NIGERIA’S oil sector is in urgent need of salvaging. The drop in crude oil production from 1.32 million barrels per day in February to 1.23mbpd in March, per OPEC, means that output plunged by 91,000bpd. This translates to a loss…
Nigeria’s crude oil production witnessed the second consecutive monthly decline since the beginning of this year, as it dropped to 1.231 million barrels per day in March, the Organisation of Petroleum Exporting Countries stated on Thursday. OPEC disclosed this in…
The reduced crude oil exports by Nigeria and Iraq in March caused a plunge in oil output by the Organisation of Petroleum Exporting Countries last month. A survey by Reuters on Monday showed that OPEC pumped less crude in March,…
The upward trend in oil and gas exploration activities persisted in February as the rig count, an index of measuring upstream activities, rose year-on-year, YoY, by 23 per cent to 16, in February 2024, from 11 in the corresponding period of…
The number of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown. Figures released by OPEC indicated that…
Nigeria’s crude oil production rose in February, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 12 members of the organisation, OPEC, averaged 26.57 million barrels per day (mb/d) in February 2024, higher by…
Nigeria’s oil output rose month-on-month, MoM, by 7.7 per cent to 1.4 million barrels per day in December 2023, from 1.3 million bpd, recorded in the preceding month of November 2023. Year-on-year, YoY, the December output represents 16.7 per cent…
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said at the weekend that Nigeria remains on track to surpass the crude oil production quota handed down to the country by the Organisation of Petroleum Exporting Countries (OPEC).Last…
In spite of massive official and back channel spending on oil assets protection in the Niger Delta, Nigeria’s crude oil production declined year-on-year, in the first eight months of 2023, compared to the same periods in 2020, 2021 and 2022.…
THIS DAY. The Organisation of Petroleum Exporting Countries (OPEC) Fund has announced that it will contribute $14.3 million to Phase II of the feasibility study for the Nigeria-Morocco Gas Pipeline estimated at $25 billion. This is coming as the Nigerian…