7 August 2018

Nigeria Records Declining Rig Count, As OPEC Shows Minus 13

Photo: Vanguard

Nigeria's rig count for the month of June showed a slight decline of minus one, having recorded 32 as against 33 recorded in May, at a time the 14-member Organisation of Petroleum Exporting Countries (OPEC), showed a decline of minus 13.

OPEC rig count in June was 544 as against 557 recorded in May.

Leading the OPEC decline was its highest oil producer, the Kingdom of Saudi Arabia, which had minus eight, having had a rig count of 139 in June, as against 147 recorded in May. It was followed by Venezuela, with a minus two rig count, as it recorded 68 as against 70, within the period under review.

In the same league with Nigeria of minus one rig count are Gabon and Qatar, while Gabon had three as against four, Qatar had 10 as against 11 within the period under review.

Eight countries, Algeria, Angola, Equatorial Guinea, Iran, Iraq, Kuwait, Libya and the United Arab Emirate (UAE), had zero change in their rig count.

They had 50, 4, 1, 61, 60, 54, 1 and 54, respectively. Only one of the OPEC members, Ecuador recorded plus one, as its rig count for the month of June stood at seven as against sic recorded in May.

World rig count showed an upward move of plus 55, as it recorded 2, 232 in June, as against 2,177 recorded the previous month. There was also an upward move of plus 67 for non-OPEC rig count, which witnessed 1, 688 in June, while it recorded 1, 621 in May.

The United States showed an increase of 11, having deployed 1, 056 rigs in June, as against 1, 045 deployed the previous month, while Canada had plus 53, as it deployed 136 rigs in June as against 83 rigs deployed the month before.

The OECD members witnessed a rig count of plus 65, having recorded 1, 319 as against 1, 254 recorded within the period under review.

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