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.