Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that the nation’s rig count a key indicator of upstream oil and gas activity fell to 22 in February 2026, down from 40 recorded in January 2026.
Although the Commission did not provide official reasons for the sharp decline, industry sources attributed it to a slowdown in exploration activities during the period.
Further analysis indicated that the number of standby rigs rose significantly to 25 in February 2026 from 11 in January 2026, while the total rig count remained unchanged at 72.
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