The United States, Canada, and Iran account for over 50% of the world’s 1,802 active oil rigs in 2024, with Nigeria ranking 15th globally with 31 rigs

Key Takeaways

  • The United States remains the undisputed leader with 589 active rigs, accounting for nearly a third of all rigs worldwide in 2024.
  • Canada (162 rigs) and Iran (117 rigs) follow as the second and third highest contributors to global drilling activity.
  • Middle Eastern producers dominate the top 10, with Kuwait (80), UAE (73), Saudi Arabia (70), Iraq (62), and Oman (50) collectively operating 335 rigs.
  • Nigeria ranks 15th globally with 31 active rigs, making it one of only two African nations in the global top 20.
  • The top 10 countries account for over 75% of the world’s active rigs, reflecting the continued concentration of drilling infrastructure in a handful of key oil-producing regions.

In 2024, global oil drilling activity remained intensely concentrated, with just a few countries shouldering most of the world’s rig operations. The United States leads overwhelmingly, operating 589 active rigs, which is more than the next five countries combined and represents roughly 33% of the global total. Canada and Iran trail far behind in second and third place, with 162 and 117 rigs respectively. A clear trend emerges as Middle Eastern giants, Kuwait, UAE, Saudi Arabia, Iraq, and Oman, populate the top 10, showcasing the region’s continued strategic investment in upstream oil development. These five countries alone control 335 active rigs, reaffirming the region’s central role in global energy supply chains.

In Africa, Nigeria stands out, ranking 15th globally with 31 active rigs, far ahead of peers like Libya (18) and Egypt (23). Its position reflects both the scale of its reserves and its persistent drive to remain competitive amid global transitions. Interestingly, the top 10 countries account for more than 75% of the 1,802 active rigs globally, leaving the rest of the world with a significantly smaller footprint.

Source:

OPEC

Period:

2024
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Venezuela and Iran lead globally with ultra-cheap diesel under $0.01, as Libya tops Africa’s chart at $0.028
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  • Nigeria ranks second with 37.3 billion barrels, accounting for about 27% of reserves among top holders.
  • Algeria holds 12.2 billion barrels, rounding out the top three and far ahead of other nations.
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  • Nigeria follows with 31 rigs, confirming its strong position in West Africa’s upstream oil activity.
  • Egypt ranks third with 23 rigs, while Libya maintains 18 rigs despite its fluctuating political climate.
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  • Venezuela, Saudi Arabia, and Iran collectively hold over 50% of these reserves, with 303.2B, 267.2B, and 208.6B barrels respectively.
  • Nigeria ranks 10th globally with 37.3 billion barrels, placing it ahead of other major producers like Kazakhstan, China, and Brazil.
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