Going by the increase in rig counts in May, the International Association of Drilling Contractors (IADC) in Nigeria have revealed the oil market demand may be showing signs of full recovery in no time. Chairman of IADC, Nigeria chapter, Chuks Enwereji, of Shelf Drilling Offshore Services, disclosed at the 2021 HSE Awards & Technical Session […]Read More
The Nigerian National Petroleum Corporation has announced a N39.85bn trading surplus for February 2021, representing a 314.24 percent increase from the N9.62bn surplus it recorded in January. Trading surplus or trading deficit is derived after deduction of the expenditure from the revenue for the period under review. NNPC disclosed this in its February 2021 edition […]Read More
The oil and gas sector which comprises the upstream, midstream and downstream sub-sectors has generated N23.84bn in Value-Added-Tax for the Federal Government in the first quarter of 2021. The National Bureau of Statistics disclosed this in its latest report on Statistics’ Sectoral Distribution of VAT report for Q1 2021 saying the oil producing sector recorded […]Read More
In the latest operations report by the Nigerian National Petroleum Corporation, three Nigeria’s refineries under the management could not refine crude oil. This is coming amid concerns by the Nigeria Labour Congress over the static state of the facilities. The report said that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri […]Read More
There are assumptions that Nigeria will be losing over $100 million due to a recent award of coastal and bunkering of vessel service contract to a foreign firm by the Nigerian National Petroleum Corporation. The members of the Ship Owners Association of Nigeria made this disclosure in a petition to the National Assembly and the […]Read More
As global oil demand recovers from the pandemic, OPEC and its allies have announced its commitment to improve oil production. A committee led by Saudi Arabia and Russia agreed the coalition should press on with its roadmap for increasing supply by 2 million barrels a day over the next three months, a decision that was later rubber-stamped […]Read More
A data and analytics firm, Global Data, has projected an increasing revenue in Nigeria by 2025 as the country would account for 23 percent of new projects in the oil and gas industry. The firm said these projects within the next five years, would boost the revenue of the country. In the report entitled: ‘Africa […]Read More
According to data from the Organization of Petroleum Exporting Countries, the rig count of Nigeria has dropped by 55.34 per cent in the first quarter in 2021 to 19. The rig count, a major index of measuring activities in the upstream sector, had stood at 65 in the corresponding period of 2020 before sliding to […]Read More
The World Bank has said Nigeria and six other countries were responsible for two-thirds of global gas flaring. It said this in a statement titled ‘Seven countries account for two-thirds of global gas flaring’. According to the World Bank, “Gas flaring satellite data from 2020 reveals that Russia, Iraq, Iran, the United States, Algeria, Venezuela […]Read More
The latest data from the Central Bank of Nigeria have shown that the quantity of foreign exchange used for oil imports in 2020 was $1.32bn, compared to $2.10bn in 2019. The CBN’s data on sectoral utilisation for transactions valid for forex revealed that $148.32m was utilised in January for oil imports; $145.23m in February, and […]Read More
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