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. […]Read More
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 […]Read More
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 […]Read More
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 […]Read More
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 […]Read More
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 […]Read More
According to monthly reports by Nigeria’s Upstream and Downstream Petroleum Regulatory Commission, Nigeria has lost huge amounts of revenue as a result of massive oil theft between January and August this year. Figures contained in the reports showed that 13.21 million barrels of crude oil with an estimated worth of N603.64bn between January and August […]Read More
A new report by the Organisation of the Petroleum Exporting Countries (OPEC) shared that Angola has taken first place in crude oil production after displacing Nigeria in the month of August. The report revealed that Nigeria’s crude oil production for August averaged 1.100 million barrels per day while Angola’s production averaged 1.187mb/d. In July, Angola […]Read More
The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said that the government spends N283 per litre of Premium Motor Spirit or N18.397bn per day as subsidy. She said this during an interaction with the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022 over […]Read More
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