Nigeria's rig count, a major index of measuring activities in the upstream sector, dropped month-on-month, MoM by 13.3 per cent to 13 in October 2023, from 15 recorded in the preceding month of September 2023.

This showed that there was limited investment and activities during the period, according to the November 2023 Monthly Oil Market Report, MOMR of the Organisation of Petroleum Exporting Countries, OPEC, released yesterday.

But, on year-on-year, the report indicated that the nation's rig count rose by 62.5 per cent to 13 in October 2023, from eight recorded in the corresponding period of 2022.

However, the report showed that Algeria is the leading African nation with 43 rigs while Gabon came last with only two rigs.

It also indicated that the nation's output rose marginally MoM by 1.2 per cent to 1.416 million barrels per day, bpd in October 2023, from 1.399 million bpd in the preceding month of September 2023, according to data obtained from secondary sources.

But based on data collected from official sources, Nigeria's oil output rose marginally MoM by 0.29 per cent to 1.351 million bpd in October 2023, from 1.347 million bpd, recorded in September 2023.

Commenting on the development, the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe, said the nation has recorded increased activities, mainly because of the positive impact of the Petroleum Industry Act, PIA, a comprehensive legislation, targeted at increasing investment in the oil and gas industry.

In his presentation - Energy Transition Regime: Leveraging Investment Opportunities in the Nigerian Petroleum Sector - at the just-concluded Africa Oil Week, AOW, in Cape Town, South Africa, obtained by Energy Vanguard, he stated: "The PIA is positively impacting as it provides institutional governance, efficient administration, and attractive fiscal regimes while providing for host communities.