Nigeria’s Active Oil Rigs Reach 30, Reports NUPRC
Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has revealed that Nigeria’s oil rig count has surged to 30 from 11 in 2011.
He attributed this increase to the concerted efforts of NUPRC and other government stakeholders in instilling confidence and certainty in the oil and gas industry.
Komolafe highlighted that Nigeria has witnessed substantial capital expenditure amounting to billions of dollars over the past two and a half years, owing to the implementation of the Petroleum Industry Act.
Speaking recently in Lagos upon receiving The Sun Award, Komolafe emphasized that since assuming his role at NUPRC in the last two and a half years as one of its pioneer staffers, he and his team have been effectively fulfilling their statutory mandate, leading to remarkable success stories.
He said, “The country now has about 30 rigs in its upstream oil and gas sector, against 11 active rigs in 2011.
“That is a huge success for us, and you know that rig count is a measure of vibrant activities in the oil industry. We have been able to attract confidence, certainty, and predictability into the industry.
Komolafe additionally highlighted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had introduced over 17 regulations to implement the goals outlined in the Petroleum Industry Act (PIA).
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He stressed that these regulations aimed to bring about certainty and predictability in the industry’s operations, which stood in contrast to the previous situation prior to the enactment of the PIA.
As mentioned, the oil rig count represents the total number of active drilling rigs involved in oil extraction activities at any given time. It plays a pivotal role in the oil and gas sector, providing valuable insights into drilling activity levels that can influence oil production rates and overall market dynamics.
