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Nigeria’s oil rig count improves amid rise in oil prices

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Major setback awaits Nigerian economy as more foreign oil companies prepare to exit

The number of total active oil drilling rigs in Nigeria improved slightly in March 2022 to 10 from 8 recorded in February 2022.

The new development is captured in the Organisation of Petroleum Exporting Countries (OPEC) latest Monthly Oil Market Report for April 2022.

Oil rig a global index for measuring activities in the upstream sector when it comes to oil production.

However despite the improve oil activities, Nigeria recorded a drop in oil production to 1.354 million barrels per day in March compared to 1.413 million barrels of crude oil daily in January, and 1.378 million barrels per day in February.

Read also: Nigeria’s oil rig count drops by 38% as NNPC spends N28bn searching for oil in 10 months

Operators in Nigeria’s oil and gas sector have consistently attributed the drop in oil production to oil theft, while the government had raised concerns about the exit of international oil companies from Nigeria due to the global push for net zero carbon emission.

The difficulties in Nigeria’s oil production is coming at a time oil prices are trading above $100.

On Friday Brent Crude, the international benchmark Nigeria’s oil, closed at $106.7 per barrel while US oil, WTI, closed $102.1 per barrel.

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