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Nigeria reports eight oil rigs in October –OPEC

Eight oil drilling rigs operated in Nigeria in October as against seven in the previous month, the Organisation of Petroleum Exporting Countries has stated.

In its latest OPEC Monthly Oil Market Report for November 2022, the organisation stated that an increased rig count was recorded in Nigeria in October.

It, however, noted that this came as oil-producing nations witnessed lower official selling prices and weaker crude differentials for some grades, which resulted in lower OPEC Reference Basket values in October.

Data from the global oil cartel showed that the ORB fell by $1.70 month-on-month, or 1.8 per cent, to stand at $93.62/barrel.

“On a yearly average, the ORB was up by $34.80, or 50.9 per cent, from $68.33/barrel in 2021, to average $103.13/barrel so far this year,” OPEC stated in its report.

On the functional oil drilling rigs in Nigeria, OPEC stated that eight of the facilities were in operation last month, as against seven that operated in September.

The addition in Nigeria’s functional rig in October paid out, in terms of the country’s oil output last month, when compared to what obtained in the preceding months.

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