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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…
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How Africa’s Low Production Output Is Affecting OPEC’s Crude Supply Deal
Member states of the Organization of Petroleum Exporting Countries (OPEC) are struggling to meet up with the rising global demand following the de facto embargo on Russian supplies by many refiners. Last year, OPEC agreed to boost global oil production by 400,000 barrels per day, after cutting production by a record 10 million barrels per day…
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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…
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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…
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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…
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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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Oil Production Fell by 10.25 Percent In 10 Months
The Nigerian National Petroleum Corporation has Nigeria’s total crude oil and condensate production from January to October 2020 fell by 10.25 percent when compared to similar period in 2019. The data contained in the NNPC monthly financial and operational report for November 2020 showed that for the eight months period, total oil and condensate production…