OPEC’s monthly oil market report reveals Nigeria’s oil rig count dropped by 50%

The Organisation of Petroleum Exporting Countries, OPEC’s monthly oil market report (MOMR) reported that the number of oil rigs in Nigeria decreased by fifty percent between 2019 and 2022, as eight out of sixteen oil rigs ceased operations.Information Guide Nigeria

The quantity of exploration, development, and production activity in a country’s oil and gas sector is reflected by the number of operating drilling rigs. In turn, this demonstrates the country’s attractiveness as an investment destination and a source of revenue for economic growth.

Nigeria has been unable to meet OPEC’s monthly crude production quota due to man-made activities such as oil theft and institutional degradation in the sector.NYSC portal

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MOMR data revealed a gradual reduction in rig numbers since 2019, when the average number of rigs was 16. In 2020, the number fell to 11, and in 2021, it dropped to seven.

With the reactivation of one rig in the first quarter of 2022, there was a ray of hope as the rig count increased to eight.

The second quarter showed improved prospects as the number of rigs increased by 120% year-over-year, YoY, from five in the second quarter of 2021 to eleven in the second quarter of 2022.JAMB portal

According to OPEC figures, there was a further fall as the number fell to nine in the third quarter of 2022. In September, the number of rigs decreased to seven, and in October, it increased by one as it soared to eight.

With the continual decline in the number of rigs, the country has also experienced an estimated revenue deficit of over $15 billion due to underproduction losses. From January to October of 2022, Nigeria produced 1.34 million barrels per day on average.

The benchmark for the 2022 Budget was set at 1.88 million barrels per day, and when the gap is computed, approximately 161.58 million barrels of output have been lost. At $95 per barrel for crude oil, this equates to a loss of around $15.5 billion.JAMB Result



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