COVID-19: Nigeria’s Oil Rigs Drop By 50%

COVID-19: Nigeria’s Oil Rigs Drop By 50%

Nigeria recorded a 50% loss of rigs in the oil and gas sector, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

According to the data, gotten from OPEC’s latest Monthly Oil Market Report (MOMR), Nigeria recorded 11 offshore oil rigs in September 2021, which translates to a 50% loss from the 23 rigs which were in operation prior to the outbreak of COVID-19 in February, 2020.

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In the oil and gas industry, the rig count is a major index for measuring activities in the upstream sector.

Further breakdown of the report showed that Nigeria’s daily crude oil output was around two million barrels per day before the pandemic but the country is currently producing about 1.4 million barrels per day.

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Also, the report showed that Nigeria, out of the 11 rigs in operation utilised six, seven, and six rigs in January, February, and March 2021, respectively, against 21, 23, and 21in January, February, March respectively in the corresponding period of 2020.

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