Following several failed attempts to resolve pending issues, crude oil refinery operators have confirmed that the volume of crude oil required for the production of refined petroleum products by modular refineries is not being met by the Federal Government.

It was also gathered that all functional modular refineries in Nigeria are refining below capacity and making losses daily.

“All (modular refineries) are refining below capacity and making losses daily, as the only feedstock currently available to them is what those that have marginal fields are producing, or what they can buy from indigenous companies around them that have marginal fields,” said Dolapo Kotun, the Deputy Chairman of the Crude Oil Refinery Owners Association of Nigeria (CORAN).… Read the rest

Increased crude production by Iran, Nigeria and Iraq, inspired a boost in the August production by the Organisation of Petroleum Exporting Countries, the group said.

Oil production from the 13 members of the organisation, OPEC, averaged 27.45 million barrels per day (mb/d) in August 2023, higher by 113 thousand barrels per day (tb/d) on a month-on-month, OPEC said in its Monthly Oil Market Report released Tuesday.… Read the rest

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday announced the outcome of the bidding exercise for the Nigerian gas flare commercialisation programme.

The Nigerian government launched the National Gas Flare Commercialisation Programme in 2016 to involve third-party investors or off-takers in harnessing gas released as a byproduct of oil production.

The programme was one of the government’s initiatives to drive the attainment of zero routine gas flaring by 2035 and net zero emissions by 2060 in the country.… Read the rest

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), is seeking partnership with key petroleum stakeholders, to effectively manage gas flaring in the country.

RMAFC Spokesperson, Mr Christian Nwachukwu, who disclosed in a statement on Monday in Abuja, said the aim was to boost the country’s revenue profile.

Nwachukwu said that the commission made the proposal when it received delegates from the Nigeria Upstream Regulatory Commission ( NUPRC), and the Nigerian Oil Spill Detection and Response Agency (NOSDRA).… Read the rest

The 650,000 barrels per day Dangote Refinery is yet to begin production after the August commencement date, earlier announced by the President, Dangote Group, Aliko Dangote.

While delivering his speech at the official commissioning of the refinery by former President Muhammadu Buhari in May, he said, “Your excellencies, distinguished guests, our first product will be in the market before the end of July or beginning of August this year.”… Read the rest

The Nigerian Oil Spill Detection and Response Agency (NOSDRA) has stated that Nigeria from 2011 to 2021 recorded a loss of over $22.9 billion to gas flaring.

Adeshida, who underscored the need for proper monetisation of gas flaring in Nigeria said, the Country flared more than 4.2 billion standard cubic feet of gas leading to the Country’s loss of more than $14.6 billion from 2012 to 2021.… Read the rest

The absence of the CEO of NNPC Limited, Mele Kyari, on Monday, stalled the investigation by the committee of the House of Representatives into the acquisition of OVH Energy by the Nigerian National Petroleum Company Limited (NNPCL).

Mr Kyari and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (MMDPRA), Farouk Ahmed, were last week summoned by the committee over the deal.… Read the rest

THE oil and gas industry was, weekend, thrown into controversy over the sale of Eni’s subsidiary, Nigerian Agip Oil Company Limited, NAOC, oil assets – Oil Mining Lease, OMLs 60, 61, 62, and 63 – to Oando Oil Limited, OOL.

The controversy is based on the fact that ExxonMobil was previously stopped from selling its  entire share capital of Mobil Producing Nigeria Unlimited, MPNU, to Seplat Energy Plc.… Read the rest

Sahara Energy International Singapore, a Sahara Group Company, has called for more collaboration on gas development to accelerate the nation’s march towards energy transition, as well as the entire continent of Africa.

The call was made during the collaboration hosted by Sahara Energy with Nigeria’s Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, Permanent Secretary of the ministry, Amb. Gabriel Aduda, Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority  (NMDPRA), Farouk Ahmed, and Executive Director, Finance, NMDPRA, Abiodun Adeniji.… Read the rest

NIGERIA’s oil production rose by 8.4 percent in the month of August to 1.41 million barrels per day compared to 1.30 million barrels per day recorded in July.