Government Targets 38.9% Surge in Active Drilling as Shell Reports Record Tax Payments
In a seismic shift for Africa’s energy landscape, Nigeria’s Upstream Petroleum Regulatory Commission (NUPRC) has unveiled an audacious plan to increase the country’s active oil rigs from 36 to 50 by the end of 2025—a dramatic 38.9% surge that signals renewed investor confidence and the transformative impact of President Bola Tinubu’s regulatory reforms.
Speaking at the Africa Energies Summit in London, NUPRC Chief Executive Gbenga Komolafe revealed that Nigeria has already experienced explosive growth from just eight rigs in 2021, thanks to policies that dismantled regulatory bottlenecks. Komolafe also announced the launch of ‘Project 1 Million Barrels per Day,’ a strategic initiative designed to push oil output beyond its current 1.78 million barrels daily.
In a powerful validation of Nigeria’s resurgence, Shell Plc reported paying a record-shattering $5.34 billion in taxes and charges to the Nigerian government in 2024—more than to any other country globally. Meanwhile, Seplat Energy projects 2025 revenues to exceed last year’s $1.1 billion on the strength of newly acquired assets.
As Nigeria reclaims its position as Africa’s undisputed hydrocarbon powerhouse, the Senate is simultaneously intensifying its crackdown on oil theft, with proposed legislation to classify offenders as terrorists. Senate President Godswill Akpabio delivered an unambiguous warning: “Crude oil theft is economic sabotage—the nation is watching, and your time is up.”
Source: thisdaylive.com
