Africa Business News

The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, says that the country’s oil rigs have increased to 30 from 11 in 2011. He linked the increase to NUPRC and other government stakeholders’ efforts to attract confidence and certainty into the oil and gas industry. Komolafe says Nigeria recorded capital expenditure worth billions of dollars within the last two and a half years due to the implementation of the Petroleum Industry Act. He says that rig count is a measure of vibrant activities in the oil industry.