The Nigerian National Petroleum Corporation has said it recorded a total of $219.75 million from crude oil and gas export sales in May 2021. This represents a 180.29 percent increase in sales from April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a […]Read More
The OPEC coalition led by Saudi Arabia and Russia is expected to press on with the planned revival of oil production, as prices bounce back from their August downturn. The coalition is gradually restoring the vast amount of crude production halted during the pandemic, and will probably ratify the next monthly instalment when it gathers on […]Read More
Data from the National Bureau of Statistics have shown that between December 2017 to December 2020, Nigeria has generated a total sum of N6.5 trillion from non-oil exports. This sum is N5.8 trillion lower than its N12.3tn ($30bn) target set by the Federal Government under its zero-oil plan. In 2016, the Nigerian Promotion Council conceived […]Read More
The Nigerian National Petroleum Corporation said that its revenue for the 2020 financial year fell to N3.72 trillion from N4.63 trillion in 2019. This shows a difference of N916bn. This is coming after declaring its first profit in its 44-year history. The corporation, while announcing the release of its 2020 audited financial statements, said the […]Read More
Congo is the third-largest oil producer in sub-Saharan Africa after Nigeria and Angola, with an estimated production of 336,000 barrels of crude oil per day. With 2.9 billion barrels of oil reserves and 10 trillion cubic feet of natural gas, Congo is more than ready to take over from its sitting neighbour Angola, come 2022. […]Read More
The Nigerian National Petroleum Corporation has incurred N756.99billion petrol subsidy costs from January to July in 2021. This is according to the latest data obtained from the corporation. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged […]Read More
The Nigerian National Petroleum Corporation incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021. This is according to a new report by SBM Intelligence, a geopolitical and socioeconomic research firm. The report titled ‘Nigeria’s moribund refineries’ said Nigeria’s refineries had become a costly pastime, adding that the NNPC […]Read More
British-Dutch multinational oil and gas company, Royal Dutch Shell plc, has resolved to pay N45 Billion in settlement to the Ogoni people: marking an end to the 31-year long battle between the parties. The agreement was reached at the order of a Federal High Court in Abuja on Wednesday. Justice Ahmed Mohammed held that the […]Read More
Gas flare in Nigeria’s oil fields fell by 0.33 per cent to 45.33 billion cubic feet BCF, in the first quarter of 2021 compared to 45.48BCF of gas flared in the fourth quarter of last year, according to the latest data from the oil and gas industry. Data also showed that on a year-on-year basis, […]Read More
The Nigerian National Petroleum Corporation has said 1.67 billion litres of Premium Motor Spirit was consumed in April 2021. This is around 55.79 million litres daily consumption rate. NNPC stated this in the April 2021 NNPC Monthly Financial and Operations Report saying it recorded N43.57billion trading surplus. This represents a 23.64 percent increase over the […]Read More
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