By Olayinka Ajayi

The International Association of Drilling Contractors, IADC, Nigeria Chapter, has tasked members on the need to explore its continental strength by playing big at the global oil drilling scenes.

Speaking during the association’s 10th Annual General Meeting in Lagos, Chairman of the group, Chukwudi Enwereji noted that to achieve this, members’ commitment at the upcoming 2022 African drilling conference in Ghana is the required avenue to explore business opportunities.

According to Enwereji, “We are going back to Accra Ghana in 2022 February for yet another edition of the IADC Africa Drilling conference. It is time to promote indigenous African exhibitors for our conferences, to take advantage of a ripe energy market in the continent. Oil markets have stabilized with demand now expected to reach pre-pandemic levels in 2022.

“According to OPEC projections, after the recovery, global oil demand is expected to grow further to 104.4 million barrels per day by 2026. In the wider energy perspective, oil will remain the number one fuel in the energy mix until 2045.

“Even though wind and solar energy will see by far the highest growth in this time frame. However, questions around evolving policies and technologies means that the long-term energy outlook remains uncertain. What remains certain is that the global population will expand, and economies will grow, coupled with ambition to address energy poverty, and provide energy access for all.

“This means that the demand for energy will rise significantly.

He however reminded members not to lose focus on the technical aim of forming the association in 2012 saying that the Nigeria Chapter was founded on the need to improve drilling efficiency, safety standards and training, environmental protection, advocacy for sensible regulation and relations with regulatory agencies to improve the relevance and usefulness of government policies and legislations.

He maintained that though there are still rooms for improvement, Enwereji saluted the dedication of members and assured that “ As oil prices rally above the $80 per barrel mark, we are set to see an activity loaded 2022.

“Hopefully, with that anticipated level of activity and projects, day rates will begin to improve. Currently, more rigs have gone back to work,” he stated.

Further, Enwereji said “There is a slight increase in the number of active rigs within the country. We have moved from 10 active rigs in February to 16 active rigs as at the end of August 2021. “As the first vaccine roll out were largely successful, most organizations have gone back to work. As at August 2021, we have 59 rigs in country – Land, Swamp and Offshore. 36 land rigs are available in country and 10 of them are active, 14 are on Standby/Demobilized, while 12 are stacked.

“We have 10 jack-up rigs in the shallow water space, 3 of them are active, one more is set to commence work by December this year, while about 5 Jack-up rigs are on Standby with 1 stacked. The swamp market has a total of 12 rigs in country with 2 active rigs, 3 on standby and another 7 stacked. In the Deepwater space we have only one active Drillship in-country.”