By Our Correspondent
Lagos, May 26, ’25 (TNZ) The Tinubu Media Support Group (TMSG) says the increasing number of active oil rigs in Nigeria’s petroleum sector, from 15 to 32, is a positive sign of increased activity in the oil and gas industry in the last two years.
According to the group’s statement, TheNewsZenith reports that active oil rigs will hit 50 by the end of 2025.
In the statement signed by its Chairman, Emeka Nwankpa and Secretary, Dapo Okubanjo, TMSG noted that plans 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.
“When President Bola Tinubu assumed office, OPEC put Nigeria’s oil rig count at less than 20.
“According to OPEC data, the country’s average rig count was 11, 7 and 10 in 2020, 2021 and 2022, respectively.
“But they grew to 15 a few months at the end of the tenure of former President Muhammadu Buhari. This is 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.
“There is assurance of an increase to 50 counts by the end of 2025.
“This is going by envisaged and planned renewed investment activities in the oil and gas industry.
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“No doubt, 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 building on the Petroleum Industry Act (PIA) 2021,” TheNewsZenith quotes from the statement.
Former President Muhammadu Buhari activated the PIA with his oil sector reforms.
“It is, therefore, not surprising that in 2024 alone, Nigeria attracted an investment inflow of between $16 billion and $17 billion into the sector.
“This is 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 2.06 m, target this year.
“This is especially as the authorities are doing everything necessary to ramp up oil production as well as curb crude theft,” the group stated.
TMSG also urged relevant stakeholders to continually ensure proper implementation of the provisions of PIA. (TNZ)
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