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DESPITE MUFFLED OIL OUTPUT GROWTH, NIGERIA’S RIGS COUNT RISES 116% IN ONE YEAR

Business | 9 hours ago

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Emmanuel Addeh in Abuja


In spite of subdued growth in Nigeria’s oil production in the last one year, the
country’s rigs count rose markedly from six to 13 between January 2022 and the
same period in 2023, new industry data obtained from Baker Hughes, has shown.


At a current level of 13, up from 12 the previous month of December and up from
six one year ago, it marked a significant change of 8.33 per cent from last
month and a whopping 116.7 per cent from one year ago.




A THISDAY review of the data indicated that the figures also align with new
information from the Organisation of Petroleum Exporting Countries (OPEC), in
its latest Monthly Oil Market Report (MOMR) released this February.


Further checks revealed that the number of rigs could even hit 14 by March, when
offshore drilling contractor, Dolphin Drilling, which currently has one of its
semi-submersible rigs on its way to Nigeria, will start its new drilling
campaign.


It was also gathered that the Blackford Dolphin had departed Las Palmas and was
already en route Nigeria, following a successful shipyard campaign, which
enabled the recertification for a further five years.




Although Nigeria’s oil output had begun to rebound since October last year,
after a multi-decade low of 900,000 bpd, however the rate of growth slowed in
January, with a meagre 28,000 barrels per day increase during the month.


The figure was lower when compared to the over 55,000 bpd increase in December,
according to data from the Nigerian Upstream Petroleum Regulatory Commission
(NUPRC).


While production in December, the previous month, was 1.235 million bpd, the
January oil output was 1.258 million bpd, THISDAY reported.
But it was still significantly lower than the about 1.8 million bpd OPEC
production allocation to Nigeria, which the country has been unable to meet for
over a year.




This has hobbled the country’s main source of foreign exchange and put immense
pressure on the local currency, the naira, against the American dollar.
According to the Baker Hughes data, in January 2022, Nigeria’s oil rigs were
six, but rose to eight in February and then to 10 in March. It stated that this
figure increased and remained stagnant at 11 in April, May, June and July
respectively.


In addition, as Nigeria’s oil production struggled, the country’s oil rigs count
fell further to 10 in August and dipped even further in September to seven and
eight in October.


But as the country’s production started to improve in November 2022, the rigs
count increased to 10, before shooting up to 12 and 13 in December 2022 and
January, 2023 respectively.




In other years, a THISDAY analysis revealed that Nigeria’s oil rigs count fell
from 16 to eight between 2019 and 2022, underscoring the magnitude of challenges
the country has faced in producing its OPEC monthly allocation.


The MOMR showed that while the average rigs count was 16 in 2019, it fell to 11
to 2020, and then further to seven in 2021.


In the first quarter of 2022, the count was eight, it was 11 in the second
quarter of the year, and again fell to nine in the third quarter this year,
according to the OPEC data.


But the Nigerian National Petroleum Company Limited (NNPC) has put current
production at over 1.6 million bpd, although traditionally OPEC and NUPRC are
the bodies that release production figures.


In recent times, the country’s active rigs had progressively decreased, but
was made worse after Nigeria began shutting down many of its offshore platforms
as oil prices took a downward slope and the producers’ group embarked on
production curbs to stabilise the market in 2020, following the upsurge of the
Covid-19 pandemic.


Furthermore, there has been massive underinvestment in the sector, leading to
depleting oil rigs.




Despite the remarkable recovery in global crude oil demand, Nigeria had been
unable to ramp up production, following massive theft of the resource in the
Niger Delta as well as shutdowns due to frequent equipment failure.


In the oil and gas industry, the rig count is a major index for measuring
activities in the upstream sector.


While for instance, 26 rigs were in operation, on both onshore and offshore
terrains, in 1997, Nigeria has had the number remarkably depleted in recent
years.
The Nigeria Extractive Industries Transparency Initiative (NEITI) revealed
sometime ago that in the period spanning between 2009 and 2020, Nigeria lost as
much as 619.7 million barrels of crude oil valued at N16.25 trillion to oil
theft.


The losses were from theft and sabotage, based on information and data provided
by an average of eight companies covered by NEITI process over the years, the
organisation said.


A breakdown of the losses, it said, showed that in 2009 when NEITI commenced
reporting of crude oil theft, Nigeria lost 69.49 million barrels valued at $4.31
billion.


It added that the figures for 2010, 2011 and 2012 revealed that 28.31 million,
38.61 million and 51.58 million barrels, which were valued at $2.29 billion,
$4.39 billion and $5.82 billion were lost respectively.






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