OPEC report unveils shocking revelation on Nigeria’s oil rig count

The Organisation of Petroleum Exporting Countries (OPEC) has revealed data showing a modest rise in Nigeria’s operating oil drilling rigs, from 15 in January to 16 in February 2024. This breakthrough is viewed as critical to the nation’s crude oil production.

Nigeria had an average of 13, 16, and 14 oil rigs in the second, third, and fourth quarters of 2023, according to OPEC data. Oil rigs, also known as platforms, are critical structures that harvest and process petroleum and natural gas from the seabed.

Nigeria, a significant oil and gas producer, relies on oil exports to generate more than 80% of its foreign cash profits. The increase in oil rig count indicates strong momentum for the country’s economic growth.

Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission, reported a staggering 270% increase in oil drilling rigs over the last three years. This rise has resulted to major gains in Nigeria’s oil output, nearing the production quota authorised by OPEC.

Komolafe emphasised the need to close the gap between current oil output and technical capability, giving profitable investment prospects for economic resilience.

“Closing the gap between the actual oil production and the technical potential presents a window of investment opportunities for investors and a significant opportunity for Nigeria to unlock additional revenue streams, address the current foreign exchange gap and strengthen her economic resilience. So there is an opportunity for every disability.

“The commission has created further investment opportunities through the ongoing licensing round for seven deepwater acreages, as well as the proposed 2024 closed bids expected to increase the nation’s reserve and production and boost national revenue,” he stated.

Furthermore, the commission is actively working with multinational oil corporations to speed up the development of deep offshore assets and streamline licencing cycles to increase reserves and production.