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Nigeria’s Rig Count Rises By 20.8% In Q3 – OPEC

The Organisation of Petroleum Exporting Countries (OPEC) has reported that  Nigeria’s rig count increased by 20.8 per cent Year-on-Year (YoY), to 29 in the third quarter of this year  from the 24 rigs recorded in the corresponding period of last year.

Rig count is a global index for measuring activities in the upstream sector of the global hydrocarbon resources industry,

According to the global oil cartel’s just published Monthly Oil Market Report (MOMR), for October, 2021, activity in Nigeria’s oil sector during  quarter showed that in July it was at low ebb with just seven rigs in operation, but the rigs in operation rose to 11 in August and sustained the number in September.

In the report,  OPEC puts Nigeria’s oil output at 1.239 million barrels per day, mb/d, excluding condensate, in the month of October 2021

In its fiscal 2022 projections, the Federal Government had proposed $57 per barrel and 1.8 mb/d benchmarks.

President Muhammadu Buhari had  last week, while laying the 2021 Appropriation Bill at the joint session of the National Assembly, said that based on the 2022 to 2024 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP)  the executive proposed  “oil price benchmark of 57 US Dollars per barrel; daily oil production estimate of 1.88 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); exchange rate of four 410.15 per US Dollar; and projected GDP growth rate of 4.2 percent and 13 percent inflation rate.”

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