Nigeria’s active oil rigs hit three-year high in February

From a record low of 23 in December 2016, the number of the nation’s active oil rigs rose to 35 in February this year, a level last seen in early 2015, The Punch reports.

The upturn in the rig count was mostly triggered by the recent rally in global crude oil prices and the suspension of militant attacks on oil facilities in the Niger Delta. The country recorded the second biggest increase in the number of rigs among its peers in the Organisation of Petroleum Exporting Countries in February, as four rigs were added to the 31 active in January.

Data obtained from Baker Hughes Incorporated and OPEC on Wednesday showed that the nation’s rig count stood at 38 in January 2015. The slump in oil prices, which started in mid-June 2014, forced many companies operating in the Nigerian oil industry to slash their capital budgets and suspend some projects, resulting in a drop in the number of rigs.

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