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‘Nigeria Lost $2.77bn To Crude Oil Theft In 2019’
The Nigeria Extractive Industries Transparency Initiative has said in its latest audit report that Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019. The report on Oil and Gas was presented to the Media and Civil Society Organisations by Mr George Abiye, Assistant Director, Oil and…
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Nigeria Gets N6bn From Mining Licences
The Nigerian Mining Cadastre Office, under the auspices of the Ministry of Mines and Steel Development, has generated N6.899 billion from 2019 to the first half of this year. The revenue was generated through mining licenses, from the applications for mineral titles and permits as well as applications for the transfer, renewal, modification, and relinquishment…
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Nigeria Spends N60bn Annually On Vandalized Pipelines
Nigeria losses an average of 200,000 barrels per day to the destruction of oil pipelines. This loss amounts to a total of 60 billion spent annually on repair and maintenance. The Minister of Information and Culture, Lai Mohammed, who disclosed this said that the destruction of public infrastructure by some unpatriotic Nigerians required great concern…
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NNPC Partners Security Agencies to Control Smuggling
The Nigerian National Petroleum Corporation has said it was collaborating with relevant law enforcement agencies to curb the menace of petroleum products smuggling and crude oil theft. NNPC, noting that the partnership was also with relevant downstream and upstream stakeholders, named the law enforcement agencies to include the Economic and Financial Crimes Commission, Department of…
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Nigeria Made $34.22bn From Oil In 2019
The Nigeria Extractive Industries Transparency Initiative has said Nigeria earned $34.22bn from the oil and gas sector in 2019. It said this in its 2019 Oil and Gas Industry Audit report noting that the $34.22bn revenue represented an increase of 4.88 percent over the $32.63bn garnered from the sector in 2018. A breakdown of the…
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Nigeria Lost N851bn To Oil Theft
The Nigerian Extractive Industry Transparency Initiative has said Nigeria lost N851.84 billion ($2.78bn) to oil theft and pipeline sabotage in 2019. NEITI said this in its latest oil and gas industry audit report stating that it arrived at the estimate after using an average price of $65.61 per barrel and an average exchange rate of…
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OPEC Members Loses $1tr in Revenue In Two Years
Members of the Organization of the Petroleum Exporting Countries, including Nigeria, lost about $1trillion in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit said oil sector investments during the period crashed by $300billion. “In terms of foregone…
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Oil Demand Shows Signs Of Recovery As Nigerian Rig Counts Hit 12
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…
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NNPC: Oil Export Revenue Plunged By 98% In April
The Nigerian National Petroleum Corporation has said crude oil export proceeds dropped by 98 percent in April, compared to March 2021. It said that the total revenue from crude oil exports in April fell to N723m from the N35.72bn generated in March. “No remittance to Federation Account in April for May 2021 FAAC due to…
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NNPC: Trading Surplus Rises To N39.85bn
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…