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Tag: crude oil

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 […]

Oil companies get 26 divested licenses in 10 years
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FG failing to meet refineries’ crude oil demands – Operators

The Federal Government is not supplying the amount of crude oil needed for the modular refineries to produce refined petroleum products, according to the facilities’ operators. According to The Punch, it was also discovered that all of Nigeria’s operational modular refineries are currently operating below capacity and incurring daily losses. Modular refineries are more efficient and require […]

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

How FG lost N1.9trn to oil theft in July – Report

Crude oil theft may have cost the country an enormous N1.9tn in revenue loss in July. The estimate was reached when the National Security Adviser, Nuhu Ribadu, led a presidential delegation to tour oil and gas installations at Owaza in Abia and Rivers State last week. According to Ribadu, Nigeria is losing 400,000 barrels of […]

Oil and Gas

Nigeria lost 165k oil barrels daily in five months – Report

Nigeria lost 165,000 barrels per day due to crude oil production disruptions between January and May 2023. The African Energy Chamber gave this information in its Q2 State of African Energy report, which was published in August 2023. According to the research, Nigeria’s unplanned outages from January through May cost the nation roughly 165,000 bpd […]

Business

Analysts predict crude oil won’t sell $90/barrel

Some oil market analysts have predicted that the price of crude oil is not anticipated to reach $90 per barrel this year due to factors like a decreased likelihood of deeper supply cuts by the Organisation of the Petroleum Exporting Countries and its allies and China’s record-high crude oil stocks. The price of Brent crude, which acts […]

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Crude oil hits $84 per barrel – Report

Brent, the international benchmark for crude oil, hit a high of $84 a barrel on Wednesday, fueling concern that Nigeria’s pump price of Premium Motor Spirit, also known as petrol, will rise again in the coming weeks. According to The Punch, crude oil prices, which are a key factor in determining the cost of refined […]

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

Crude oil production hits 1.48mbpd in June – NUPRC

Nigeria produced 1.48 million barrels per day of crude oil in June 2023, including 55,088 and 176,030 bpd of blended and unblended condensates, respectively, according to the National Upstream Petroleum Regulatory Commission. This is 3.5% and 5.71% more oil than it produced in May 2023 and June 2022, when it produced 1.43 and 1.40 million barrels […]

Delta security personnel seize large vessel with stolen crude oil
Oil and Gas

Delta security personnel seize large vessel with stolen crude oil

The pipeline surveillance security company, Tantita Security Services Limited has intercepted a large vessel called “MT Tura 11”  carrying 150 metric tonnes of stolen crude oil on Escravos Sea in Delta State. According to The Punch, the private security company which is run by the former militant leader High Chief Government Ekpemupolo a.k.a. Tompolo, detained the 500 metric tonne vessel early […]

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