40 h. ago Unsold 92m barrels of crude puts Nigeria’s N19.6trn oil revenue at risk

Nigeria’s oil sector, the lifeblood of its economy, is grappling with a burgeoning crisis as a staggering 92 million barrels read more Unsold 92m barrels of crude puts Nigeria’s N19.6trn oil revenue at risk

Politics

3 d. ago IOCs Bypass Direct Crude Oil Supply To Dangote Refinery, Others

International Oil Companies (IOCs) operating in Nigeria have continued to bypass direct crude oil supply to local refineries, even as the nation grapples with an estimated 60 million barrels of stranded crude oil on the high seas. This persistent disconnect was compounding Nigeria’s struggle to ramp up domestic refining capacity and maximise oil revenues. LEADERSHIP […]

Politics

8 d. ago NNPC Ltd unveils $60bn investment target, 2m bpd oil production

From Adewale Sanyaolu The Nigerian National Petroleum Company (NNPC) Limited has announced ambitious goals to attract $60 billion in sectoral investment and achieve a daily crude oil production of two million barrels per day (bpd). Group Chief Executive Officer Bayo Ojulari shared these targets at a townhall meeting held at NNPC Towers in Abuja on […] The post NNPC Ltd unveils $60bn investment target, 2m bpd oil production appeared first on The Sun Nigeria.

Politics

1 week ago BREAKING: Again, Dangote Refinery Slashes Petrol Price To N835 Per Litre

The Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol from N865 to N835 per litre. The price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. […]

Politics

2 w. ago JUST IN: Crude Oil reserves hit 37bn barrels, gas soars to 210.54TCF – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has declared the country’s official petroleum reserves position, revealing a staggering 37.28 billion barrels of crude oil and condensate alongside an eye-popping 210.54 trillion cubic feet of natural gas. This was disclosed on Friday in a press release titled “The Declaration of Annual National Petroleum Reserves Position as of Read More

Politics

2 w. ago Nigeria’s oil revenue threatened by price drop to $59 per barrel

The price of crude oil has dropped to $59 per barrel, the first decrease since February 2021. According to reports on Wednesday, Brent crude, global oil price, fell by 5.09 percent to $59.62 per barrel at 12.30 WAT, while the US West Texas Intermediate fell by 5.54 percent to $56.28 per barrel. The fall in […] The post Nigeria’s oil revenue threatened by price drop to $59 per barrel appeared first on The Sun Nigeria.

Politics

2 w. ago Goldman Sachs Slashes Oil Price Forecast To $58/b On Recession Fears

Goldman Sachs has slashed its oil prices forecasts again and now expects Brent Crude to average below $60 per barrel next year, at $58, amid recession risks, slowing demand, and more supply from the OPEC+ producers. The investment bank had previously forecasted oil demand growth at 600,000 barrels per day (bpd) this year but now […]

Economics

3 w. ago Heirs Energies advises Congo on 500,000 p/d oil crude production target

Heirs Energies Chief Executive Officer Osayande Igiehon has advised the Republic of Congo on its plan to ramp up crude production to 500,000 barrels per day. Igiehon spoke on African energy leadership at the inaugural Congo Energy & Investment Forum held recently in Brazzaville. Speaking on the themes ‘Energy & Investment Outlook’ and ’Field Development Read More

Politics