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Nigeria Loses 2.5tr Oil Barrels In 4 Years
According to data from the Nigeria Natural Resource Charter, Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years. Another separate data from the National Oil Spill Detection and Response Agency showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021. The Ministry of…
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‘Nigeria Lost $2.77bn To Crude Oil Theft In 2019’
The Nigeria Extractive Industries Transparency Initiative has said in its latest audit report that Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019. The report on Oil and Gas was presented to the Media and Civil Society Organisations by Mr George Abiye, Assistant Director, Oil and…
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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…
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OPEC Members Loses $1tr in Revenue In Two Years
Members of the Organization of the Petroleum Exporting Countries, including Nigeria, lost about $1trillion in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this at the 2021 Nigeria International Petroleum Summit said oil sector investments during the period crashed by $300billion. “In terms of foregone…
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NNPC: Oil Export Revenue Plunged By 98% In April
The Nigerian National Petroleum Corporation has said crude oil export proceeds dropped by 98 percent in April, compared to March 2021. It said that the total revenue from crude oil exports in April fell to N723m from the N35.72bn generated in March. “No remittance to Federation Account in April for May 2021 FAAC due to…
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Nigeria To Account For 23% Of New Projects In Africa
A data and analytics firm, Global Data, has projected an increasing revenue in Nigeria by 2025 as the country would account for 23 percent of new projects in the oil and gas industry. The firm said these projects within the next five years, would boost the revenue of the country. In the report entitled: ‘Africa…
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Fuel Marketing Companies Revenue Drop
At least five of the major oil marketing companies in the country saw their total revenue drop by N331.54billion in 2020 amid the impact of the COVID-19 pandemic. The companies saw their combined revenue for the financial year 2020 fell to N768.46billion from N1.10trillion in the previous year. The financial statements of six major oil…