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Tag: crude oil

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 […]

Oil and Gas

Brent declines amid slow economy

US crude oil rose around 3% on Wednesday, closing the price gap with global benchmark Brent in a post-holiday reaction to production restrictions imposed by Saudi Arabia and Russia on Monday. According to Reuters, after increasing by $1.60 on Tuesday, Brent crude was down 64 cents, or 0.8%, at $75.61 a barrel by 0913 GMT. […]

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
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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 […]

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