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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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OPEC: Nigeria’s Rig Count Drop In 3 Months
According to data from the Organization of Petroleum Exporting Countries, the rig count of Nigeria has dropped by 55.34 per cent in the first quarter in 2021 to 19. The rig count, a major index of measuring activities in the upstream sector, had stood at 65 in the corresponding period of 2020 before sliding to…
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Nigeria, Others Account For 65% Global Gas Flaring
The World Bank has said Nigeria and six other countries were responsible for two-thirds of global gas flaring. It said this in a statement titled ‘Seven countries account for two-thirds of global gas flaring’. According to the World Bank, “Gas flaring satellite data from 2020 reveals that Russia, Iraq, Iran, the United States, Algeria, Venezuela…
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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…
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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…
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OPEC: Nigeria, Others Reduce Oil Production By 2.6 Billion Barrels
In the Declaration of Corporation by member and non-member nations of the Organisation of Petroleum Exporting Countries, Nigeria and other participating countries have so far reduced crude oil production by 2.6 billion barrels. OPEC announced that, in order to balance the global oil market, the participating countries contributed in cutting down this volume of oil…
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Uganda To Finalize Oil Deal With Total E&P
Uganda has reached the final stage of a multi-billion dollar deal with international oil companies Total E&P and CNOOC on Sunday, government-run newspaper – The New Vision reported on Friday. The long-awaited Final Investment Decision (FID) will unlock billions of dollars of investment in Uganda’s oil and gas sector. The deal will also pave way for the…
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COVID: Nigeria May Miss N2trn Oil Revenue Target
There are indications that the Federal Government may not meet the N2.01 trillion oil and gas revenue target as captured in the 2021 budget. An expert, Mr Jimi Ogbobine, Head, Agusto Consulting, who spoke at a conference convened by First Bank of Nigeria said this is due to the low energy consumption occasioned by the…
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OPEC Predicts 6 mb/d Global Demand of Oil In 2021
The Organisation of Petroleum Exporting Countries has predicted that the global demand will increase by six million barrels per day, mb/d in 2021 despite the prolonged impact of the Covid-19 pandemic. OPEC noted that oil demand contracted by a very significant 9.5 mb/d in 2020 and it is forecasted to grow by around 6 mb/d…