Deputy President of the Senate, Senator Ovie Omo-Agege, has disclosed that Nigeria has lost $235 million due to the long delay in the passage of the Petroleum Industry Bill (PIB).
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Nigeria’s oil rig count down 29% to 135 in 2020
On As oil exploration suffers setback Stakeholders renew call for PIB, others
By Udeme Akpan
There are indications that limited investment has taken a toll on exploration, as Nigeria’s rig count dropped year-on-year by 27.8 per cent to 135 in the year 2020, from 187 in 2019.
The oil rig count, a major index for measuring level of activities in the upstream oil sector, was contained in the latest industry data released by the Organisation of Petroleum Exporting Countries, OPEC.
On Quarter-on-Quarter, QoQ basis, the data shows a steady decline in the level of activities all through the year with the highest count of 56 recorded in the first quarter, while subsequent quarters show declines to 33, 24 and 22 deployed in the second, third and fourth quarters respectively.
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