By Udeme Akpan
THE rig count of Nigeria has dropped by 55.34 per cent in the first quarter, January–March, 2021 to 19, according to data collated from recent reports of the Organisation of Petroleum Exporting Countries, OPEC.
The rig count, a major index of measuring activities in the upstream sector, had stood at 65 in the corresponding period of 2020 before sliding to 19, mainly due to the delay in the passage of the nation’s Petroleum Industry Bill, PIB, and coronavirus pandemic.
A breakdown showed that Nigeria utilised six, seven, and six rigs in January, February, and March 2021, respectively, against 21, 23, and 21 used in the corresponding period of 2020.
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Vanguard News
Global oil demand to hit 97.94 mb/d in December
On Experts task FG on diversification
By Udeme Akpan
With the successful tackling of the coronavirus pandemic, there are indications that the global oil demand would rise from 93.22 million barrels per day, mb/d to 97.94 mb/d, thus recording an increase of 5.06 per cent between the first and fourth quarter of 2021, according to the Organisation of Petroleum Exporting Countries, OPEC.
This appears to be good news for Nigeria, and other oil-dependent countries, whose economies were greatly affected by the pandemic, which culminated in lockdown, limited demand, price collapse, low revenue, and by extension slide in the Gross Domestic Product, GDP.
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Nigeria’s oil rig count down 29% to 135 in 2020
On As oil exploration suffers setback Stakeholders renew call for PIB, others
By Udeme Akpan
There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019.
The oil rig count, a major index for measuring level of activities in the upstream oil sector, was contained in the latest industry data released by the Organisation of Petroleum Exporting Countries, OPEC.
On Quarter-on-Quarter, QoQ basis, the data shows a steady decline in the level of activities all through the year with the highest count of 56 recorded in the first quarter, while subsequent quarters show declines to 33, 24 and 22 deployed in the second, third and fourth quarters respectively.
Pass PIB to attract investment, others Stakeholders
On
By Udeme Akpan
As legislators continue deliberations on the much-delayed Petroleum Industry Bill, PIB, stakeholders have urged the National Assembly to pass it in a form that would attract maximum investment into Nigeria’s oil and gas industry.
In an interview with Energy Vanguard, Executive Director, Spaces for Change, Victoria Ibezim-Ohaeri, stated: “Nigeria needs to pass the PIB as soon as possible to ensure the country gets maximum benefits from its petroleum resources. Crude oil dominates Nigeria’s economy, accounting for around 80 per cent of export earnings. Nigeria has the largest oil and gas reserves in sub-Saharan Africa with an estimated 37 billion barrels of oil and 188 trillion cubic feet of gas.”