The number of active oil rigs in the country fell by 23.8 per cent to 16 in April amid the coronavirus-induced collapse in prices and demand for crude.
Data obtained from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries on Tuesday showed that Nigeria’s rig count stood at 21 in March.
The country recorded the second biggest decline in the number of rigs among its peers in OPEC in April, after Venezuela, whose rig count plunged 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. But 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
Data obtained from Baker Hughes Incorporated and the Organisation of Petroleum Exporting Countries on Tuesday showed that Nigeria’s rig count stood at 21 in March.
The country recorded the second biggest decline in the number of rigs among its peers in OPEC in April, after Venezuela, whose rig count plunged 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. But 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