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Tag: crude oil

Oil prices surge as Saudi Arabia prepares to cut output
Oil and Gas

Oil prices surge as Saudi Arabia prepares to cut output

Saudi Arabia has announced a significant cut of one million barrels per day in its July production. The decision by the leading oil-producing nation, supported by other OPEC+ members, aims to bolster the floundering prices and restore stability to the market. OPEC+ comprises a coalition of oil-producing countries that collectively account for approximately 40% of […]

Edo refinery orders 200,000 barrels of crude
featured

Edo refinery orders 200,000 barrels of crude oil

    A contract for 200,000 barrels of crude from the Oza Oil Field, which is run by Decklar Resources Inc. and Millenium Oil and Gas Company, has been placed by Edo Refinery and Petrochemicals Company Limited. It stated that this was consistent with the efforts of Edo State Governor Godwin Obaseki to make the […]

Business

Nigeria lost 66m oil barrels to theft in one year – IOCs

Nigeria has been unable to produce and sell approximately 65.7 million barrels of oil due to pipeline vandalism and oil theft since 2023. This has resulted in a loss of potential revenue of about N2.3tn at current exchange rates and average oil prices. According to The Punch, the Chairman of Shell Companies in Nigeria, Dr […]

Oil theft: More illegal pipelines uncovered in Delta
Business

Niger Delta NGO knocks oil companies over assets sale

A non-governmental organisation under the We the People’s criticized oil companies for hastily divesting their onshore oil and gas assets and stated that it was an attempt to avoid responsibility for damaging the environment and people’s health over several years. According to The Punch, the group’s executive director, Ken Henshaw, presented a report at a […]

featured Oil and Gas

Oil prices surge as OPEC+ cuts output

The Organisation of Petroleum Exporting Countries has announced a surprise decision to cut production further, which caused oil prices to surge on Monday. Brent crude rose by 5.5% to $84.26 a barrel, after hitting $86.44, the highest it has been in a month while US West Texas Intermediate crude was up 5.6% to $79.90 a […]

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

FG discovers new locations for oil production of 681,000 bpd

The Federal Government has discovered new oil fields with a daily production capacity of 1.52 billion standard cubic feet of gas and 681,000 barrels of crude oil, respectively. According to The Punch, it disclosed this in a document put together by the Nigerian Upstream Petroleum Regulatory Commission titled “Nigerian Upstream Petroleum Sector: Value Optimization, Energy […]

Nigeria's mineral production rose by 39% in 2021 - NBS
Business

Nigeria’s crude oil production declines by 13%

The Nigerian Bureau of Statistics has  said crude oil production, which represents about two-thirds of government revenue and 90 per cent of its foreign exchange reserves, declined by 13.3% per cent against 2021 in the fourth quarter of 2022. According to the bureau’s most recent data, Nigeria produced 1.3 million lesser barrels of oil per day […]

Nigeria gained $2.6bn from non-oil export six months
Oil and Gas

Oil: Bonny light loses all gains in 2022

A report has shown that Bonny Light grade crude oil lost all of its 2022 earnings. Vanguard reported that the oil company ended the year with $81.94 per barrel, dropping 8.26 per cent from the $88.71 p/b it had been selling since January. The highest price for Bonny Light was reached in June 2022, four […]

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How Nigeria lost N16.25tn crude in 12 years – NEITI

Nigeria Extractive Industries Transparency Initiative, has revealed that the country lost 619.7 million barrels of crude oil worth $46.16 billion or N16.25 trillion in 12 years, from 2009 to 2020. It made this disclosure in a statement released on Thursday night by its head of communications and advocacy, Obiageli Onuorah. The Federal Government’s decision to […]

Oil and Gas

Nigeria may lose $23bn to crude oil theft

The National Security Adviser, Major General Babagana Monguno, has warned the Federal Government of an impending loss of about $23 billion in 2023 if the menace of crude oil theft persists in the country.   Monguno gave this warning on Tuesday, at the inauguration of a special investigation panel set up to check crude oil […]

Nigeria leads OPEC in March oil production cuts
Oil and Gas

FG targets OPEC oil quota in 2023

    The Minister of State Petroleum Resources Chief Timipre Sylva has assured that Nigeria will work hard to meet its crude oil production quota of the organisation of Petroleum Exporting Countries which is 1.8 million bpd by the end of May 2022. According to The Nation, his Special Adviser Media and Communications, Mr. Horatius […]

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