The nation’s crude oil exploration and production activities may have hit a record low, going by the latest report from the Nigerian National Petroleum Corporation (NNPC). Specifically, only Shell Petroleum Development Company (SPDC) and Addax carried out exploration/drilling activities during the month of March, according to available data from NNPC’s monthly report obtained by The Guardian yesterday. The country has been recording low production activities since November last year, as several oil and gas firms began scaling down production due to the uncertainties surrounding the Petroleum Industry Bill (PIB) and the declining crude oil prices. Many oil and gas firms have also been recording losses, which made them to resort to cancelling or deferring projects. According to OPEC in its monthly oil market report, among member countries, Nigeria recorded the second sharpest drop in rig counts in March with production of 1.69mbpd in the month compare to the 2.21mbpd […]