Nigeria’s oil exploration declines 41.7% as rig count falls — OPEC

By Udeme Akpan

Nigeria’s oil exploration and drilling activities declined by 41.7 per cent in April 2026, following reduced upstream operations and investment activities.

According to the May 2026 Monthly Oil Market Report, MOMR, of the Organization of the Petroleum Exporting Countries, Nigeria’s rig count – a major indicator of upstream oil and gas activities – dropped to 12 in April 2026 from 17 recorded in March 2026.

The decline came amid persistent upstream investment and operational challenges, according to the latest monthly report released by OPEC.

Earlier data contained in the May 2026 edition of the MOMR also showed that Nigeria’s average rig count declined to 13 in 2025 from 15 recorded in 2024, indicating reduced exploration and drilling activities in the upstream petroleum sector.

The report showed that Nigeria’s rig count fell by five rigs month-on-month, from 17 rigs in March 2026 to 12 rigs in April 2026.

Rig count is widely regarded in the petroleum industry as a key indicator of exploration, field development and investment activities.

The decline comes despite ongoing efforts by the Federal Government and industry operators to raise crude oil production, boost reserves and attract fresh upstream investments under the Petroleum Industry Act, PIA.

Nigeria’s performance contrasted with the broader African trend, where total rig count increased marginally from 42 in March 2026 to 48 in April 2026.

However, Nigeria accounted for a significant share of the continent’s decline in operational rigs during the period.

Within OPEC, Nigeria remained behind major producers such as Saudi Arabia, which recorded 265 rigs in April 2026, United Arab Emirates with 66 rigs, and Iraq with 19 rigs.

Industry analysts stated that the low rig count could affect Nigeria’s medium- to long-term crude oil production growth if aggressive exploration and field development activities are not sustained.

The development also comes at a time Nigeria is struggling to consistently meet its crude oil production quota allocated by OPEC.

However, the Nigerian Upstream Petroleum Regulatory Commission recently put the nation’s active rig count at 31, noting that exploration and production activities are ongoing across several onshore and offshore assets in the country.

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