The global upstream sector of the petroleum industry (OPEC) uses the rig count; as a key indicator of exploration and other activities.
Although, the organization’s September 2022 Monthly Oil Market Report, MOMR, did not mention the causes of the decline in exploration.
It did, however, show that operators including IoCs and their local equivalents; did not make significant investments in oil exploration during that time.
The National President of the Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mazi Colman Obasi, commented on the move and said it will take some time for the PIA’s effects to be seen by the industry.