The Chairman, House of Representatives Committee on Finance, Honourable James Abiodun Faleke on Tuesday, described Nigeria’s $48 per barrel crude production cost as the highest in the world.

This is as he put the cost of production of crude oil per barrel at $9 in Saudi Arabia, $21 in Norway and $24 for the United States of America, adding that despite the increase in production cost, the volume of production has continued to dwindle.… Read the rest

The volume of crude transported through the Trans-Niger Pipeline (TNP) – which is Nigeria’s biggest oil pipeline has, returned to an improved uptime as government’s security measures wade off oil thieves in the oil – rich Niger Delta region.

The improvement has seen crude transported through the pipeline increase to more 200,000 barrels/day in the last 6 months.

It has also ramped up the utilisation of Nigeria Liquefied Natural Gas Limited (NLNG) Trains 1-6 from 57% in 2023 to 70% in Q1 2024.… Read the rest

Crude oil earnings by the Federal Government increased by about N449.93bn in the months of December 2023 and January 2024, an analysis of data in the latest reports on Nigeria’s oil production, on Sunday, showed.

Although the Nigerian Upstream Petroleum Regulatory Commission has yet to release oil production figures for February 2024, its latest data so far indicates that Nigeria’s oil output maintained a northward movement in the months of December 2023 and January 2024.… Read the rest

Major oil marketers under the aegis of the Major Energies Marketers Association of Nigeria (MEMAN) have complained that the dollarization of some charges by government agencies like the Nigeria Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) and others, is affecting the supply and distribution of petroleum products.

It stated that the country’s petroleum products distribution and supply chain may face more challenging complexities going by current foreign exchange market intricacies.… Read the rest

President Bola Tinubu has approved three new directives in the oil and gas sector to introduce fiscal incentives for related projects, reduce contracting costs and timelines, and promote cost efficiency in local content requirements.

This followed “extensive engagements, analyses, and benchmarking with other jurisdictions” a statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, read Wednesday.

The statement is titled ‘President Tinubu signs executive orders on oil and gas reforms.’… Read the rest

Aliko Dangote is reportedly in the process of establishing an oil trading division, potentially situated in London, aimed at managing the crude and product supply chain for his upcoming refinery in Nigeria, according to six informed sources who spoke to Reuters.  

This strategy is expected to diminish the influence of the largest trading companies in the world. These companies have been in discussions for an extended period, seeking to secure financing for the refinery and supply crude oil, in return for the rights to export its products. … Read the rest

Dangote Refinery has ramped up its stock of imported crude oil from the United States as a second cargo as a second shipment of US light sweet crude oil was headed to Nigeria on Friday for delivery to the refinery, according to a trader and ship tracking data.

This is coming as indications emerged at the weekend that Nigeria’s efforts to raise crude oil production continued to yield results during the February circle, with output for the month rising by approximately 60,000bpd during the month.… Read the rest

The Nigerian Maritime Administration and Safety Agency (NIMASA) has noted that the federal government waste management project with XPO Marine Services Limited will enhance the economic growth of the country.

XPO Marine Services, a provider of offshore marine support services to the oil and gas industry, recently entered a Public Private Partnership (PPP) with the country for the establishment of an offshore waste recovery facility.… Read the rest

Brent, the global benchmark for crude oil, witnessed a rise in price in the past three days, crossing $84/barrel on Friday, after trading for an average of $80/barrel in the past weeks.

Its price rise came at a time the Nigerian government announced a new crude oil production target of 2.5 million barrels per day, a development that would really grow the foreign exchange fortunes of the country if met.… Read the rest

Local activists and international environmental groups want Nigeria’s government to delay approving the sale of oil company Shell’s onshore assets, claiming Shell is trying to shirk its environmental and social responsibilities in the highly polluted Niger Delta.

The London-based company is trying to sell its subsidiary Shell Petroleum Development Company — which operates its onshore assets in the delta — to Renaissance Africa Energy Company, a consortium of local companies.… Read the rest