Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded in the previous month. The rig count is a reflection of the level of exploration, development, production and general activities taking place in the petroleum sector. This shortfall is coming at a time the Organisation of Petroleum Exporting Countries, OPEC, also witnessed a significant drop in its rig count, having recorded 325 in September, as against 363 recorded the previous month, according to the latest OPEC monthly oil market report. World rig count also witnessed a shortfall of two, having recorded 1,135 in the latest count, as against 1,137 recorded the previous month. Meanwhile, stakeholders at the Nigerian Association of Petroleum Explorationists, NAPE, have warned that the continued reduction in oil and gas exploration activities in Nigeria would have huge economic consequences for the country. “Nigeria is at risk […]