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Nigeria’s oil rig count leaps to eight in four months – OPEC

The Organization of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s oil rig count has increased to eight. A rig count reflects the amount of…

The Organization of Petroleum Exporting Countries (OPEC) has disclosed that Nigeria’s oil rig count has increased to eight.

A rig count reflects the amount of exploration, development, and production activity in a country’s oil and gas sector. Active oil exploration brings in investment and revenue for economic growth.

According to OPEC, Nigeria’s oil rigs increased to eight in October compared to seven in the previous month.

Since the decline in the nation’s oil rigs, this is the first time Nigeria’s rig stands at eight in four months.

The improvement in exploration activities was also reflected in the amount of oil produced in October despite still being below peers in Africa and the world.

According to OPEC, out of the 13 members, crude oil output increased mainly in Nigeria and Iraq, while production in Saudi Arabia and Angola declined.

Nigeria’s oil output increased by 77,000 barrels per day (bpd) to 1.014 million bpd, based on direct communication.

Also, the Nigerian Upstream Petroleum Regulatory Commission’s oil production status report for October 2022 revealed that the country’s oil production increased to 1.02 million bpd.