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Tag: crude oil

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

Why we lost our most-valued crude oil customers – FG

  The Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has revealed why the country lost its most valued crude oil customers. FG on Thursday revealed that Nigeria lost its most valued crude oil customers, while some of its gas buyers now compete with the country in the same market. […]

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

Oil price drops to $86/barrel

The worldwide price of Brent, the global benchmark for crude, Sunday dropped to $86 per barrel even as all oil grades witnessed reduced prices on the first day of the week. This development occurred amid the recent efforts of the Organization of Petroleum Exporting Countries to stabilize the cost of the commodity. OPEC’s September 2022 […]

Oil Theft: Nigeria loses $150m every two days
Oil and Gas

FG loses N32bn to oil terminals shutdown daily

A recent report has revealed that Nigeria loses as much as N32 billion daily as a result of the shutdown of three crude oil export terminals. The PUNCH reported that the government closed a combined capacity of 580, 000 barrels per day from the three terminals. A breakdown of the losses revealed that a total […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Oil production: Angola, Libya overtake Nigeria, says OPEC

The Organisation of Petroleum Exporting Countries has disclosed that Angola and Libya have overtaken Nigeria after oil production in the West African country plunged to 972,000 barrels per day in August 2022. This was disclosed by the OPEC in its September 2022 report which also confirms the figures released recently by the Nigeria Upstream Petroleum […]

Oil theft: More illegal pipelines uncovered in Delta
Oil and Gas

Shell discharges five oil barrels into Ogoni

After an operation failure, the Shell Petroleum Development Company discharged five barrels of crude oil into the Bodo community in the Gokana Local Government Area of Rivers State. The spillage which was said to be 98 per cent water was confirmed by a report of a Joint Investigation Visit. According to The PUNCH, the report […]

Oil production: Angola, Libya overtake Nigeria, says OPEC
Oil and Gas

Nigeria lost oil worth N101bn in July – OPEC

Data from the Organisation of Petroleum Exporting Countries has revealed that Nigeria lost N101 billion worth of oil in July 2022. OPEC’s report on Thursday tied the loss to the drop in Nigeria’s crude oil production which plunged by 2.3 million barrels in July 2022, unlike the previous month. In its latest Monthly Oil Market […]

Why oil theft estimates are unrealistic- Navy
Oil and Gas

Nigeria’s crude oil output drops below expectation – Report

A financial service company, Vetiva, has decried that Nigeria’s crude oil output has fallen below expectation despite efforts by the Organisation of Petroleum Exporting Countries to unwind production caps. The PUNCH reported that Vetiva, in its half-year economic outlook titled “A strange labyrinth”, cited operational and security challenges as the reason for the development. An […]

Why oil theft estimates are unrealistic- Navy
Oil and Gas

Firm prepares fresh investment in oil, gas sector

Solewant Group says it is now entering the next phase of its extensive development through investments and expansions in the oil and gas sector. Report according to The Punch confirmed that the company also said it was committed to providing steel pipe, metals, and speciality coating solutions as an outstanding business partner to top oil […]

Senate probes Niger Delta oil theft
Oil and Gas

EFCC partners marketers to curb oil theft in Niger Delta

The Independent Petroleum Marketers Association of Nigeria has sought the support and intervention of the Economic and Financial Crimes Commission in curbing oil theft and pipeline vandalism in the Niger Delta. This request was made on Monday, May 16, 2022 in Port Harcourt, Rivers State, by the Chairman of IPMAN, Hon. Bello Binna, who paid […]

OPEC+ lacks capacity to raise oil prices, says expert
Oil and Gas

OPEC raises Nigeria’s oil production quota despite low output

The Organisation of Petroleum Exporting Countries on Thursday raised the crude oil production quota approved for Nigeria again, as it increased it from 1.753 million barrels per day in May 2022 to 1.772 million barrels per day in June. OPEC had earlier raised Nigeria’s oil production quota from the 1.735 million barrels per day target […]

Why oil theft estimates are unrealistic- Navy
Oil and Gas

Oil price rises as OPEC projects steady demand growth

Brent, the global benchmark for crude oil, rose marginally in price on Thursday, as the Organisation of Petroleum Exporting Countries projected that the demand growth for oil would continue this year. Industry figures showed that Brent moved up by $0.77 or 0.72 per cent to $107.57/barrel at about 7.13pm Nigerian time. It had traded around […]

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