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Wednesday, 19th July 2023

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Home » Business » Oil exploration: Nigeria’s rig count rises 27.7% to 14 —
Report
Business

July 19, 2023


OIL EXPLORATION: NIGERIA’S RIG COUNT RISES 27.7% TO 14 — REPORT

Oil rig worker

By Udeme Akpan, Energy Editor

NIGERIA’s rig count, an index of measuring activities in the upstream sector of
the petroleum industry rose, year-on-year, YoY, by 27.3 per cent to 14 in June
2023, from 11 in the corresponding period of 2022.



Also, on month-on-month, MoM, the nation’s rig count rose by 7.7 per cent to 14
in June 2023, from 13 in May 2023.

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The Organisation of Petroleum Exporting Countries, OPEC, indicated this in its 
 July 2023 Monthly Oil Market Report obtained by Vanguard.

Though OPEC did not specify the factors responsible for the improvement, 
 checks by Vanguard showed that it was connected to the Petroleum Industry Act,
PIA, a comprehensive legislation, which has encouraged stakeholders, including
investors and financiers to inject more resources into the sector.

The data indicated that Nigeria which emerged third in Africa was beaten by
Algeria and Libya which occupy the first and second position with 36 and 16
counts respectively, while Congo became the least with two. Nigeria also
recorded improvement in oil production as  output rose month-on-month, MoM, by 
  5.5 per cent to 1.249 million barrels per day, mb/d, in June 2023, from 1.184
million mb/d in May 2023. However,   on a year-on-year, YoY, basis, oil output
fell by 17.6 per cent from 1.515 mb/d in the corresponding period of 2022.

Commenting on the development, the National President, Oil and Gas Service
Providers Association of Nigeria, Colman Obasi, said: “The increased activities
implies that the Petroleum Industry Act, PIA, has started making a positive
impact on the nation’s oil and gas industry. The implementation of the PIA is
very important. The government should continuously put in place policies and
incentives capable of encouraging new investments in the industry.”

Similarly, speaking at the just concluded Nigeria Oil and Gas Conference in
Abuja, the Group General Manager, GGM, Nigerian Upstream Investment Services,
NUIS, an arm of the NNPC Limited, Bala Wunti, disclosed that Nigeria expects to
attract additional foreign direct investments, FDIs, worth between $18 and $20
billion in the next one year.




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Comments expressed here do not reflect the opinions of Vanguard newspapers or
any employee thereof.



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