Nigeria’s Oil Exploration Drops 41.7% as Rig Count Falls to 12 – OPEC Report Raises Production Concerns

Nigeria’s oil and gas sector recorded a sharp slowdown in April 2026, as exploration and drilling activities fell by 41.7%, according to the latest Monthly Oil Market Report released by the Organization of the Petroleum Exporting Countries (OPEC). The drop signals growing pressure on the country’s upstream operations despite efforts to stabilize production.

OPEC data showed that Nigeria’s rig count—a key measure of oil exploration and investment activity—declined from 17 rigs in March 2026 to 12 rigs in April 2026. This five-rig drop reflects reduced drilling operations and weaker investment momentum in the sector during the period.

The report further revealed that Nigeria’s average rig count also slipped over a broader timeline, falling from 15 in 2024 to 13 in 2025, suggesting a gradual slowdown in exploration activities. Analysts say the trend raises concerns about the country’s ability to sustain long-term crude output growth.

While Nigeria continues to push for higher production under the Petroleum Industry Act (PIA), its performance contrasts with wider African trends, where rig counts rose from 42 in March 2026 to 48 in April 2026. Within OPEC, Nigeria also lags behind major producers such as Saudi Arabia, the United Arab Emirates, and Iraq.

Despite the OPEC figures, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported a higher active rig count of 31, highlighting ongoing operations across several oil fields. However, industry experts warn that without stronger investment and sustained exploration, Nigeria could struggle to meet its OPEC production quota and long-term energy goals.

source: vanguard