nigeria crude oil news

Indications are that Nigeria loses not less than 100,000 barrels of crude oil daily to oil thieves and vandals, just 14,000bpd less than the total production managed by Equatorial Guinea in May 2019. This development, which is believed to responsible for the steep production decline (-92tbpd)...

According to a new report by the Organisation of Petroleum Exporting Countries, Nigeria’s crude oil reserves fell by 481 million barrels to 36.972 billion barrels in 2018. The 2019 annual Statistical Bulletin of the oil cartel revealed that Nigeria’s oil reserves stood at 37.453 billion...

The 5,000 barrels per day modular refinery being developed by Waltersmith Refining and Petrochemical Company Limited would be completed in May 2020. The project has equity investment support from the Nigerian Content Development and Monitoring Board (NCDMB). This date was confirmed by …...

Nigeria’s Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, disclosed that the Federal Government had recovered no less than N1.2 trillion in unpaid royalty from crude oil sales, following the Ministry’s automation initiatives. The post Nigeria recovers N1.2tr unpaid oil …...

Nigeria’s crude oil daily production is up by 9 per cent to about 2.09 million barrels. Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru said this maintained a line of consistent year-on-year improvement. Dr. Baru, in a comprehensive end-of-year-message...

Nigeria recorded the highest crude oil loss in the last 18 years with an average of 245 million barrels of oil going down the drain in 2016. Oil pipeline Statistics from the latest audit report of the Nigeria Extractive Industries Transparency Initiative, NEITI, revealed that the huge …...

The House of Representative Committee on Petroleum Downstream chaired Joseph Akinlaja on Wednesday commenced investigation into petitions on shady oil exploration contract worth N91 trillion. The House had on the 6th June, 2018 mandated the Committee to investigate the activities of NNPC as...

Human rights lawyer, Mr. Femi Falana, yesterday said it was shameful that there was no accurate record of the volume of crude oil being produced in Nigeria daily. Falana spoke at an interactive Media Roundtable...... Read more via Newtelegraph – https://ift.tt/2JtQvWe Get More Nigeria...

More details emerged last weekend on reasons the Federal Government, for the second time this year, extended contracts for its 330, 000 barrels per day crude swap for 10 crude Refiners/traders. The swap contracts, known as Direct Sale Direct Purchase...... Read more via Newtelegraph –...

Nigerian crude oil differentials were largely unchanged yesterday, after a series of offers from Shell for October-loading cargoes drew no buyers, and even BP, which has been an active bidder this week, showed unwillingness to pay higher prices. Shell was said … Read more via The Guardian...

Unarguably, the African continent is home to five of the top 30 oil producing countries in the world. Nigeria, with a maximum crude oil production capacity of 2.5 million barrels per day, ranks as Africa’s largest producer of oil and the sixth in the world. Regrettably, the country’s … Read...

Economic activities in the country could witness a further uptick in the last quarter of the year as crude oil exports are forecast to hit a 5 month high of 1.73 million barrels per day in October. Increased crude oil imports impact the … Read more via Nairametrics – https://ift.tt/2wm8xUj...

Nigeria’s oil exports are expected to rise to their highest in four months in October, thanks to supply of several larger grades coming back online following a series of pipeline outages in the last couple of months. Loading of Nigerian crude … Read more via The Guardian Nigeria Newspaper –...

There are indications that Nigeria’s oil has been over-supplied as 30 unsold cargoes await buyers in the international market.... Read more via Vanguard News – https://ift.tt/2PukEqT Get more: Nigeria Business News

The Catholic Bishop of Sokoto Diocese, Most Rev. Matthew Kukah, has raised concern over the way the nation’s crude oil has been used in the last 60 years, saying the country has yet to achieve major development with oil revenue. Kukah stated this in Lagos at … Read more via Punch Newspapers...

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has confirmed huge benefit accruing to the country following the replacement the offshore processing arrangement (OPA) and crude oil swap with the Direct Purchase of Petroleum Products (DSDP). According to the minister, the country...

‎Federal Government has revealed plans to shore up oil revenue resources by increasing annual oil production to 1 billion barrels per day,according to Ibeh Kachikwu. Nigeria’s Minister of state for Petroleum Resources ‎Kachikwu while speaking at the ongoing Nigerian Content Seminar in …...

The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020... Read more via The Guardian Nigeria Newspaper – Nigeria and World News – https://ift.tt/2Kthzsg Get more...

The group managing director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has disclosed that the country has set a target of increasing its crude oil reserves from the current 37 billion barrels to 40 billion barrels by 2020. Read more via Leadership Newspaper –...

The $3.3 billion Floating Production Storage Offloading (FPSO) unit for the 200,000 barrels per day capacity Egina Deepwater oilfield, which arrived in Lagos in January this year from South Korea, will finally depart to the Egina oilfield in the coming weeks, THISDAY has learnt... Read more...