Nigeria has equaled Angola as the largest oil drilling market in sub-Saharan this year, according to a report by Hawilti and the Caverton Offshore Support Group. Oil drilling involves the extraction of oil by drilling a well through the earth’s crust to reach the fossil fuel deposits.
The report said Nigeria had caught up with Angola, which had long held the position of top drilling destination on the continent, with eight drilling campaigns confirmed offshore in both countries. However, activity is likely to remain higher in Angola as most drilling campaigns there are confirmed until the second half of 2024 already to support exploratory, infill, and development drilling.
Nigeria lost its position as a top African oil producer several times on the back of repeated crude theft and pipeline vandalism, but is now showing signs of recovery, according to the monthly oil production figures released by the Organisation of Petroleum Exporting Countries.
A total of 38 drilling rigs have been contracted offshore sub-Saharan Africa this year so far, marking an increase from the pace of activity witnessed in 2022 and early 2023.