Nigeria suffers second-biggest drop in oil rigs among peers

Nigeria, Africa’s top oil producer, recorded the second-biggest decline in oil rigs in April among its peers in the Organisation of Petroleum Exporting Countries.

The number of active oil rigs in the country fell by 23.8 per cent to 16 last month amid the coronavirus-induced collapse in prices and demand for crude, according to data from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries.

The country’s rig count stood at 21 in March, the data showed.

Venezuela recorded the biggest drop as its rig count tumbled by 11 to 14.

Rig count in Iraq dropped by four to 70; fell by three in United Arab Emirates to 65; and dipped by two in Gabon to six.

Algeria’s rigs rose by eight to 42, while those of Kuwait and Saudi Arabia rose by four and two to 54 and 116 respectively.

Rig count is largely a reflection of the level of exploration, development and production activities occurring in the oil and gas sector.