Nigeria's Oil Output Wobbles Despite Decade-Long Rig Deployment

Nigeria's oil production has stagnated over the past decade despite increased investment in rigs.

Data from OPEC shows that between 2016 and 2026, a total of 2,099 rigs were deployed in Nigeria, with investments running into billions of dollars.

However, crude oil production has remained largely stagnant since 2016, with the country's highest output being 1.734 million barrels per day (bpd) in 2019, still below annual budget projections.

The decline is attributed to low investment in new wells and slow development of existing assets, leading to a significant depletion of mature oil fields.