Tags : Oil&Gas

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

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 […]Read More

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 […]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 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 […]Read More

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 […]Read More

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 […]Read More

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 […]Read More

Nigeria Spent $1.04bn On Fuel Imports In 2021

According to data obtained from the Central Bank of Nigeria,foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020. Fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate and the […]Read More

Nigeria’s Crude Oil Earnings Hit N12.4tn In 11 Months

Between January and November 2021, Nigeria produced a total of 440.774 million barrels of crude oil valued at about N12.4tn. An analysis of the latest oil production data released by the Federal Government showed that the Federal Government raked in about N12.4tn from crude oil alone sales during the review period. This is contained in […]Read More