Category: Oil & Gas
Nigeria loses N1.22tn to deficit oil production —Reports
Nigeria was unable to produce about 22.658 million barrels of crude oil valued at N1.22tn in the first quarter of this year due to its persistent inability to meet the crude oil production quota approved for the country by the Organisation of Petroleum Exporting Countries.
Oil production: Nigeria leads Q1 shortfall, World Bank cites sabotage
According to the bank, Nigeria has a shortfall of 500,000 barrels per day, while Angola and Russia both have a shortfall of 300,000 barrels per day.
ION awarded five-year contract with Brunei Shell Petroleum for a digital solution to manage Marine Logistics
The solution will be delivered utilizing the MarlinTM software suite and will include vessel monitoring, berth management, and visual reporting tools for material supply workflows.
Oil theft affecting govt finances, naira stability —Mike Obadan
The Central Bank of Nigeria disclosed this in a report by a member of the Monetary Policy Committee, Prof. Mike Obadan, who dealt with the topic ‘Is derugulation the solution to the forex / exchange rate problem?’
We don’t know exact daily petrol consumption —FG
As a country, we still cannot tell the exact volume of Premium Motor Spirit, popularly called petrol, which we consume on a daily basis, the Federal Government has said.
FG advocates for a multi-track energy transition programme
Sylva said Nigeria will remain at the vanguard of the crusade for a multifaceted energy transition timetable that will attract more investments for Africa while taking cognisance of the current global energy transition in the direction of renewable energy.
High price of diesel
Today, it is dispensed at about N720-N730 per litre. This is a dilemma for Nigerian manufacturers who had hitherto been operating under a most inclement business climate. Indeed, this is the essence of the manufacturers’ plea to government for help.
Subsidy deduction: Allocation Committee meets today as NNPC action threaten states’ allocations
The planned deduction of N242.53bn fuel subsidy from the Federation Account this month by the Nigerian National Petroleum Company Limited is raising uncertainty among states as the Federation Accounts Allocation Committee is scheduled to meet on Tuesday (today).
Subsidy may increase by 100% as FG’s benchmark oil price doubles
The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022.
Nigerians to spend N6.7tn on petrol in 2022, NLC, Senate fault N5,000 palliative
Nigerians will spend about N6.732tn on the purchase of Premium Motor Spirit, popularly called petrol, within a period of 12 months once the Federal Government stops subsidising the commodity from February next year, investigations have revealed.