Reported 2 days ago
Nigeria's upstream oil sector is witnessing a significant recovery, with a 66% increase in active oil rigs attributed to improved investor confidence and reforms aimed at boosting production. OPEC data revealed that the country operated 15 rigs in August 2025, up from 9 in May. The resurgence follows the introduction of President Bola Tinubu's performance-based tax incentives, designed to reward cost-saving operators. This policy change is expected to attract new investments, with crude production rising to 1.505 million barrels per day in June. The Nigerian National Petroleum Company is also advocating for an increase in OPEC quotas by 2027, aiming to stabilize oil revenues and enhance the country's economic outlook.
Source: YAHOO