OPEC’s rig count rises 14.9% to 423 as Non-OPEC leaps to 1,461 — Report
By Eyo Nsima
The rig count of members of the Organisation of Petroleum Exporting Countries, OPEC, rose year-on-year, YoY by 14.9 per cent to 423 in June 2023, from 368 in the corresponding period of 2022.
But on a month-on-month, MoM basis, the rig count – an index of measuring upstream activities in the nation’s oil and gas industry – dropped marginally by 0.23 per cent to 423 in June 2023, from 424 in May 2023.
The member states of OPEC include Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela.
On MoM basis, the rig count rose 1.95 per cent to 1,461 per cent in June 2023, from 1,433 in May 2023.
In its report obtained by The Daily, www.thedaily-ng.com, OPEC maintained that, “According to current estimates, 80.4% (1,241.82 billion barrels) of the world’s proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.1% of the OPEC total.”
“Meeting this growth, ensuring energy security and affordable access, while also lowering global emissions in line with the Paris Agreement, requires all energies, technologies, and unprecedented investment and collaboration.
“The oil industry alone requires global investments of 12.1 trillion $ between now and 2045. However, there have been increasing calls over the past few years to end the financing of oil projects.
“OPEC believes this is neither pragmatic nor constructive for the way forward. Following this path will severely affect economies, constrain social mobility, limit affordable energy access and exacerbate energy poverty.
“At OPEC we believe that policymakers and industry stakeholders need to work together to ensure a long-term investment-friendly climate for all energies. One that works for producers and consumers, as well as developed and developing countries.
“A key message from the recent 8th OPEC International Seminar was that energy security for all and decarbonization must go hand-in-hand.
“Therefore, I would like to take this opportunity to state unequivocally that OPEC Member Countries are ready, willing and able to play a key role in providing energy to the world and reducing emissions.
“Our Member Countries continue to invest in upstream and downstream capacity. They are also mobilizing cleaner technologies to decarbonize the industry.
“At the same time, they are making major investments in renewables and hydrogen capacity, carbon capture utilization and storage and other technologies, as well as promoting the Circular Carbon Economy.
“OPEC believes the future needs to see investments and finance in energy transitions that focus on an inclusive ‘all-peoples, all-fuels and all technologies approach.
“There is clearly no one-size-fits-all solution to a sustainable energy future. In the spirit of our theme today “One Earth, One Family, One Future,” OPEC looks forward to working closely with the G20 to promote a sustainable energy future for the world.”
