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In Nine Months, Nigeria’s Petrol Imports Hit N2.52tn
From January to September 2021, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria increased by 55.56 percent. This is a rise to N2.52tn from the N1.62tn spent in the same period of 2020. This development is coming amid the plan to remove subsidies from petrol by February 2022. Data…
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South African Court Blocks Oil Exploration By Shell
A court decision has annulled all rights given to Shell to explore oil and gas using seismic waves on the Indian ocean, off the coast of South Africa. The High Court in the Eastern Cape town of Makhanda backed a suit filed by conservationists and local groups who shared concerns on the environmental consequences of…
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Federation Account Remittances Drops To N1.58tn In 10 months
Data obtained from Nigerian National Petroleum Company Limited showed that remittances by the federation account plunged by N1.581tn between January and October this year. The drop was due to the money spent on subsidizing Premium Motor Spirit, popularly called petrol, pipeline security and maintenance cost, among others during the period. Figures obtained from the NNPC…
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Non-oil Exports Rise By 205% In Five Years
Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021. According to an analysis of data from the National Bureau of Statistics, within the five-year period, non-oil exports rose by N942bn or 205 per cent. Breakdown Analysis A breakdown of non-oil exports within the period…
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Crude Drops For Six Weeks Straight As Omicron Jolts Market
Oil has dropped for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets. The spread of the omicron variant has investors concerned about a potential hit to demand as the U.S. reported at least six states with cases while infection rates in South Africa have almost quadrupled…
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OPEC+ May Hold Off Oil Output As Omicron Threaten Market Stability
OPEC and its allies would meet this week to decide whether to stick with their planned oil output increase or hold off until more is known about the Omicron variant of the coronavirus. The Organization of the Petroleum Exporting Countries will meet with its allies led by Russia would meet today to discuss how to…
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Nigeria Plans N5000 Each In Cash Handouts To Replace Fuel Subsidies
The Nigerian government is planning to replace fuel subsidies in 2022 with cash handouts of up to N5000, an amount that would cost the country up to 2.4 trillion naira in a year. According to Finance Minister, Zainab Ahmed, the government will give 5,000 naira each to as many as 40 million people every month,…
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Libya Partners With Total Energies To Build Solar Plants
Libya has initiated plans to construct a solar plant with the help of French multinational company Total Energies. Libya’s Minister for Oil and Gas, Mohamed Oun, announced the launch of the Libya Energy and Economy Summit in Tripoli. “We seek to encourage the investment of oil wealth, its good exploitation and development, and the increase…
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In Nine Months, Nigeria Subsidized Fuel With N864.07bn
The Nigerian National Petroleum Corporation has said it spent a total of N864.07 billion between January and September subsidising Premium Motor Spirit, popularly known as petrol. This amount represents 31 percent of the total revenue of N2.7 trillion generated by the corporation between January and September. Breakdown by months Analysis from the report submitted by…
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Fuel Demand To Hit 17.3 Million MT By 2025
Nigeria’s demand for petroleum products is expected to grow from 15.1 million metric tonnes in 2020 to 17.3 million MT by 2025. The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari said this at the 15th OTL Africa Downstream Week 2021 in Lagos. “The country needs a refining capacity of about 1.52…