Crude oil
Nigeria’s oil earnings are projected to experience a substantial boost, potentially reaching ₦6.9 trillion monthly, as the country’s oil production continues to rise. This development is expected to have a positive impact on the nation’s economy. The increase in oil production is attributed to the efforts of the Nigerian National Petroleum Company Limited (NNPC) to […]
The Nigerian National Petroleum Company Limited has disclosed that another 63 illegal refineries were discovered and confiscated in the past week. It was revealed in a documentary that the fight against oil theft was yielding results. According to the NNPC, about 177 incidents were recorded between August 3 and 9 by different incident sources, like […]
Between January and July 2024, Nigeria lost an average of 437,000 barrels of crude oil daily, worth about $10bn due to theft, vandalism, and other criminal activities, the House of Representatives declared on Thursday. As a result, the House of Representatives Special Committee on Oil Theft and Losses commenced investigations into the illegal lifting of […]
Nigeria may add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy. On Thursday, the NNPCL confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over the […]
The Federal Government has said it was unaware that billionaire Aliko Dangote’s Dangote Refineries imports its crude oil from the United States of America (US). Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), said this in Abuja on Thursday at the Ministerial Sectoral Updates to mark President Bola Tinubu’s one year in office. Lokpobiri […]
Latest report by Meristem Research has projected an increase in Nigeria’s oil production in 2024 barring any significant, unexpected shock to the sector in the year. The 2024 Annual Outlook entitled: ‘Setting Sail for Gradual Recovery’, lamented the persistent challenges, including pipeline vandalism, illegal oil bunkering that led to the Rumuekpe-Nkopu explosion, oil theft, and […]
Nigeria’s crude oil production fell last month after two consecutive months of increase, putting a damper on the government’s drive to ramp up its foreign exchange earnings and stabilise the naira. Crude oil production declined to 1.56 million barrels per day in October, indicating a 0.65 per cent drop from the preceding month, a new […]
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