Nigeria’s oil rig depend now 32 – NUPRC

The Nigerian Upstream Petroleum Regulatory Fee says the nation’s oil rig depend has risen to 32.

The NUPRC Chief Govt, Gbenga Komolafe, introduced this throughout his current look earlier than the Senate Committee on Appropriation.

Komolafe stated the rig depend doubled below the fee’s oversight, from 16 in 2021 to 32 as of 2024.

The chief government acknowledged that the rise in rig depend displays ongoing efforts to spice up upstream actions and improve the nation’s crude oil manufacturing capability.

An announcement by the NUPRC disclosed that the regulator has set a manufacturing goal of at the least 2.1 million barrels of oil per day by 2025.

What this implies is that, from 1.6 mbpd in December, the fee is concentrating on the manufacturing of two.1 mbpd (oil and condensate) from January 2025.

Komolafe, whereas highlighting the numerous strides made by the fee since its institution in 2021, famous that “Nigeria’s rig depend, which stood at 16 as of 2021, has now doubled to 32 below the Fee’s oversight.“

He burdened, “This improve displays ongoing efforts to spice up upstream actions and improve the nation’s crude oil manufacturing capability.

The NUPRC boss added that this daring manufacturing goal goals to place Nigeria as a extra aggressive and sustainable participant within the world oil and fuel trade.

Oil rigs, also referred to as drilling rigs, are buildings designed for drilling wells into the earth to extract oil and pure fuel. They are often positioned on land or within the ocean and are geared up with specialised tools to facilitate the drilling course of.

The oil rig depend refers back to the variety of oil rigs actively drilling for oil in a specific area or nation. This indicator is essential in assessing the extent of oil manufacturing exercise and might impression oil costs.

The next rig depend sometimes suggests elevated oil manufacturing, whereas a decrease depend signifies diminished exercise.