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Nigeria’s Oil Output Rises By 17%
According to the December 2022 Monthly Oil Market Report, MOMR, of the Organisation of Petroleum Exporting Countries Nigeria’s oil production increased month-on-month, MoM, to 1.186 million barrels per day in November 2022. This is up about 17 per cent from 1.014 mb/d in October 2022. This is the second consecutive MoM rise in output following…
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Oil Production Hits 1.18mbpd In November
The latest oil production figures obtained from the Nigerian Upstream Petroleum Regulatory Commission have shown that Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022. This represents the highest output by the country in the past seven months. Also, the country’s output increased by 171,119 barrels per day in November…
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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.…
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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 output drops 13.3% to 1.3 mbpd
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This is a decrease of 13.3 percent compared to 1.5 million bpd recorded in the corresponding period of 2021. According to the May 2022 Monthly Oil Market Report, MOMR, of OPEC, Nigeria remains…
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Nigeria’s Oil, Gas Reserves Spike
Figures released by the Nigerian Upstream Petroleum Regulatory Commission, have shown that the country’s oil reserves increased by 0.136 billion barrels to 37.046 billion barrels as of January 31, 2022. Nigeria’s gas reserves also grew by 2.09 trillion cubic feet to 208.62TCF as of January 31, 2022, according to data released by the NUPRC. Announcing…
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Nigeria Made N374.8bn From Gas Sale In 2021
Reports obtained from the Nigerian National Petroleum Company Limited showed that Nigeria made about N361.43 billion from gas export and N13.36bn from domestic gas sale in 2021. The data from the oil firm showed that the Federal Government through NNPC garnered the funds from the sale of Natural Gas Liquids/Liquefied Petroleum Gas, as well as…
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2,119 Mining Companies Owe N2.76bn Service Fees
According to the Nigeria Extractive Industries Transparency Initiative, 2,119 companies operating in the country’s solid minerals industry were indebted to the federation to the tune of over N2.76billion. NEITI disclosed this in its latest report of the mining sector for the year 2020, noting that Nigeria earned N624.45bn from the industry in 13 years. The…