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Excess Crude Account Falls By 89%
According to a statement by the Ministry of Finance, Budget and National Planning, Nigeria’s excess crude account has declined by 89 per cent in the last eight years, moving from $4.1 billion in November 2014 to $472,513 in the same period of 2022. The ECA’s balance as of November 23, 2022, stood at $472,513.64. The…
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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…
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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…
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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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Crude Oil Exports Jump by 194%
Figures from the Foreign Trade Report of the National Bureau of Statistics had said that Nigeria’s crude oil exports jumped to N5.6 trillion in the first quarter of 2022. This reflects nearly 200 percent increase when compared to the same period in 2021. NBS said that Nigeria’s total merchandise trade stood at N13 trillion in…
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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…
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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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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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Tenets Of The Newly Signed Petroleum Industry Law
President Muhammadu Buhari on Monday, August 16, 2021, signed into law the long-awaited Petroleum Industry Bill as confirmed in a statement signed by Femi Adesina, Special Adviser on Media and Publicity to the President. Before now, there have been various iterations of the Petroleum Industry Law. The PIB started as an omnibus bill back in…