EXPLORATION, DRILLING ACTIVITIES IN PETROLEUM SECTOR HIT RECORD LOW

Nigeria’s oil and gas sector is facing low exploration and drilling activities as only two companies are currently engaged in activities in the industry, according to the Nigerian National Petroleum Corporation (NNPC).

This may be as a result of the non-passage of the Petroleum Industry Bill (PIB) and the uncertainty in the crude oil market. Specifically, as at November and December last year, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the months under review.

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