The upward trend in oil and gas exploration activities persisted in February as the rig count, an index of measuring upstream activities, rose year-on-year, YoY, by 23 per cent to 16, in February 2024, from 11 in the corresponding period of 2023.
Also, on month-on-month, MoM, the exploration indicated marginal growth of 6 per cent from 15 in January, 2024, according to the March 2023 Monthly Oil Market Report, MOMR of the Organisation of Petroleum Exporting Countries, OPEC.… Read the rest
On Tuesday, President Bola Tinubu appointed Dr. Dayo Mobereola as the new Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), with an initial term of four years, subject to renewal.
This decision came following the conclusion of Mr. Bashir Jamoh’s tenure as the head of the agency, according to a statement by the Presidency of the Federal Republic of Nigeria’s X account.… Read the rest
Nigeria’s self-reported crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC) was underwhelming in February, but rose 9 per cent year-on-year, a THISDAY review of data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown.
Production was curtailed in almost all of the country’s oil terminals including; Bonny, Brass, Qua Iboe, Forcados, Excravos, Odudu, Tulja-Okwuibome, among several others.… Read the rest
State-owned Nigerian National Petroleum Company (NNPC) has sought assistance from the EFCC to curb oil theft and pipeline vandalism in Nigeria.
During a meeting held in Abuja last week, NNPC chief executive Mele Kyari informed the EFCC of the disturbances in the oil-rich Niger Delta region. He said: “We have deactivated 6,409 illegal refineries in the Niger Delta region. Today, we have disconnected up to 4,846 illegal pipes connected to our pipelines out of 5,543 such illegal connection points.… Read the rest
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
At the time of drafting this report, the May delivery of Brent crude oil futures increased by 40 basis points to $85.66 a barrel.… Read the rest
The country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.
At a media forum yesterday Major Energy Marketers Association of Nigeria(MEMAN), complained that the perplexity of the forex market uncertainty has stopped members from embarking on Premium Motor Spirit (PMS), known as petrol importation.
They said, it is not easy to put together a correct mathematical calculation of the products landing cost as to further determine the appropriate pump price.… Read the rest
The House Committee on Shipping Services of the House of Representatives has assured that the new Shippers Council bill which has past the second reading at the lower chamber will be signed into law by June this year.
The Committee also promised that they are working on the establishment of a maritime bank to ease financial services of stakeholders in the maritime industry.
A new report has listed the United States as the world’s highest methane emitter, despite sending a number of delegations to convince Nigeria and other fossil fuels-rich African countries to abandon their natural resources.
The International Energy Agency (IEA) in its latest report said that the US was followed by Russia and then China, which is one of the biggest coal energy users in the world.… Read the rest
Thenumber of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown.
Figures released by OPEC indicated that the country’s oil rigs increased from 15 in January to 16 in February, a development which industry operators described as significant for the production of crude.… Read the rest
Billion-dollar new port and marine projects in Nigeria in their preliminary development stages are contending with higher cost of borrowing funds, depreciation of the naira, and foreign exchange volatility.
With the recent adjustment in the benchmark interest rate by the Central Bank of Nigeria by 400 basis points to 22.75 percent, experts say investors would find it difficult to source funds to invest in marine projects.… Read the rest