Ojulari Rekindles Upstream Boom as Rigs Surge, Bonga Nears FID
·$20bn Bonga project nears FID, land rig deployment climbs to 52 Peter Uzoho Nigeria’s upstream petroleum industry is showing renewed signs of activity as the Nigerian National Petroleum Company Limited
Nigeria's upstream petroleum industry is experiencing a resurgence under the leadership of NNPC Ltd's Group Chief Executive Officer, Bayo Ojulari. Rigs deployment has surged, and key progress is being made on the $20bn Bonga South-West/Aparo deepwater project, which is drawing near its Final Investment Decision (FID). According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the total rig count rose to 73 in March 2026, a 22.6 per cent increase from the previous year.
Of these rigs, 52 were land-based, demonstrating a strong focus on exploration and production across Nigeria's petroleum sector. Ojulari's initiatives, including reforms and operational efficiency, have reportedly attracted over $34 billion in new investment commitments. The Bonga South-West/Aparo project, expected to attract between $15 billion and $21 billion in investment, is projected to produce 175,000 barrels of oil per day at peak output.
The project's progress reflects the positive impact of the reforms under Ojulari's stewardship, which he believes will boost government revenues, foreign-exchange earnings, employment, and indigenous participation in the industry.
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