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Nigeria’s oil export revenue surges to N29bn

Melvin onwubuke   Nigeria’s total oil export revenue reached N29 billion in 2023, which was a 37 per cent increase from the amount of N21.1 billion achieved last year. This is contained in the recently released foreign trade report by the National Bureau of Statistics. Further analysis showed that 80.64% of the exports recorded in […]

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

Army discovers stolen 1m litres crude oil in Rivers

The reservoir was discovered during a raid in Akwa-Odagwa in Rivers State, according to Brigadier General Garrison Commander of the 6 Division and Sector 3 Commander of Operation Niger Delta Safe, EU Effiong. According to Channels TV, near the Akwa-Odagwa Etche Local Government Area in Rivers State’s Port Harcourt, the Nigerian Army’s 6 Division has […]

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

Crude hits $83 as Nigeria’s export passes 1.4mbpd

Data from the Federal Government indicates Nigeria’s oil output surged to 1,426,574 barrels per day in January 2024. This news caused the global benchmark for crude, Brent, to rise to $83.19/barrel on Tuesday evening, moving up $1.19 from its overnight price. The PUNCH stated that, Nigeria would receive more foreign cash due to the small […]

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 […]

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