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
The Federal Government, on Friday, said the drop in Nigeria’s crude oil production was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating across the country.
It, however, stated that efforts were on to fix the pipeline, adding that this would enable the country to produce up to 1.7 million barrels per day of crude oil and condensates.… Read the rest
Libya has emerged as the highest crude oil producer in Africa following the drop of Nigeria’s output by 6.8 per cent to 1.23 million barrels per day in March 2024, from 1.32 bpd in February 2024.
On the other hand, Libya’s oil output rose by 5.4 per cent to 1.236 million bpd in March 2024, from 1.173 million bpd in February 2024, according to the Organisation of Petroleum Exporting Countries, OPEC.… Read the rest
After months to turmoil and near bankruptcy as a result of the prohibitive cost of aviation fuel, Nigerian airlines are celebrating following the news that Dangote Refinery will start supplying the product to them in the coming days.
The airlines, it was learnt, hope to gain financial momentum with expected reduction in the cost of aviation fuel as a result of the development.… Read the rest
National Association of Itsekiri Graduates has accused oil and gas giant, Chevron Nigeria Limited, of marginalization in its recent recruitment exercise, threatening the company with “showdown.”
NAIG alleged that the oil firm employed about 300 persons “secretly, in flagrant disregard to the Nigerian Oil and Gas Industry Content Development Act, 2010.”
NAIG averred that the oil company “had conducted such large scale recruitment without publishing it in any national daily or on their official website or through a third party.”… Read the rest
Exploration of crude oil exploration activities at the Kolmani Oil Field has become dormant 16 months after a presidential inauguration of exploration activities on the site.
LEADERSHIP reports that at the twilight of the administration of former President Muhammadu Buhari, precisely in November 2022, Nigerian National Petroleum Company Limited, in partnership with New Nigeria Development Company, started drilling crude oil at two oil blocks in Kolmani Oil Field, OPL809 and OPL810 accordingly.… Read the rest
A survey of oil production for the month of March carried out by S&P Global Commodity Insights, has found that Nigeria’s crude oil production declined marginally to 1.45 million barrels per day from the 1.47 million bpd the previous month.
Although, output has generally increased this year, Nigeria’s Organisation of Petroleum Exporting Countries (OPEC) production figures have been largely inconsistent.
Nigeria blames massive oil theft, declining investment in the oil and gas sector , outright sabotage, among others, as reasons for its inability to meet its current revised 1.5 million bpd output, from 1.8 million bpd in 2023.… Read the rest
Gas Oil, popularly called diesel, being produced by the Dangote Petroleum Refinery to between N700 and N850/litre, as operators plan to meet managers of the refinery next week.
The largest downstream marketing association, the Independent Petroleum Marketers Association of Nigeria, which made the call in an interview with The PUNCH, said the N1,225/litre diesel price from the indigenous refinery was high because the commodity was produced in Nigeria and not imported.… Read the rest