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Oil Industry Generates N23.8bn VAT In 3 Months
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…
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Shell In Talks With FG To Divest Onshore Oil Operations
The CEO of Royal Dutch Shell, Ben van Beurden, has announced plans to sell off the company’s onshore stakes in Nigeria. The Anglo-Dutch oil exploration company which began operations in Nigeria as far back as 1936 have now sighted costly repair operations, sabotage, vandalism of pipelines and high profile, costly lawsuits as reasons for its…
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NNPC: 3 Refineries Processed No Crude In January
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…
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NNPC Contract: Nigeria May Lose $100m To Foreigners
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…
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OPEC Confirms Supply Hike As Demand For Oil Rebounds
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…
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Nigeria To Account For 23% Of New Projects In Africa
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…
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OPEC: Nigeria’s Rig Count Drop In 3 Months
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…
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Nigeria, Others Account For 65% Global Gas Flaring
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…
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Oil Import Fell To $1.32bn In 2020
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…
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NNPC Spends N1.53tn On JV Oil Assets
The Nigerian National Petroleum Corporation spent a total of N1.53tn on oil and gas assets. The asset is being developed through joint ventures with private firms as well as priority projects in 2020. NNPC represents the Federal Government in the JVs having an obligation to make cash call payment for the development of the assets.…