Nigeria’s oil and gas drilling recovery accelerated sharply in May, with the number of active rigs climbing 42 percent from the previous month, raising hopes that operators are once again betting on the country’s long-troubled upstream sector.
Data sourced from Baker Hughes and the Organisation of the Petroleum Exporting Countries (OPEC) showed active rigs climbed to 17 in May from a seven-month low of 12 in April, erasing a slump that had rattled industry watchers who feared another cycle of capital flight from Nigeria’s oil fields.
BusinessDay insights showed the rebound matches the peak rig counts recorded in December 2025 and March 2026, signalling what some analysts now call a structural inflexion point.
“We haven’t seen momentum like this in Nigeria in a long time, and operators are paying attention,” said one senior executive at a Lagos-based independent producer who asked not to be named.
He added, “17 rigs get
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