FG, OPEC differ on Nigeria’s rig count

02 May FG, OPEC differ on Nigeria’s rig count

The Federal Government and Organisation of Petroleum Exporting Countries (OPEC) have differed on Nigeria’s rig count, a major index of measuring oil and gas activities in the industry.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in its latest report, puts the nation’s total count at 53, before specifying that 12 are currently active, while 25 and 16 are ‘standby and stacked’ respectively.

But in its April 2022 Monthly Oil Market Report, MOMR, OPEC, puts the country’s rig count at 10, which remains low, considering the rig deployment in other African countries.

For instance, according to OPEC report, Algeria tops all oil and gas producing countries with 30 rigs while Congo comes last with only one.

However, some experts have called for increased investment in Nigeria’s oil and gas industry, targeted at increasing the country’s capacity to deploy more rigs.

National President, Oil and Gas Service Providers Association of Nigeria (OGSPAN), Maxi Colman Obasi, said there was a need to increase investment in the industry.

“The nation’s rig count remains low because significant investment has not yet been made into the industry, despite the passage of Petroleum Industry Act, PIA, into law. It should be noted that because of lack of legislation, it was not possible for the nation to attract much investment in the past,” Obasi said