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Tag: Oil and Gas

Oil and Gas

How Nigeria-Dubai non-oil trade hit $2.1bn in 2022 – Report

The President of the Dubai Chamber, Mohammed Lootah, has stated that the bilateral commerce between Nigeria and Dubai in non-oil products reached a value of $2.1 billion in 2022. The Punch reported that he said this at the New Horizons Trade Mission in Nigeria, which took place in Lagos on Thursday. Held in collaboration with the Lagos […]

Business

Nigeria’s oil demand to decline by 61% – AA Holdings

The Chairman of AA Holdings, Austin Avuru, has said that there would be a 61% decline in the global market demand for Nigerian crude oil by 2060. According to The Punch, this statement was made during the pre-conference workshop of the Nigerian Association of Petroleum Explorationists 2023 conference, which was held in Lagos recently and had as its […]

Oil and Gas

Oil price hits $93/barrel – Report

The price of Brent jumped on Wednesday, reaching nearly $93/barrel after circling around $87/barrel the previous week. This was due to recent industry data showing an increase in Nigeria’s oil revenues of N273.8bn in September. According to The Punch, while Brent surged to $92.7 per barrel at 11:01 a.m. Nigerian time, Murban crude, and WTI crude both […]

Business

FG approves first oil exploration license under PIA

The Federal Government has granted TGS-PetroData Offshore Services Limited a Petroleum Exploration Licence, the first of its kind under the Petroleum Industry Act 2021. According to The Punch, It stated that the license was in accordance with Sections 71 (1) through (10) of the PIA and had been awarded by the Nigerian Upstream Petroleum Commission. […]

Oil companies get 26 divested licenses in 10 years
Oil and Gas

Oil companies get 26 divested licences in 10 years

Over the past ten years, 26 oil mining licences in the Niger Delta basin have been purchased by Nigerian oil companies. The Punch reported that the executive secretary of the Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote, said this on Wednesday at the Abuja Energy and Labour Summit for the 2023 Petroleum and Natural Gas […]

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

FG removes oil production constraints to tackle divestments

The Federal Government announced on Thursday that it was lifting all restrictions for oil exploration and production as part of efforts to stop foreign oil corporations from leaving Nigeria. According to The Punch, while hosting the leadership of the Independent Petroleum Producers Group and the Oil Producers Trade Section at his office in Abuja, the […]

Tinubu vows to fix Nigeria's oil, gas challenges
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Tinubu vows to fix Nigeria’s oil, gas challenges

    President Bola Tinubu conveyed a message of assurance to international investors on Tuesday, stating his commitment to addressing the challenges within Nigeria’s oil and gas industry, drawing from his own experience in the sector. As a result, he emphasized that Nigeria is currently more open for business opportunities than ever before. President Bola […]

Oil and Gas

Oil, gas contributed 5.34% to Nigeria’s GDP – Report

Nigeria’s oil and gas sector generated only 5.34% of the country’s Gross Domestic Product. Its contribution was lower than in the equivalent time of 2022 and the previous quarter, 6.33% and 6.21%, respectively. This is according to the most recent GDP data, which the National Bureau of Statistics released on Friday, August 25. According to the NBS […]

NEITI to release old data, says global body
Business

How Nigeria earned $742bn oil revenue 21 years – NEITI

Nigeria gained $741.5 billion and N635.3 billion from the oil/gas and solid minerals sectors, respectively, over 21 years, according to the Nigeria Extractive Industries Transparency Initiative. According to The Punch, the executive secretary of NEITI, Ogbonnaya Orji, made this announcement at a stakeholders roundtable the organization convened in Abuja for the evaluation and approval of NEITI 2021 […]

NNPC, First E&P provide free healthcare in host communities
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NNPCL secures $3bn emergency oil loan for naira relief

Juliet Buna The NNPC Limited on Wednesday disclosed that it has signed a Commitment Letter and Term Sheet with AfreximBank for an emergency $3 billion crude oil repayment loan. The company said the agreement was jointly signed by both parties at the bank’s headquarters in Cairo, Egypt. NNPC Limited, in a statement made available to […]

SNEPCo MD predicts gas scarcity by 2030
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SNEPCo MD predicts gas scarcity by 2030

The Managing Director of Shell Nigeria Exploration and Production Company Limited, Elohor Aiboni, forecasts a three billion cubic feet per day gas supply crisis in Nigeria by 2030. Speaking in Lagos at the Nigerian Council of the Society of Petroleum Engineers’ annual conference in 2023, Aiboni warned that despite having the largest proven gas reserves in Africa, […]

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