In a puzzling trend, Nigeria’s oil sector is experiencing contradictory developments. While the number of operational oil rigs has surged by 27 percent, the country’s crude oil production has plunged to its lowest point in the first quarter of 2024
Data from the Organisation of Petroleum Exporting Countries (OPEC) showed Nigeria’s rig count, an index measuring upstream activities, surged by 27 percent year-on-year (YoY) to 19 rigs in March 2024.… Read the rest
The Nigerian Copyright Commission has seized three shipping containers of 3,000 cartons of pirated books with a conservative market value of over N300m.
The Director-General of the commission, Dr John Asein, disclosed this in a press statement made available to the News Agency of Nigeria in Abuja on Sunday.
Asein said the containers were intercepted in collaboration with NCC enforcement partners – the Nigeria Customs Service and the Department of State Services – at Onne Port, Rivers State.… Read the rest
Sequel to the decline in the nation’s crude oil production, the Petroleum Technology Association of Nigeria (PETAN) says it has commenced moves to showcase potentials in Nigeria’s oil and gas industry with the view to attract fresh investments to close the industry’s underproduction gap.
The Association said the country is under producing to the tune of at least 500,000 barrels per day, which is equivalent to $15 billion and hundreds of trillions of naira in excess of the national budget per year.… Read the rest