Emmanuel Addeh in Abuja Nigeria’s oil rigs count declined 13.3 per cent in April, in tandem with the country’s crude oil underproduction during the month, according to a THISDAY review of
Nigeria’s oil rigs count declined 13.3 per cent in April, in tandem with the country’s crude oil underproduction during the month, according to a THISDAY review of the latest data released by the Organisation of Petroleum Exporting Countries .
Nigeria’s crude oil production fell to a seven-month low of 998,602 barrels per day in April, far lower than the 1.74 million barrels per day OPEC production quota allocated to the country during the month. According to the OPEC data, Nigeria’s average rigs count was 11, seven and 10 in 2020, 2021 and 2022 respectively, but had recently grown to 15 as new investments began trickling into the country, including the arrival Dolphin Drilling and Blackford Dolphin drilling rigs in the country earlier in the year.
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 Africa, Algeria had 31 in April, while Angola had nine oil rigs. Besides, Iran’s rigs were 117, Iraq’s were 62, Libya had 14 even as Saudi Arabia had 84 and the United Arab Emirates had 57.
Nigeria Extractive Industries Transparency Initiative , revealed sometimes 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, whix has seriously reduced investment in the sector.
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