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
As the Nigerian National Petroleum Company, NNPC Limited, moves to end petrol scarcity in Lagos and its environs, Dangote Refinery and oil marketers have intensified efforts at taking final decisions on pricing and delivery of petrol to filling stations nationwide.
Dangote Refinery, which can refine 650,000 barrels per day, bpd of crude oil, intends to commence production and distribution of the product, the bulk of which is currently imported from the global market, in May 2024.… Read the rest
The Nigerian power sector has received assurance and approval from the federal government over settlement of outstanding debts owed to gas companies providing gas supply to the stations
The Minister of State Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo gave the assurance when he spoke at the recently organized Nigerian business community meeting with the President Ahmed Bola Tinubu in Abuja
According to him, ‘’when I came to office ,I inherited a debt in the decade of gas, and when you charge me to ensure an increase in gas provision , I have been working round the clock, to see how we can achieve that.… Read the rest
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stressed the need for the Nigerian National Petroleum Company Limited (NNPC) to explain to Nigerians how funds deployed for the drilling of oil at the Kolmani River between Bauchi and Gombe states were expended.
The Principal Consultant to IPMAN, Mr. Maurice Ibe made the call Wednesday night while featuring on the Prime Time, a programme on Arise News Channel.… Read the rest
The Petroleum Technology Association of Nigeria (PETAN) has raised the alarm that Nigeria has been losing about $15 billion daily to oil under production.
It explained that the country is underproducing to the tune of at least 500,000 barrels per day, which he said was equivalent to $15 billion and hundreds of trillions of naira in excess of the national budget per year.… Read the rest
The Nigerian Gas Association (NGA) has commended the Federal Government for the recent gazetting of three pivotal policy directives, heralding a monumental leap towards unlocking investments in the oil and gas sector.
These directives comprise multifaceted strategies, including introducing fiscal incentives for non-associated gas, midstream, and deepwater developments, streamlining the contracting process to compress the contracting cycle to six months, and applying local content requirements without hindering investments or cost competitiveness.… Read the rest
One year after Lekki Port, Nigeria’s first deep seaport, commenced commercial operations, the port has welcomed 75 vessels and handled over 100,000 containers, the management has said.
The port, which marked one year since it officially, commenced commercial operations on April 1, 2024, has also facilitated over 25,000 transshipments of cargo destined for neigbouring West African countries.
According to a statement on its official X handle @LekkiPort, the past year has been a remarkable journey for Lekki Deep Sea Port since the berthing of GSL Alice on 6th April 2023.… Read the rest
Electricity tariff hike looms as the Federal Government recently announced that the new price of natural gas for power generation companies is now $2.42 per metric million British thermal unit, higher than the previous rate of $2.18mmbtu.
Nigeria generates over 70 per cent of its electricity from thermal power plants that are fired by gas. Therefore, the rise in the cost of the commodity may lead to a hike in the tariff payable by power consumers once the Nigerian Electricity Regulatory Commission carries out another tariff review.… Read the rest
The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by the Dangote Petroleum Refinery.
It was gathered on Tuesday that the $20bn worth refinery started pumping out diesel to the domestic market last Wednesday.… Read the rest