Oil and Gas Archives - Page 2 of 5

Chinese, Nigerian energy firms sign $1bn gas flaring deal

NOSDRA proposes N19bn fine for gas flaring by oil companies

The National Oil Spill Detection and Response Agency has stated that oil companies that fail to reach the country’s zero gas flare rate may face fines of up to N19.4 billion (N768.77/$). The Punch reported that the N19.4bn fine showed that the companies flared 12.7 million standard cubic feet of gas in July 2023. This […]

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31st August 2023
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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 […]

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26th August 2023
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NEITI to release old data, says global body

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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 […]

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17th August 2023
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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 […]

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16th August 2023
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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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12th August 2023
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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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31st July 2023
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Oil and Gas

Gas flare fine hits N44.4bn in six months – FG

The Federal Government reported on Friday that the entire gas flare fines collected from oil and gas businesses since January 2023 is $85.1 million, or N44.4 billion at the time’s average exchange rate of N521.2 to the dollar. According to the Punch, as flare fees were intended to serve as a deterrent to encourage greater compliance and the […]

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29th July 2023
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Shell warns against oil theft, sabotage

The Shell Petroleum Development Company of Nigeria Ltd. has issued a warning against sabotage and crude oil theft. The warning came as three Delta State host communities — Ogulagha, Iduwini Delta, and Iwereland – launched their development trusts in Warri on Thursday. The Petroleum Industry Act, which became law in 2021, established trusts as the […]

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28th July 2023
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Oil and Gas

Petrol imports from Russia records 84% increase – Report

Data on Nigeria’s fuel obtained from Argus West Africa Oil shows that the country’s imports from Russia surged by 84% in a year to 3.8 million liters (24,000 barrels) in 2023 from 558,300 liters (3,700 barrels) in 2022. According to The Punch, after the European Union, the United Kingdom, and the United States imposed oil […]

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27th July 2023
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Marketers predict fuel hike as crude hits $84/barrel

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 […]

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27th July 2023
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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 […]

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27th July 2023
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Fuel import drop by 1bn liters in seven months – Report

Oil and Gas

Forex, foreign crude prices account for more than 80% of fuel pump costs – MOMAN

The Major Oil Marketers Association of Nigeria has noted that over 80% of the current increase in petrol pump prices is attributed to foreign exchange and global crude pricing. This was mentioned in a press release from the Association dated July 19. According to MOMAN, the exchange rate and the price of crude oil on the […]

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19th July 2023
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Tag: Oil and Gas

NOSDRA proposes N19bn fine for gas flaring by oil companies

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

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

NNPCL secures $3bn emergency oil loan for naira relief

SNEPCo MD predicts gas scarcity by 2030

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

Gas flare fine hits N44.4bn in six months – FG

Shell warns against oil theft, sabotage

Petrol imports from Russia records 84% increase – Report

Marketers predict fuel hike as crude hits $84/barrel

Crude oil hits $84 per barrel – Report

Forex, foreign crude prices account for more than 80% of fuel pump costs – MOMAN

Aiteo partners PETROMOC for new refinery project in.

Imo Airport makes history with first international flight.

Soviet-era spacecraft ‘likely’ re-entered Earth’s atmosphere – Report

GPUs are the ‘currency’ for AI researchers –.

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