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 (NNPC Ltd) under its Group Chief Executive Officer, Bayo Ojulari, has recorded increased rig deployment alongside significant progress on the multibillion-dollar Bonga South-West/Aparo deepwater project.

Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicate that Nigeria’s total rig count reached 73 in March 2026, up from 72 recorded in January and February.

The figures point to sustained activity across the country’s exploration and production landscape and suggest growing confidence in the investment prospects of the Nigerian petroleum sector.