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Nigeria Losses An Estimated N603.64 Billion Revenue In Months
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…
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Angola Becomes Africa’s Top Crude Oil Producer
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…
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Nigeria National Petroleum Commission Bulletin Analysis C
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Petrol Subsidy Gulps N18.4bn Daily
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…
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Nigeria Loses N101bn Worth Of Oil In July
Data from the Organisation of Petroleum Exporting Countries has showed Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June 2021. In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on…
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Nigeria National Petroleum Commission Bulletin(Statistics)
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Nigeria National Petroleum Commission Bulletin(Analysis)
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Gas Revenue Up 64.3% To N119.4bn In Q1’22
Latest data from Nigerian National Petroleum Corporation has shown that Nigeria’s revenue from gas sales rose by 64.32 percent in the first quarter of 2022 (Q1’22). This is an increase to N119.4 billion compared to N72.64 billion recorded in the corresponding period last year. NNPC data also showed that gas revenue in the first quarter…
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Nigeria’s Oil Output Drops 23.8%
According to the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped Year-on-Year by 23.8 percent to 1.024 million barrels per day, mbpd, in May 2022. This is a drop from 1.344 mbpd recorded in the corresponding period of 2021. In its June 2022 Monthly Oil Market Report, OPEC stated that the figure, excluding…
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NNPC Got N1.7tn From Crude Sales In 12 months
The Nigerian National Petroleum Corporation has said that it made N1.7 trillion as revenue from crude oil sales in one year. The corporation’s latest monthly and financial report for August said the sum was earned from March 2020 to March 2021. This came after the corporation lifted a total of 108 million barrels of crude…