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Tag: crude oil production

Oil and Gas

Nigeria’s crude oil output drops to 1.47m barrels per day

Nigeria’s crude oil production has once again fallen below its OPEC quota. According to the Nigerian Upstream Petroleum Regulatory Commission, output dropped to about 1.47 million barrels per day in February, down from 1.54 million bpd in January. Nigeria’s oil production fell below its OPEC quota of 1.5 million bpd in February, losing an average […]

Matrix Energy seeks court order against media houses over libel claims
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Matrix Energy seeks court order against media houses over libel claims

An indigenous oil company, Matrix Energy Limited has filed a suit in the Federal Capital Territory High Court, seeking an injunction against two media houses and other parties. The company alleges that recent publications have falsely accused it of involvement in importing substandard petroleum products, which it claims are damaging to its reputation and business […]

FG threatens to revoke oil block licenses over inactivity
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FG threatens to revoke oil block licenses over inactivity

The Federal Government has issued a stern warning to companies and individuals holding oil block licenses who have failed to secure investment or commence exploration, stating that their licenses will be revoked if they do not take action. State Minister of Oil, Heineken Lokpobiri, delivered this warning in a statement on Wednesday in Abuja, addressing […]

featured News

Nigeria loses N636bn in oil revenue as production declines

Nigeria’s monthly oil outputs have been consistently low since January 2024, resulting in a revenue loss of almost N636.3 billion. According to data from a Federal Government agency, Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January of this year, however, this figure dropped to 1.25 million barrels per day in May. […]

FG eyes $20bn deal to boost oil, gas production
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FG eyes $20bn deal to boost oil, gas production

The Federal Government has announced an ambitious plan to secure a groundbreaking $20 billion investment deal aimed at revitalizing Nigeria’s oil and gas production. This announcement was made by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global […]

Military task force discovers 50 illegal oil mining sites
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Military task force discovers 50 illegal oil mining sites

The Joint Military Task Force, Operation Delta Safe, has uncovered a revelation in the fight against illegal oil activities, as they revealed the existence of 50 oil refining sites nestled within the Biseni forests in Yenagoa Local Government Area, Bayelsa State. Rear Adm. John Okeke, the commanding officer orchestrating the operation, disclosed the startling findings, […]

Energy

Nigeria oil margin hits $37 in London trade

Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward path that began last week when prices soared by almost 4% with supply anticipated to contract amid the Russia-Ukraine war. In the report, the May delivery of Brent crude oil futures surged by 40 basis points to $85.66 a barrel. […]

Oil and Gas

Port Harcourt refinery resumes operation in April – NNPCL

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, has said the Port Harcourt refinery will commence operations in about two weeks time. According to Kyari, the mechanical works at the Port Harcourt, Warri and Kaduna refineries have been completed, indicating that the Kaduna refinery will start operations in December. This […]