The number of active oil rigs in Nigeria declined by 30 per cent in October, with stakeholders lamenting the reduction in exploration activities in the nation’s oil and gas industry.

Data obtained by our correspondent from the Organisation of Petroleum Exporting Countries showed that Nigeria’s rig count fell to seven in October from 10 in September. It stood at 21 in March before the COVID-19 pandemic started taking a huge toll on the nation’s oil industry.

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

Selected by SPTEC Advisory from EnergyMixReport