Nigeria’s Rig Count Drops by 13% Nigeria’s rig count, a major index of measuring activities in the upstream sector, dropped month-on-month, MoM by 13.3 percent to 13 in October 2023, from 15 recorded in the preceding month of September 2023. This showed that there was limited...

Nigeria’s Rig Count Drops As OPEC Lowers 2021 Oil Demand Outlook     Confirming reports of low production and inability of the country to meet its crude oil quota, the latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s rig count...

Nigeria’s Offshore Rig Counts Hit 12 In May As Demand Recovers         International Association of Drilling Contractors (IADC), Nigeria chapter, has hinted at slight market recovery going by the rig counts, stressing the need for prioritisation of training and retraining of members to meet industry’s standards. It,...

Nigeria’s Rig Count drops By 55.34% In Q1, 2021       The rig count of Nigeria has dropped by 55.34 per cent in the first quarter, January–March, 2021 to 19, according to data collated from recent reports of the Organisation of Petroleum Exporting Countries, OPEC. The rig count,...

Nigeria’s Oil Rig Count Down 29% To 135 In 2020       There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019. The oil rig count,...

Nigeria’s Oil Rig Count Drops By 30% In One Month       Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded in the previous month. The rig count is a reflection of the level of exploration, development,...