Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that Nigeria lost $34 billion in the last two and a half years due to the fall in production from the assets being divested by ExxonMobil to Seplat Energy, a transaction still awaiting approval by the federal government.
Lokpobiri made the disclosure in Lagos, during his keynote speech at the Second Quarter Dinner of the Petroleum Club, with the theme, “Funding Our Way out of the Crisis: Looking up to the Oil and Gas Sector.”… Read the rest
The Port Harcourt Refining Company Limited (PHRC) remains dormant despite assurances from authorities that it would commence operations approximately two weeks ago. Citizens, anticipating relief from the energy crisis, were disappointed by the delay in the refinery’s activation.
Stakeholders had hoped that the revitalization of the Port Harcourt refinery, along with others in Warri and Kaduna, would alleviate the country’s energy challenges and reduce the need for petroleum imports.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that the country’s oil and gas reserves stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022.
At a press conference in Abuja, Engr. Gbenga Komolafe, Chief Executive Officer of the commission, said robust policies are in place to enhance and streamline oil and gas operations in the nation.… Read the rest
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
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