Tags : Oil production

Nigeria Ranks Seventh On OPEC Production List

According to the a Monthly Oil Market Report for November, Nigeria now ranks seventh on Organisation of the Petroleum Exporting Countries’ crude oil production list. Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria. While Nigeria’s production was 1. […]Read More

Nigeria Loses Three Million Oil Barrels Monthly

The Nigerian Upstream Petroleum Regulatory Commission has revealed its latest findings that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta. This is due to the incessant oil theft in the industry, NUPRC said. It also stated that current statistics showed that the […]Read More

Oil Sector Records 98% Spillage From Sabotage

In a report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, oil theft through pipeline sabotage caused 98 percent of oil spill in Nigeria’s oil and gas sector since June this year till date. The government regulatory body said that the sector recorded 60 fatalities (deaths) and 62 injuries from 34 incidents between September […]Read More

Nigeria Loses N101bn Worth Of Oil In July

Data from the Organisation of Petroleum Exporting Countries has showed Nigeria’s crude oil production plunged by 2.3 million barrels in July 2022 when compared to what the country produced in the preceding month of June 2021. In its latest Monthly Oil Market Report for August 2022, OPEC stated that crude oil production figures based on […]Read More

Oil Sector Growth Dropped By 26% In Q1 

Figures by the National Bureau of Statistics have revealed that real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022. This indicates a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021. In a report titled “Nigeria Gross Domestic Product Q1 2022,” the […]Read More

Nigeria’s Oil Production Falls Over Poor Maintenance

Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency, the World Bank has said, adding that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report titled ‘Migration […]Read More

Nigeria’s New Refinery To Start Processing Crude Oil in 2022

On Saturday, Nigeria’s foremost businessman Aliko Dangote announced the Dangote refinery would begin operations by the third quarter of 2022. The refinery located in the Lekki Free Zone near Lagos, Nigeria is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility with a presumed processing capacity of 650,000 barrels per day […]Read More

How Nigeria’s Oil Revenue Dropped In 2021

According to the Organization of the Petroleum Exporting Countries, Nigeria produced an average of 1.19 million barrels per day in December 2021, down from 1.26 million bpd in November 2021, based on direct communication This drop triggered a loss of about N74.51bn in oil earnings. According to OPEC data, an average daily loss of 78,000 […]Read More

Nigeria Crude Oil Production Averaged 1.451 mb/d In September

The Organisation of the Petroleum Exporting Countries has said that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. OPEC made this known in its Oil Market Report for October 2021s saying that it is an increment of 156 barrels per day when compared to the 1.296 million barrels per day […]Read More