Nigeria’s offshore rig count from June till September has reduced to seven from 11 recorded as at end first half 2016, H1’16, indicating that four rigs were shut down in third quarter, Q3’16, Baker Hughes, global oil industry data and information company stated in its oil data report. This is coming as Baker Hughes reported that the international offshore rig count for September 2016 was down by 47 rigs
The data stated that funding cuts by the Nigerian National Petroleum Corporation, NNPC, and growing security concerns may have triggered a significant drop in the number of offshore oil rigs involved in drilling operations.