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Nigeria records increase, as world rig count declines by 90

By SEBASTINE OBASI
For the first time in three months, Nigeria has witnessed an  increase in its rig count having recorded 32 in April as against 31 recorded in the month of March, data from the Organisation of Petroleum Exporting Countries, OPEC, have  shown.

oil rig

This happened at a time the world rig count decreased by 90, as its April record showed 2,170, as against 2,260 witnessed in the previous month of March.

Leading the gainers chat among OPEC members is Qatar, which had plus 2, having recorded 11 in April, as against 9 recorded previously. Other gainers among the cartel are Gabon and the United Arab Emirate, UAE, which recorded plus one respectively.

However, while Gabon had a rig count of four in April, as against 3 recorded previously, UAE had 54 as against 53 recorded within the period under review.

Leading the losers’ chat is politically – troubled Venezuela, which had minus 8, having witnessed a rig count of 78, as against 86 within the period under review.

It is followed by Saudi Arabia, the largest oil producer in the cartel, whose rig count decreased by two, from 142 recorded in April as against 144 recorded in March.

South American country, Ecuador also had minus two, as it had six against eight within the period under review.

Central African country, Angola had minus one, as it had two against three recorded within the period under review.

Six countries, Algeria, Equatorial Guinea, Iran, Iraq, Kuwait and Libya had no change in their rig count.  They had 55, 1, 61, 60, 54 and 1 respectively.

African non-OPEC members had an increase of five, having recorded 22 against 17 within the period under review, while other Middle East oil producers’ rig count remained unchanged at 77.

United States had an impressive plus 23, as it witnessed a rig count of 1,011 in April, as against 988 seen in the month of March, while Canada had the highest loss of oil producers within the period, as it a dismal minus 120, having witnessed 98 in April, as against 218 in March.

Mexico had plus four, as it recorded 25 in April and 21 in March. As regards world rig count of 2,170, oil accounts for 1,635, while gas accounts for 441.

The remaining 94 went to what OPEC classified as others. The Organisation for Economic Co-operation and Development, OECD Americas had minus 93, as it recorded 1,134 as against 1,227 within the period under review, while OECD Europe had minus one, as it recorded 88 against 89 recorded previously.

OECD Asia Pacific however, had plus one, having recorded 18 in April as against 17 in March. Latin America plus two, as it had a rig count of 79 as against 77 recorded within the period under review.


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