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Nigeria loses 37% oil rig capacity

Industry statistics show that in less than three years, Nigeria’s capacity to raise its crude oil production fell by 37%.Infomation Guide Nigeria

The country’s oil rig count decreased from 16 in August 2019 to 10 in August 2022, according to information from the Organization of the Petroleum Exporting Countries’ September 2022 Monthly Oil Market Report.

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An oil rig is a sizable building equipped with machinery for extracting and processing the natural gas and petroleum that are trapped in rock formations beneath the seabed.

Nigeria had 16 rigs as of 2019 according to a breakdown of how the decline happened. It fell to 11 in 2020 and further to seven by the fourth quarter of 2021.Jamb Result

It grew to eight by the first quarter of 2022, to ten by the second quarter, to eleven in July 2022, and then back down to eight last month.

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Further examination of the OPEC data revealed that the respective rig counts for other OPEC members Algeria, Iran, Iraq, Kuwait, Saudi Arabia, and the UAE were 33, 117, 54, 27, 68, and 50.

In the week ending September 16, the number of oil rigs in the United States increased by four, reaching 763, the highest number since August, according to energy services company Baker Hughes Co. According to that, the total number of rigs is now 251, up 49% from this time last year.

Akpan Ekpo, a professor of economics and public policy at the University of Uyo in Akwa Ibom State, told The PUNCH that although crude oil still accounts for 80% of all trade, Nigeria could no longer rely on this source of income.

Mele Kyari, group chief executive officer of Nigerian National Petroleum Corporation Limited, attributed theft brought on by pipeline vandalism in the Niger Delta as the cause of the nation’s low crude oil outputs.

Ayodele Oni, a partner at Bloomfield Law Practice and counsel to the NNPC on oil and gas projects and transactions, encouraged the Federal Government to address the problems with oil theft plaguing the nation.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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