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Tag: Oil and Gas

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
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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 […]

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, […]

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 […]

Gas flare fine hits N44.4bn in six months - FG
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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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 […]

Petrol imports from Russia records 84% increase - Report
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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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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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 […]

Pension funds climb by 22% to N18tn - NAICOM
Oil and Gas

NAICOM, operators to inspect local content in oil industry

The benefits and difficulties of putting the requirements of the Nigerian Oil and Gas Industry Content Development Act into practice will be discussed by stakeholders and regulatory organizations in the oil and gas industry as well as the insurance sector. “The National Insurance Commission has agreed to facilitate discussion at the 2023 National Conference on […]

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