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Nigeria’s Upstream Sector Investments Under Threat

Indications have emerged that the poor  oil market outlook, characterized by increased output and low crude oil prices has started to discourage crude oil exploration in Nigeria and other parts of the world.

As a result, the rig count used in measuring the active involvement of stakeholders in exploration has dipped in Africa and other parts of the world.

The worldwide rig count for January 2015 was 3,309, down 261 from the 3,570 counted in December 2014, and down 289 from the 3,598 counted in January 2014.

The rig count of African nations, including Nigeria dropped from 138 to 132 in January, because of reduced crude oil and gas exploration.

The continent, which recorded 91 and 47 rig count in December, 2014, amounting to 138 recorded 87 and 45 rigs in January 2015, showing a drop of six rigs during the period.

Baker Hughes, which produced the data, said that there was also a fall in the global rig count during the period.

According to the organization, the international rig count for January 2015 was 1,258, down 55 from the 1,313 counted in December 2014, and down 67 from the 1,325 counted in January 2014.

 

 

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