FIRM REACTIVATES $28M OIL RIG AFTER EIGHT YEARS

An oil services company has announced the revival of an oil rig valued at about $28 million after the facility remained inactive for eight years.

The development is expected to support activity in Nigeria’s oil and gas sector and improve the utilisation of existing industry assets.

The company said the rig had undergone rehabilitation and technical work to restore it to operational condition after years of inactivity.

The reactivation is also expected to create opportunities for local contractors and workers involved in drilling, maintenance and other oilfield services.

Industry stakeholders have continued to call for greater investment in Nigeria’s oil and gas infrastructure, particularly the rehabilitation and efficient use of existing assets.

The company said bringing the rig back into operation demonstrates the potential to recover idle assets and put them back to productive use rather than allowing them to remain underutilised.

The development comes as Nigeria seeks to increase oil and gas production, attract fresh investment and strengthen the competitiveness of its energy industry.

Stakeholders in the sector have stressed the importance of maintaining existing infrastructure while encouraging investments that can improve production capacity.

The reactivated rig is expected to contribute to ongoing drilling operations and support the wider oilfield services value chain.

The company expressed optimism that the project would provide additional economic benefits while reinforcing efforts to maximise Nigeria’s petroleum resources.