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How Much Is Libya Losing In Oil Field Shutdowns By Armed Groups?
Following mounting sanctions against Russia’s oil, the West has struggled with little success to contain a likely oil supply crisis, despite the surge in Brent crude price to over $109 a barrel. At the moment, the West is reliant on the boost in crude production and supply from OPEC and their allies as agreed in…
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How Africa’s Low Production Output Is Affecting OPEC’s Crude Supply Deal
Member states of the Organization of Petroleum Exporting Countries (OPEC) are struggling to meet up with the rising global demand following the de facto embargo on Russian supplies by many refiners. Last year, OPEC agreed to boost global oil production by 400,000 barrels per day, after cutting production by a record 10 million barrels per day…
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How Nigeria’s Oil Revenue Dropped In 2021
According to the Organization of the Petroleum Exporting Countries, Nigeria produced an average of 1.19 million barrels per day in December 2021, down from 1.26 million bpd in November 2021, based on direct communication This drop triggered a loss of about N74.51bn in oil earnings. According to OPEC data, an average daily loss of 78,000…
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Libya Partners With Total Energies To Build Solar Plants
Libya has initiated plans to construct a solar plant with the help of French multinational company Total Energies. Libya’s Minister for Oil and Gas, Mohamed Oun, announced the launch of the Libya Energy and Economy Summit in Tripoli. “We seek to encourage the investment of oil wealth, its good exploitation and development, and the increase…
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Nigeria Crude Oil Production Averaged 1.451 mb/d In September
The Organisation of the Petroleum Exporting Countries has said that Nigeria’s crude oil production averaged 1.451 million barrels per day in September 2021. OPEC made this known in its Oil Market Report for October 2021s saying that it is an increment of 156 barrels per day when compared to the 1.296 million barrels per day…
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Nigeria’s Oil Reserves Drops By 543 million Barrels
The Organization of Petroleum Exporting Countries in its 2021 Annual Statistical Bulletin has reported a drop of 543 million barrels in the crude oil reserves of Nigeria. Figures on world proven oil reserves by country indicated that Nigeria’s oil reserves dropped from 37.453 billion barrels in 2016 to 36.910 billion barrels in 2020. Further analysis…
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Congo To Assume OPEC Presidency In 2022
Congo is the third-largest oil producer in sub-Saharan Africa after Nigeria and Angola, with an estimated production of 336,000 barrels of crude oil per day. With 2.9 billion barrels of oil reserves and 10 trillion cubic feet of natural gas, Congo is more than ready to take over from its sitting neighbour Angola, come 2022.…
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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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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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Oil, Gas Export Revenue fell Drop in 2020
The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 percent in 2020. Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in 2019. Total revenue from oil and gas exports stood at $282.32m in February; $362.18m in…