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Nigeria Lost N221.64bn In July To Oil Production Incidents
In July, a total of 7,193,520 barrels of crude oil was lost due to about 39 production shut-in incidents. This is according to the latest figures released by the Nigerian National Petroleum Corporation, which gave the analysis in the September 2021 presentation of the NNPC to the Federation Account Allocation Committee. The corporation showed that…
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Nigeria’s Oil Reserves Drops By 543 million Barrels
The Organization of Petroleum Exporting Countries in its 2021 Annual Statistical Bulletin has reported a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country indicated that Nigeria’s oil reserves dropped from 37.453 billion barrels in 2016 to 36.910 billion barrels in 2020. Further analysis…
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Daily Fuel Consumption Jumps To 72 million litres
In the month of May, petrol consumption in the country jumped from 55.59 million litres a day in April to 72.07 million litres per day. This means that within the period, the country’s daily consumption of petrol increased by 29.65 per cent between April and May. Data obtained from the Nigerian National Petroleum Corporation monthly…
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NNPC Earns $219.75m From Crude Oil, Gas In May
The Nigerian National Petroleum Corporation has said it recorded a total of $219.75 million from crude oil and gas export sales in May 2021. This represents a 180.29 percent increase in sales from April 2021. This is contained in the May 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a…
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NNPC’s Revenue Drops By N916bn
The Nigerian National Petroleum Corporation said that its revenue for the 2020 financial year fell to N3.72 trillion from N4.63 trillion in 2019. This shows a difference of N916bn. This is coming after declaring its first profit in its 44-year history. The corporation, while announcing the release of its 2020 audited financial statements, said the…
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NNPC Incurs N756.99bn Petrol Subsidy In 7 Months
The Nigerian National Petroleum Corporation has incurred N756.99billion petrol subsidy costs from January to July in 2021. This is according to the latest data obtained from the corporation. The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged…
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NNPC Incurred N473bn Loss Operating Moribund Refineries
The Nigerian National Petroleum Corporation incurred a loss of N473.3bn in operating moribund refineries between January 2015 and February 2021. This is according to a new report by SBM Intelligence, a geopolitical and socioeconomic research firm. The report titled ‘Nigeria’s moribund refineries’ said Nigeria’s refineries had become a costly pastime, adding that the NNPC…
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Nigeria’s Gas Flare Falls By 0.33% In Q1 2021
Gas flare in Nigeria’s oil fields fell by 0.33 per cent to 45.33 billion cubic feet BCF, in the first quarter of 2021 compared to 45.48BCF of gas flared in the fourth quarter of last year, according to the latest data from the oil and gas industry. Data also showed that on a year-on-year basis,…
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Nigerians Consumed 1.67bn Litres Of Petrol In April
The Nigerian National Petroleum Corporation has said 1.67 billion litres of Premium Motor Spirit was consumed in April 2021. This is around 55.79 million litres daily consumption rate. NNPC stated this in the April 2021 NNPC Monthly Financial and Operations Report saying it recorded N43.57billion trading surplus. This represents a 23.64 percent increase over the…
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Petrol Consumption Hit 340m Liters
New figures released by the Nigerian National Petroleum Corporation has shown, petrol consumption in Nigeria has risen by 340 million litres in a month. The data contained in its March 2021 financial and operations report. According to the report, the oil firm said 1.75 billion litres of petrol was consumed in March 2021. This is…