A Review of the Nigerian Energy Industry

Nigeria gains one oil rig in April

…World rig count crashes by 90

Offshore oil

OpeOluwani Akintayo

13 June 2018, Sweetcrude, Lagos – The number of oil rigs working in Nigeria increased by just one in April, statistics obtained by SweetcrudeReports from the Organisation of the Petroleum Exporting Countries, OPEC, have shown.

According to the OPEC’s Monthly Oil Market Report, MOMR, for April, the country’s rig count increased from 31 in March to 32 during the month.

According to the report, some other OPEC member countries, including Algeria, Angola, Ecuador, Equatorial Guinea, Iran, Iraq, Kuwait, Libya, Saudi Arabia and Venezuela, lost rigs in the month. Nigeria, Gabon, Qatar and United Arab Emirates were the only countries that gained.

The biggest loser was Venezuela with 8 rigs lost, while Qatar had the highest gain of two rigs in the month.

By 2015, Nigeria had 30 rigs, but, the number fell to 25 in 2016, edged up to 28 in 2017 and increased to 32 in the first quarter of 2018. It dropped to 31 in March, and climbed back to 32 in April.

In all, OPEC members lost 13 rigs in April: Angola 1, Ecuador 2, Saudi Arabia 2, and Venezuela 8.

The group gained just 5 in April: Gabon 1, Nigeria 1, Qatar 2, and UAE 1.

Meanwhile, the world lost a whopping 90 oil rigs in the month reviewed.

Other African countries not under OPEC gained a total of 5 rigs in the month having recorded 22 against 17.

While the U.S gained 23 rigs; the highest in the month as it witnessed a rig count of 1,011 in April, as against 988 seen in the month of March, Canada lost 120 having had 98 in April, as against 218 in March, and Mexico gained 4.

The Organisation for Economic Co-operation and Development, OECD, witnessed a loss of 93 rigs altogether.

Asia countries gained four, Latin America two, and the Middle East, none, as their rig count remained unchanged at 77.

Of the world’s rig count of 2,170, oil accounts for 1,635, while gas accounts for 441.

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