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China Re-enforce Oil Trade Deal With Saudi Arabia In 2022
China has moved to deepen its relationship with OPEC+ heavyweight Saudi Arabia, the country’s top oil supplier for the past few years. The world’s biggest energy consumer and Saudi Arabia pledged to deepen their relationship in trade and economic cooperation through bilateral talks on Thursday, 9, December 2022. The two parties would explore common investment opportunities in…
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Everything We Know About Nigeria’s New Oil Deal With South Korea
The Nigerian National Petroleum Company Limited (NNPC) has finalized a deal with Daewoo Group of South Korea to rehabilitate the Kaduna Refinery with hopes to facilitate the production of refined fuel products in Nigeria. The spokesperson noted that the president of Nigeria, President Muhammadu Buhari, approved the signing which took place on the sidelines of…
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Crude Oil Production Drops By 24.73%
According to data released by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria’s crude oil production crashed by 24.73 percent in September 2022 to 937,766 barrels per day. This is a drop compared to 1.246 million barrels per day recorded over the corresponding month in 2021, the latest data from the Federal Government has shown. NUPRC…
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Nigeria Initiates Plans To Award Flared Gas Contracts By End Of 2022
Nigeria has begun the process that would allow for the oil-rich nation to award contracts for its flared gas by the end of December. According to the Nigerian Upstream Petroleum Regulatory Commission, the new plan is under an accelerated programme to harness gas released as a byproduct of oil production. President Muhammadu Buhari first launched…
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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…
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What Is Namibia Doing With Its Newly Discovered Oil Reservoir?
Months after discovering large amounts of light oil and associated gas off the coast of Namibia, the southern African country has joined Africa’s league of oil-producing nations to launch a sovereign wealth fund. At the launch of the state-owned investment fund, President Hage Geingob said an initial deposit of 262 million Namibian dollars ($16.3m) would…
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In Nine Months, NNPC, Refineries’ Post N123.64bn Deficit
Between January to September 2021, the Nigerian National Petroleum Company Limited has revealed that it posted, alongside three Nigerian refineries, a combined deficit of N123.64bn. The report, which was contained in the September 2021 report, indicated that while the cumulative deficits of the three refineries during the period was N46.52bn, NNPC posted a deficit of…
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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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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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98 companies Post N6.1trn Turnover In H1 2021
No fewer than 98 leading companies on the Nigerian Exchange Limited have recorded a combined turnover of N6.1 trillion in the first half of 2021. The companies’ H1’21 combined turnover was 17.57 percent more than the N5.2 trillion recorded in the same period in H1’20. According to their financial reports, they turned over to the…