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FG partners IEA on gas emissions cut, energy cooperation

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Tag: crude oil

Oil and Gas

Nigerian oil firms mandated to supply 483,000 bpd of crude oil to local refineries

The Nigeria Upstream Petroleum Regulatory Council has issued new regulations requiring oil producers to send around 483,000 barrels per day of crude oil to nearby refineries during the first half of 2024. This program is part of the efforts of Africa’s largest crude oil exporter to secure a steady supply for domestic processing. The Dangote oil refinery and […]

Monthly petrol import drops by 990m litres - Minister
Business

Oil prices surge following Red Sea attacks

Oil prices shot up three per cent Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen’s Iran-backed Huthi rebels. US stocks meanwhile sought to continue last week’s rally on expectations that the US Federal Reserve will cut interest rates next year, though it appears to have lost steam […]

Crude hits $83 as Nigeria's export passes 1.4mbpd
Oil and Gas

Crude oil exports make up 82.50% of Nigeria’s foreign trade in Q3 2023 – NBS

Nigeria’s foreign trade in Q3 of 2023 was 82.50% oil exports. This is based on the National Bureau of Statistics’ Foreign Trade Statistics Report. In the third quarter of 2023, crude oil exports accounted for the lion’s share of Nigeria’s export earnings. At ₦8,535.61 billion, these exports of crude oil accounted for approximately 82.50% of […]

How DHQ recovered stolen 500k litres of crude oil one week
Oil and Gas

How DHQ recovered stolen 500k litres of crude oil one week

The Defence headquarters has stated that it recovered almost 500,000 gallons of stolen crude oil in one week. According to The Times, the Director of Defence Media Operations, Maj.-Gen. Edward Buba, provided some significant updates during a press briefing regarding the military’s operations on Thursday, November 23, in Abuja, He reported that throughout the last week, the […]

NNPC, First E&P provide free healthcare in host communities
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NNPCL launches new crude grade, ships 1.9m/b in October

The Nigerian National Petroleum Company Limited announced on Tuesday that it has introduced a new crude oil grade called “Nembe” and that two 950,000 barrels of its maiden shipment had been sent in October. The Punch reported that the first cargoes of the new grade were sold to France and the Netherlands, according to a […]

Business

Boost economy by increasing oil production, expert tells FG

The Group Managing Director of Eterna Plc, Dr. Gabriel Ogbechie, has highlighted that raising Nigeria’s crude oil output is a way to address the country’s current economic problems. According to The PUNCH, he said these during a roundtable discussion at the 29th Edition National Economic Summit in Abuja. The discussion, under the title “Igniting Growth: Energy and […]

Oil and Gas

Crude oil stays at $90/barrel

Brent crude went up to $90 per barrel on Friday, October 13, according to a study of crude oil prices around the world, and it has remained above that level ever since. The Times reported that the price of a barrel of Brent crude as of Sunday morning, October 15 was $90.89. There are many causes for […]

Oil and Gas

NNPCL ends crude oil swap deal for petrol – Report

The Nigerian National Petroleum Company Limited has discontinued the crude oil exchange deal for petrol and has started using cash tenders for the purchase of fuel for the first time in ten years. According to Reuters, this change, which is consistent with President Bola Tinubu’s reform initiatives launched in May, intends to end expensive fuel subsidies […]

Oil production increases to 1.35m barrels/day
Oil and Gas

Oil production increases to 1.35m barrels/day

  By Wilson Adekumola Nigeria’s crude oil output reportedly rose to 1.35 million barrels per day in September 2023, as the country pumped its highest volume of crude oil this year. This was revealed in latest figures obtained from the Nigerian Upstream Petroleum Regulatory Commission on Wednesday, showing that the country’s output in September was […]

Oil production increases to 1.35m barrels/day
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23 oil blocks failed to produce crude in 2021 – NEITI

At least 23 oil blocks managed by both international and local oil firms failed to produce or remain inactive in 2021. This is according to a recently-released oil and gas industry report released by the Nigeria Extractive Industries Transparency Initiative. According to The PUNCH, these oil blocks operate under crude oil Production Sharing Contracts with […]

Army discovers stolen 1m litres crude oil in Rivers
Oil and Gas

148 crude oil theft reported in one week – NNPCL

There were 148 occurrences of crude oil theft registered between September 2 and August 8, 2023, according to the Nigerian National Petroleum Company Limited. This information was delivered via the company’s official Twitter account on Tuesday, September 12. According to NNPCL, a number of incidents were discovered during the specified time period, including the discovery of […]

Nigeria to end gas flaring by 2030 - NUPRC
Oil and Gas

Nigeria produced 1.4 million bpd of oil in August 2023 – NUPRC

Nigeria produced 1. 4 million barrels of crude oil per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission. The Times reported that the figures show that in August, the production of crude oil was 1,181,133 barrels per day, the production of blended condensates was 49,306, and the production of unblended condensates was 184,225 […]

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