Nigeria’s oil exploration exercise declined sharply by 45% month-on-month in February 2026, reflecting decreased upstream operations, in response to the Nigerian Upstream Petroleum Regulatory Fee.
Knowledge from the regulator confirmed that the nation’s rig depend — a key measure of oil and fuel exercise — fell to 22 in February from 40 recorded in January. Regardless of the drop, the overall rig depend remained unchanged at 72.
Whereas no official clarification was given, business sources linked the decline to a slowdown in exploration actions. Supporting this development, the variety of idle rigs rose considerably to 25 in February, up from 11 within the earlier month.
Reacting to the event, Port Harcourt-based power analyst Bala Zakka famous that ongoing contract negotiations might revive exercise quickly. He expressed optimism that upstream operations, together with drilling, would decide up within the second quarter as soon as agreements are finalized.
Additionally commenting, Colman Obasi, Nationwide President of the Oil and Fuel Providers Suppliers Affiliation of Nigeria, confused the necessity for elevated funding in upstream operations to spice up exploration and develop reserves.
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In the meantime, the NUPRC has reaffirmed its dedication to ramping up exploration throughout the nation. Its Chief Government, Oritsemeyiwa Eyesan, emphasised that operators can now not maintain oil blocks with out growth.
She pointed to the “drill or drop” provision underneath the Petroleum Business Act, which requires firms to both start exploration actions or relinquish their licences.
In accordance with Eyesan, strict enforcement of this coverage has already attracted extra critical buyers to the continuing 2025 licensing spherical, the place 50 oil blocks are on provide. She added that the reforms are decreasing uncertainty within the sector and will pave the best way for extra frequent bid rounds.
The Fee additionally expressed confidence in rising investor curiosity, signaling potential enhancements in exploration exercise and reserve development within the close to future.
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