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Nigeria’s Rig Count Drops By 55.34%
The rig count of Nigeria has dropped by 55.34 per cent in the first quarter, January–March, 2021 to 19, according to data collated from recent reports of the Organisation of Petroleum Exporting Countries (OPEC).
The rig count, a major index of measuring activities in the upstream sector, had stood at 65 in the corresponding period of 2020 before sliding to 19, mainly due to the delay in the passage of the nation’s Petroleum Industry Bill (PIB), and Coronavirus pandemic.
A breakdown showed that Nigeria utilised six, seven, and six rigs in January, February, and March, 2021, respectively, against 21, 23, and 21 used in the corresponding period of 2020.
Consequently, in its report, the Department of Petroleum Resources (DPR), puts the nation’s oil reserves at 37billion barrels, even as the government had earlier planned to hit 40billion barrels by 2020.
Commenting on the development, Director, Spaces for Change, Victoria Ibezim-Ohaeri, who stressed the importance of the early passage, including enhancing investment, stated, “The PIB 2020 is a proposed law seeking to introduce far-reaching industry reforms in the Nigerian oil and gas sector.
“Among other objectives, the bill aims to establish good governance, best practices, and ease of doing business in the industry by clarifying roles and responsibilities of officials and institutions, to enable frontier exploration, mandate improved environmental compliance, and transform NNPC into a commercially viable enterprise.
“The laws regulating the oil and gas industry date back to pre-Independence and pre-democracy rules in Nigeria when laws were made without inclusion and in the light of the peculiarities at that time.”
She added, “With the advancements in technology, the volatility of oil prices, climatic changes influencing the driving forces of the global economy, it has become imperative to review extant laws to bring them in alignment with current realities.”
Meanwhile, unlike Nigeria, other African oil and gas producing countries, such as Algeria, Libya, Gabon, Angola, and Congo, examined in the study, increased their rig deployment, and by extension, exploration in 2020.
Specifically, Algeria increased its rig count to 509 in 2020 from 398 in 2019, showing an increase of 27.9 per cent.
Libya increased its rig count to 164 in 2020 from 149 in 2019, thus showing an increase of 10.1 per cent, while Gabon increased its rig deployment to 68 in 2020 from 50 in 2019, indicating an increase of 36 per cent.
Also, Angola and Congo increased their rig deployment to 60 and 46, respectively, in 2020 from 38 and 12 in 2019, thus showing an increase of 57.9 per cent and 283 per cent, respectively.
However, Equatorial Guinea, which deployed 12 rigs in 2020, against 16 in 2019, witnessed a 25 per cent decline.
Findings attribute the negative situation in Nigeria to factors, especially low investment, prolonged delay in the passage of the nation’s Petroleum Industry Bill (PIB), and Coronavirus pandemic, which has also caused some operators to work remotely.
In an interview, a Port Harcourt-based energy analyst, Dr. Bala Zaka, said, “The development showed that Nigeria, which failed to hit its 40billion barrels reserves target by 2020, due mainly to low investment, might also fail to realise the target in 2025.
“It also means that the nation’s current 37billion barrel reserves might be depleted much faster than expected if the nation does not invest much in exploration, required to make new finds and increase reserves.
“Furthermore, it also means that other emerging African oil nations could overtake Nigeria, especially in terms of reserves, production capacity, and global ranking.”
However, in an interview, Ghana National Petroleum Corporation (GNPC) Professorial Chair in Oil and Gas Economics and Management, Institute for Oil and Gas Studies, University of Cape Coast, Ghana, Prof. Omowumi Iledare, said, “The rig count is far below expectation, bearing in mind that Nigeria is a leading producer with 30billion barrels reserves and over 200trillion standard cubic feet of gas.”
News
Victory Over Insurgency Certain, Tinubu Assures
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
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