Nigeria’s oil production increased to 1,426,574 barrels per day in January 2024.
The country’s drilling performance was published in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The figure represents the highest production level since March 2021 when output was 1,428,613 bpd.
According to the NUPRC data, output rose by 91,476 bpd in Januay 2024 — a 6.85 percent increase compared to the production figure of 1,335,098 bpd in December 2023.… Read the rest
Nigeria inched closer to actualising her oil production output target of 1.8 million barrels per day with about 177, 000 bpd increase in production recorded in January.
The Chairman, Senate Committee on Local Content Senator Natasha Akpoti-Uduaghan, has emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act.
Natasha Akpoti-Uduaghan, who said this at an interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja, said the development was necessary in order to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.… Read the rest
The Port Harcourt Refining Company Limited, PHRC, has received a supply of 475,000 barrels of crude oil from the Shell Petroleum Development Company of Nigeria Limited through its Bonny Oil & Gas Terminal, BOGT.
Dr Osagie Okunbor, the Country Chair of Shell Companies in Nigeria and Managing Director of Shell Petroleum Development Company of Nigeria Limited (SPDC), disclosed this in a statement on Monday.… Read the rest
President Bola Tinubu has appointed the board and management team of the Nigerian National Petroleum Company Limited.
This was disclosed by the Special Adviser to the President, Media and Publicity, Ajuri Ngelale, via a tweet by the Special Assistant to the President on Social Media, Dada Olusegun, on Monday.
The statement read, “In compliance with Section 59 (2) of the Petroleum Industry Act, 2021, President Bola Tinubu has approved the appointment of a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL) with effect from December 1, 2023.”… Read the rest
The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, says the construction of the Nigeria-Morocco Gas Pipeline Project which aims to link European market is expected to begin in 2024.
Under this project, Gas is expected to be transported through the participating countries, including Nigeria, Benin, Togo, Ghana, Côte d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, The Gambia, Senegal, Mauritania, and Morocco.… Read the rest
The price of crude oil fell on Monday as investors awaited the Organization of the Petroleum Exporting Countries (OPEC) meeting later in the week for an agreement to curb supplies into next year.
Brent crude futures fell 39 cents, or 0.5 percent, to $80.19 a barrel by 0728 GMT, while U.S. West Texas Intermediate crude futures were at $75.10 a barrel, down 44 cents, or 0.6 percent.… Read the rest
The National Oil Spills Detection and Response Agency (NOSDRA) has said that 3000 barrels of oil lost at Egina FPSO was due to export hose failure.
On Sunday, November 26, Mr. Idris Musa, the Director-General/Chief Executive Officer of NOSDRA spoke with the News Agency of Nigeria and provided an update on the 3000 barrels of oil spill that occurred at Egina. … Read the rest
Executive Director of Policy Alert, Tijah Bolton, has lamented that the Petroleum Industry Act, which promised respite for oil host communities has worsened the frustration of communities in the Niger Delta.
Bolton stated this in Port Harcourt at the weekend during a workshop organised by Budgit Foundation on the ‘Cost of Corruption in the Extractive Industry’.
He said: “Most of what we see is environmental degradation, we see a lot of poverty, and conflict in these communities as a result of the invasion of their communities by oil and gas multinationals.… Read the rest
Africa’s most populated country is set to draw the battle line with OPEC+ and its allies as Africa’s largest oil producer aims for higher oil output, despite Crude prices falling in the past month as hopes of more supply cuts by the oil cartel were largely offset by a delay in the meeting.
Brent crude prices fell to $80 a barrel in the early hours of Monday despite a weaker reading in the dollar index, while U.S.… Read the rest