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Nigeria’s oil rig count rises to highest in four months

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

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

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 rig increased to eight in October compared to seven in the previous month.

This is the first time Nigeria’s rig stands at eight in four months.

READ ALSO:OPEC data shows Nigeria now 4th oil producing country in Africa

The improvement in exploration activities 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.

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