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#DailyChart: Despite Fuel Scarcity Locally, Nigeria Clinches Top Spot Among Oil Producers in Africa
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Oil Production Hits 1.2mbpd In December
The Nigerian Upstream Petroleum Regulatory Commission has said that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022. This is the highest output since March when the country produced 1.237mbpd. Figures obtained from the commission showed that oil production increased from 1.185mbpd in November to 1.235mbpd in December. Crude…
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Nigeria’s Oil Output Rises By 17%
According to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day in November 2022. This is up about 17 per cent from 1.014 mb/d in October 2022. This is the second consecutive MoM rise in output following…
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China Re-enforce Oil Trade Deal With Saudi Arabia In 2022
China has moved to deepen its relationship with OPEC+ heavyweight Saudi Arabia, the country’s top oil supplier for the past few years. The world’s biggest energy consumer and Saudi Arabia pledged to deepen their relationship in trade and economic cooperation through bilateral talks on Thursday, 9, December 2022. The two parties would explore common investment opportunities in…
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Nigeria Ranks Seventh On OPEC Production List
According to the a Monthly Oil Market Report for November, Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1.…
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Everything We Know About Nigeria’s New Oil Deal With South Korea
The Nigerian National Petroleum Company Limited (NNPC) has finalized a deal with Daewoo Group of South Korea to rehabilitate the Kaduna Refinery with hopes to facilitate the production of refined fuel products in Nigeria. The spokesperson noted that the president of Nigeria, President Muhammadu Buhari, approved the signing which took place on the sidelines of…
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Nigeria Loses Three Million Oil Barrels Monthly
The Nigerian Upstream Petroleum Regulatory Commission has revealed its latest findings that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta. This is due to the incessant oil theft in the industry, NUPRC said. It also stated that current statistics showed that the…
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Oil Sector Records 98% Spillage From Sabotage
In a report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, oil theft through pipeline sabotage caused 98 percent of oil spill in Nigeria’s oil and gas sector since June this year till date. The government regulatory body said that the sector recorded 60 fatalities (deaths) and 62 injuries from 34 incidents between September…
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Crude Oil Production Drops By 24.73%
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil production crashed by 24.73 percent in September 2022 to 937,766 barrels per day. This is a drop compared to 1.246 million barrels per day recorded over the corresponding month in 2021, the latest data from the Federal Government has shown. NUPRC…
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Nigeria Initiates Plans To Award Flared Gas Contracts By End Of 2022
Nigeria has begun the process that would allow for the oil-rich nation to award contracts for its flared gas by the end of December. According to the Nigerian Upstream Petroleum Regulatory Commission, the new plan is under an accelerated programme to harness gas released as a byproduct of oil production. President Muhammadu Buhari first launched…