The Tinubu Media Support Group (TMSG) has said that the fast increase in the number of active oil rigs in Nigeria’s petroleum sector from 15 to 32, and set to hit 50 by the end of 2025, is a positive sign of increased activities in the oil and gas industry in the last two years.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group noted that plans by the authorities to increase the number to 50 by the end of 2025 underlines the readiness of the Tinubu administration to attract more investments in the sector.
It said: “As when President Bola Tinubu assumed office in May 2023, the Organization of Oil Producing Countries (OPEC) put Nigeria’s oil rigs count at less than 20
“According to the OPEC data, the country’s average rig count was 11, 7 and 10 in 2020, 2021 and 2022, respectively, but grew to 15 a few months at the end of the tenure of former President Muhammadu Buhari in the aftermath of new investments which began trickling into the country in 2023.
“Today, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) puts the nation’s rig count at 32 with an assurance of an increase to 50 by the end of 2025 going by envisaged and planned renewed investment activities in the oil and gas industry.
“For the avoidance of doubt, a higher rig count in any oil-producing country indicates increased oil production, while a lower count shows reduced activity.
“So with the quantum leap in rig count from 15 as of June 2023 to 32 in May 2025, it is crystal clear that President Tinubu is heavily building on the Petroleum Industry Act (PIA) 2021 activated by former President Muhammadu Buhari with his oil sector reforms.
“It is therefore not surprising that in 2024 alone, Nigeria attracted an investment inflow of between $16bn and $17bn investments into the sector based on a series of executive orders signed by President Bola Tinubu in 2023 which liberalised the regulatory framework and offered incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
“We do not doubt that the country will meet its daily crude production target of 2.06m target this year especially as the authorities are doing everything necessary to ramp up oil production as well as curb crude theft.”
TMSG also urged relevant stakeholders to continually ensure proper implementation of provisions of PIA as well as President Tinubu’s reforms to enhance investments in the upstream sector of the oil industry.
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