The Organization of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s oil rig count has increased, IgbereTV reports
A rig count reflects the amount of exploration, development, and production activity in a country’s oil and gas sector. Active oil exploration brings in investment and revenue for economic growth.
According to OPEC, Nigeria’s oil rig increased to eight in October compared to seven in the previous month.
This is the first time Nigeria’s rig stands at eight in four months.
The improvement in exploration activities also reflected in the amount of oil produced in October despite still being below peers in Africa and the world.
