The number of active oil rigs in the country fell by 23.8 per cent to 16 in April amid the coronavirus-induced collapse in prices and demand for crude.
Data obtained from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries on Tuesday showed that Nigeria’s rig count stood at 21 in March.
Rig count is largely a reflection of the level of exploration, development and production activities occurring in the oil and gas sector. “Already, there are some projects being undertaken by international oil companies that had been suspended.” Its Chief Financial Officer, Roger Brown, said the company’s cuts, ideally higher in the short term, would see its drilling plans reduced to three wells from the 15-20 it had planned.
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