Dangote refinery to save $7.5bn through import substitution
The construction of the 650,000 barrels of crude oil per day Dangote Refinery is expected to help Nigeria save over $7.5 billion through import substitution. The project, will put Nigeria on the global map as major oil and gas hub in Africa, the Group Executive Director, Devakumar Edwin, has hinted. Nigeria currently imports large amount…
How FG loses crude earnings to IOCs metering
The Federal Government’s reliance on the International Oil Companies (IOCs) to determine the quantity of oil production is negatively affecting the country’s crude earnings.
Crude oil prices defy forecast, hit $78.18
Global crude oil prices is gradually moving towards reaching the $80 per barrel mark, as Brent hits $78.18, while Nigeria’s Bonny Light was sold at $77.54 per barrel during late trading hours on Monday. At Nigeria’s current crude oil production of two million barrels per day, the country earns estimated $155.080 million (N55.828 billion) at the…
On the crude oil revenue fiscal rule
Unless you have not been paying attention at all, you probably know that the Nigerian economy is dangerously dependent on crude oil. Not in the sense that it is the only thing we do, but there are sections of the economy that are completely reliant on crude oil.
Scientists advance cleaning up crude oil of spills with bacteria, mushrooms
Petrochemical or crude oil spillage in oil rich Niger-Delta Region of Nigeria has been linked to greater risk of developing different types of cancer, congenital heart defects among other ill effects due to exposure of the inhabitants to toxic pollutants. Until now, there have been several efforts and promises by the Federal Government and oil…
Fishing in oily waters: Bodo’s long, painful wait for pollution clean-up
Michael Mpari, 45, came out of the polluted waters in the creeks of Bodo, a community in Gokana Local Government area in Ogoni, Rivers State, drenched in crude oil from head to toe, carrying a broken 25 litre plastic container on his head and fishing net on his shoulder. Dejection was written all over his…
Reserves inch closer to $47b on stable oil price
The positive development in international price of crude oil and the producers’ cut agreement have continued to strengthen Nigeria’s external reserves buffer and supporting the currency defense of the Central Bank of Nigeria (CBN). The commodity has now recorded improved global demand on the back of optimistic growth outlook and sustained by the production cut…
Nigeria upstages Angola in crude oil production
Nigeria has steadily overtaken Angola as the top oil and gas producer in Africa, with an increased out put of 91,500 barrels per day (bpd) in February 2018.
Nigeria realises N3.254tr in Q4 of 2017
Nigeria realized N3.254trillion from crude oil export in the fourth quarter (Q4) of 2017, representing 83.2 per cent of the highest proportion of the country’s total exports during the period under review.Besides, the country spent N380.4billion on importation of mineral fuel in the same period.
U.S. may halt crude oil import from Nigeria
Nigeria saw a significant reduction in the US imports of its crude in recent years, starting from 2012, following the shale oil production boom.The U.S. imported a total of 28.53 million barrels of crude oil from Nigeria in the third quarter of last year....