The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that in August this year Nigeria produced 1,414,664 barrels per day of crude oil. According to the commission, during the month under review, the crude oil production stood at 1,181,133 barrels per day while blended condensates produced was 49,306, and the produced unblended condensates stood at […]
Nigeria’s merchandize trade value in the second quarter of this year totalled N12,741.96 billion, with exports accounting for N7,015.71 billion while imports accounted for the N5,726.25 billion balance. The National Bureau of Statistics (NBS) in its ‘Foreign Trade in Goods Statistics (Q2 2023)’ report posted on its website on Friday indicated that the nation’s total […]
The Nigerian National Petroleum Company Limited (NNPCL) has clarified that its observation about the Eni SpA’s sale of a subsidiary to local producer Oando Plc is not an opposition to the deal but to ensure that all legal requirements are met in the transactions. Eni had announced on September 4 its plan to sell to […]
…..consumers to pay more for fuel, other items Oil prices at the global markets rose to a nine-year high since 2014 on Tuesday as Saudi Arabia announced the sustenance of its voluntary production cuts of one million barrels per day until the end of 2023 even as Russia also expressed its export cuts of 300,000 […]
Investment analysts at Bancorp Securities Limited, one of Nigeria’s investment research and consulting firms, have predicted that the bullish momentum that characterized trading sessions in the nation’s equities market over the past week may be reversed this week as the planned industrial action workers and other factors may impact negatively on the market’s performance. In […]
MTN Nigeria, one of the leading mobile network operators (MNOs) in the country, has signed a 5G2Business Memorandum of Understanding (MoU) with Seplat Energy to deploy 5G services to facilitate business optimization for the oil firm. The 5G2Business MoU demonstrated the advancements in business digital transformation in the country and analysts believe that the 5G will enable the oil firm to unlock […]
The Nigerian National Petroleum Company Limited (NNPCL) has reported that Nigeria recorded 164 crude oil theft incidents between August 19 and 25, 2023. The company, which made this disclosure during its weekly “Energy and You” series aired on the NTA News Network, indicated that in the period under review, it recorded a total of 41 […]
The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has assured Nigerians that the Federal Government, as part of its current efforts to end petroleum product importation soon, will ensure that the Port Harcourt refinery resumes operations by the end of this year. The minister, who was accompanied by the Minister of State […]
The National Bureau of Statistics (NBS) on Friday disclosed that Nigeria’s Gross Domestic Product (GDP) grew by 2.51% year-on-year in real terms in the second quarter of 2023, representing 0.2% points higher than 2.31% recorded in Q1 2023 but 1.03% lower compared to 3.54% recorded in the corresponding period of 2022. The statistics agency’s ‘Gross […]
The Lagos Chamber of Commerce and Industry (LCCI) has called on President Tinubu-led administration to urgently embark on institutional reforms to complement its ongoing initiatives targeted at sustaining the nation’s economic growth. The President of the organized private sector (OPS) group, Dr. Michael Olawale-Cole, made the call at the end of the 2023 Mid-Year Economic […]