reiterated Nigeria’s enactment ambitions successful Africa’s vigor landscape. “We are offering opportunities astatine scale, betterment with consistency, incentives with clarity, section information with respect, and a imaginativeness that modernides with purpose,” helium declared.

With these beardown argumentation signals and an open-door approach, Nigeria is positioning itself arsenic a premier destination for vigor investments and a cardinal operator of Africa’s vigor future. The government’s invitation is clear: “Come to Nigeria. Be portion of the vigor revolution,” helium said.