Tags : OIl and Gas

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 […]Read More

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 […]Read More

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 […]Read More

OPEC+ May Hold Off Oil Output As Omicron Threaten Market

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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More