Wednesday, February 28, 2024
spot_img
HomeOPEC: Nigeria’s Oil Rig Count Rises To 11, Amid 7.6% Drop In...

OPEC: Nigeria’s Oil Rig Count Rises To 11, Amid 7.6% Drop In Output

The Organization of Petroleum Exporting Countries, OPEC on Tuesday disclosed that there are indications that oil exploration has increased in Nigeria following an increase in the nation’s rig count, year-on-year, YoY, by 120 per cent on 11 June 2022, from five recorded in the corresponding period of 2021.

The rig count is a major index in ascertaining and measuring exploration and production activities in the global oil and gas industry.

The nation’s rig count however remained flat on month-on-month, MoM, compared to 11 recorded in the preceding month of May 2022.

According to the Monthly Oil Market Report, MOMR, of OPEC in July 2022, while Algeria emerged the highest African oil producing nation with 33 rigs, Libya became the least with only two.

OPEC’s report puts Nigeria’s output in terms of oil production excluding condensate at 1.16 million barrels per day, mbpd, in June 2022, indicating a 7.6 per cent drop compared to 1.3 mbpd recorded in the corresponding period of 2021. According to the report, Angola emerged as the highest crude oil-producing country in Africa with 1.18 million bpd while Equatorial Guinea came last with 91,000 bpd.

It however did not provide reasons for Nigeria’s low oil production, but industry operators have attributed the poor performance to increased pipeline vandalism, oil theft and illegal refining in the Niger Delta and other oil-producing areas.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

×