Nigeria’s Oil Exploration Falls 41.7% as Rig Count Drops to 12 — OPEC
According to the May 2026 Monthly Oil Market Report (MOMR) released by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria’s rig count — a key indicator of upstream oil and gas activity — fell to 12 in April 2026, down from 17 recorded in March 2026.
The report attributed the decline to ongoing operational and investment constraints in the upstream segment of the industry.
Earlier figures in the same report showed that Nigeria’s average rig count also dropped to 13 in 2025 from 15 in 2024, reflecting a sustained slowdown in exploration and drilling activities.
OPEC noted that the five-rig month-on-month decline underscores reduced field development and investment activity in the sector, which continues to struggle despite government reforms under the Petroleum Industry Act (PIA).
The report further highlighted that Nigeria’s performance lagged behind broader African trends, where total rig count rose from 42 in March 2026 to 48 in April 2026.
Within the OPEC grouping, Nigeria remained behind major producers such as Saudi Arabia, which recorded 265 rigs, the United Arab Emirates with 66 rigs, and Iraq with 19 rigs in April 2026.
Industry analysts warned that sustained low rig activity could hinder Nigeria’s medium- to long-term production growth if exploration and development efforts are not significantly scaled up.
The situation persists despite government efforts to boost crude output, increase reserves, and attract fresh investment into the upstream petroleum sector.
Meanwhile, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has put Nigeria’s active rig count at 31, stating that exploration and production activities remain ongoing across several onshore and offshore fields.
