The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria ended 2022 as Africa’s largest oil producer. According to OPEC, Nigeria in the month of December recorded a four percent increase in oil production to 1.235 million barrels per day, from 1.186 mb/d in November 2022. While on Year-on-Year, YoY performance, the nation’s oil … [Read more…]
Nigeria and several other members of the Organisation of the Petroleum Exporting Countries exceeded their oil production quotas in March, according to S&P Global Platts. Nigeria, which had also recently improved its compliance, saw a steady rise in its March exports. Nigeria produced 1.57 million barrels per day last month, a 30,000 bpd … [Read more…]
Justice E. A Obile of the Federal High Court sitting in Port Harcourt, Rivers State on Tuesday sentenced one Sa’adu Isa to two years in prison for dealing in petroleum products without licence. Isa was given summary judgement after he pleaded guilty in the case brought against him by Economic and Financial Crimes … [Read more…]
The nation’s refineries lost a total of N152.08bn in 15 consecutive months of being idle, the latest data from the Nigerian National Petroleum Corporation have shown. Analysis of data collated from NNPC monthly reports revealed that all the refineries did not refine crude oil from July 2019 to September 2020. The refineries, which … [Read more…]
The Nigerian National Petroleum Corporation on Sunday announced a total export receipt for crude oil and gas valued at $120.49m for the month of September 2020. NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, said the figure was contained in the September 2020 edition of the corporation’s Monthly Financial and Operations Report. He … [Read more…]
The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’FEMI ASU reports Since November 13, 2020 when the pump prices of Premium Motor Spirit … [Read more…]