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Tag: crude oil

OPEC+ Resolves To Continue With Gradual 400,000 bpd Oil Output Hikes

Organisation of the Petroleum Exporting Countries (OPEC)
Nigeria’s quota hits 1.753m daily production in May US plans release of 1m barrels per day to lower rising prices The Organisation of Petroleum Exporting Countries (OPEC) again resolved yesterdayRead More

Barkindo: OPEC Has No Capacity To Compensate For Loss Of Russian Oil

OPEC Secretary General, Dr. Mohammad Sanusi Barkindo
Producers’ group may keep to 400,000bd incremental plan With Russia now becoming a pariah nation, the Organisation of Petroleum Exporting Countries (OPEC) said yesterday that it would be difficult toRead More

Kyari: Nigeria’s Economy No Longer Dependent On Oil Revenues

NNPC Group Managing Director, Mallam Mele Kyari
Says country not ready for electric vehicles Barkindo insists oil to remain relevant in foreseeable future The Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mallam MeleRead More

2019 Audit Query: Auditor General Revealed 107 Million Barrels Of Crude Oil Missing

Auditor General, Adolphus Aghughu
The audit report of the Auditor General for the Federation has revealed that the defunct Nigerian National Petroleum Corporation (NNPC) failed to account for about 107,239,436.00 barrels of crude oilRead More

FG Urges Turkey To Invest In Nigeria’s Onshore Oil Assets

Minister of State for Petroleum Resources, Chief Timipre Sylva
The Nigerian government yesterday called on the Turkish authorities to look at the prospect of funding major oil and gas projects in the West African country, against the backdrop ofRead More

NCDMB: Afreximbank Invested Over $42bn In African Enterprises In Five Years

Nigerian Content Development and Monitoring Board (NCDMB)
Africa must address funding, technology, other limitations to achieve energy security, says Sylva The Nigerian Content Development and Monitoring Board (NCDMB) yesterday disclosed that the African Export-Import Bank (Afreximbank) hadRead More

NEITI: Companies Owed FG N1.32trn In 2020, Oil Revenue Dipped By 40%

Nigeria Extractives Industries Transparency Initiative (NEITI)
$394bn remitted to government in 10 years, 4% of Nigeria’s gas production unaccounted for The Nigeria Extractives Industries Transparency Initiative (NEITI) yesterday revealed that oil companies’ liabilities to the federationRead More

Nigeria Recorded Biggest Oil Disruption In Months, Loses 7.5m Barrels In January

Crude oil
NNPC exceeds pipeline maintenance cost by N324m Nigeria has recorded its highest monthly crude oil loss in a long time as a result of disruptions due to maintenance, community issuesRead More

Massive Oil Theft, High Pipeline Repairs Cost, Bleeding Nigeria’s Economy

Oil pipeline
At 200,000bpd, over $29bn lost to theft in six years Over N700bn expended on repairs, maintenance A combination of huge oil pipeline repairs cost and a high-level crude oil theftRead More

FG Rejects Two Cargoes Of Adulterated Petrol Imported From Belgium

Organisation of the Petroleum Exporting Countries (OPEC)
STI SYMPHONY makes U-turn off coast of Guinea OPEC’s production drops by 700,000bpd Following the circulation of adulterated petrol in Nigeria, which damaged vehicle engines last week, the federal governmentRead More