The Federal Government projected that about $22.82 billion would be invested in 1,068 oil and gas projects approved between 2022 and 2023, the Chief Executive Officer of Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has disclosed. The projects, which span across the broad spectrum of the hydrocarbon resources value chain, hold socioeconomic benefits […]
The International Energy Agency (IEA) has projected that supply cuts by some oil producing countries may not affect oil surplus in 2024. The head of the agency’s oil markets and industry division, Toril Bosoni, was quoted in a news report by Reuters as making the forecast on Tuesday during an interview. Bosoni, who shared some […]
The Nigerian National Petroleum Company Limited (NNPCL) reported via its official X account on Tuesday that 131 crude oil theft incidents were recorded in the oil facilities within 7 days of operations in the nation’s upstream subsector. According to the report, during the one week period, there were 24 illegal connections, 43 illegal refineries, 17 […]
The Nigerian National Petroleum Company Limited (NNPCL) has reported that between October 7 and 13, 205 crude oil theft incidents were recorded across oil-producing locations in the Niger Delta region. The company gave these figures during its weekly ‘Energy and You’ series on the NTA News Network. According to the report, there were various illegal […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that Nigeria’s crude oil production decreased to an average of 998,602 barrels per day (bpd) in the month of April 2023. Data released by the commission on the hydrocarbon resources output in the month under review, showed that the country produced 1.2 million (mbpd) April, comprising […]
The Organisation of Petroleum Exporting Countries (OPEC) has projected that in order to sustain oil and gas sector’s contribution to global energy needs, investments should increase by $500 billion yearly in the sector from now to 2045, implying about $12.1 trillion investment during the period. The oil cartel’s forecast was contained in its 2022 World […]
…..Says Policy On Gas Emission Reduction Underway The Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has expressed optimism that Nigeria can meet the Organisation of Petroleum Exporting Countries’ (OPEC’s) oil production quota, in spite of the current insecurity challenges in the upstream sector of the hydrocarbon resources industry. […]
Latest reports by the Organisation of Petroleum Exporting Countries (OPEC) have indicated that Nigeria’s crude oil exports in the first quarter this year were 22.658 million barrels lower than the approved quota for the country. This implies that despite the Nigerian government’s desire to boost revenue, the country lost about of N1.22 trillion based on […]
Nigeria’s crude oil grade, Bonny Light, on Tuesday traded at $116.1 per barrel at the international oil market. This is even as the Nigerian government has, over the past months, been struggling to meet its OPEC-approved oil quota. The latest OPEC’s Monthly Oil Market Report (MOMR) for March 2022, Nigeria’s crude oil production dropped to […]
The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day (bpd) quota for Nigeria. Also, the oil cartel revised Angola’s daily production to 1,435,000 bpd while Saudi Arabia and Russia topped the list with 10.331 million bpd quota. The oil cartel’s latest quota adjustments showed that oil producing countries’ production had been […]