Most crude oil produced in Nigeria’s Niger Delta region now come from Production Sharing Contracts (PSCs), a recent report by the Nigerian National Petroleum Corporation (NNPC), has disclosed. The NNPC in its monthly operations and financial report for September 2018, explained that that between August 2017 and August 2018, the volume of oil produced from…
A study carried out on the operational status of the over 5,000 kilometres of pipeline network belonging to the Nigerian National Petroleum Corporation (NNPC) across the country, has revealed that the pipeline network would need $12 billion to be replaced or $1.1 billion to be fixed. Sponsored by the United Kingdom-funded Facility for Oil Sector…
Nigeria’s deepwater oil field, Egina, achieved first oil production late on Saturday, raising the country’s daily oil production above 2.09 million barrels in December 2018, the Nigerian National Petroleum Corporation has announced. With the Organization of Petroleum Exporting Countries (OPEC) latest output cut resolution taking effect Tuesday, January 1, Nigeria’s daily oil production should now…
Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in 2018, translating to a 9 per cent increment, compared with the 2017 average daily production of 1.86 million barrels. Pitched against the low-level daily crude oil production in 2016 and what obtains now, Nigerian National Petroleum Corporation (NNPC) Group Managing…
A total of 42 oil block licences held by some international and indigenous operators will expire this year, data obtained from the Department of Petroleum Resources on Monday showed. OML 114, operated by Moni Pulo Limited, will be due for renewal this month, while OML 115, whose operator is Oriental Energy Resources Limited, will expire…
Nigeria’s Minister of State for Petroleum Resources, Mr Ibe Kachikwu, has said the Federal Government generated over $2 billion from the renewal of oil block licences. The former Group Managing Director the Nigerian National Petroleum Corporation (NNPC), said the funds will be used to implement the nation’s budget. “We have actually asked for early renewals,…
The federal government has set a target which aims at achieving a 40 per cent energy switch from the consumption of Premium Motor Spirit (petrol), Dual Purpose Kerosene (kerosene) and Automotive Gas Oil (diesel), to the use of Liquefied Petroleum Gas. Under the arrangement, efforts are being intensified to promote the wider use of LPG…
The Nigerian National Petroleum Corporation (NNPC) has said it imported 15,874,734.82 metric tons of Premium Motor Spirit (PMS) otherwise called petrol through the Direct Sales Direct Supply (DSDP) arrangement in 2018. The national oil company added that the figure represents 62per cent increase over the 2017 supplies of 9,807,264.61 MT, even as it revealed it…
Activity was focused on a handful of small tenders on Thursday with sellers staying on the sidelines as demand has yet to resurface following the holiday period. Chinese demand has been weaker for the latest month’s cargoes and inventories are high, traders said. Nigerian oil marketing firm MRS awarded its sell tender for a cargo of…
A Niger Delta militant group that styles itself as Koluama Seven Brothers, on Sunday, said it carried out a “warning” strike on an oil facility owned by energy company, Conoil in Bayelsa. The attack was carried out on Friday, by the new group. The Nigeria Security and Civil Defence Corps confirmed that a blast was…
