Nigeria’s daily crude production to rise by 160,000 barrels
Nigeria's crude production may rise further by additional 160,000 barrels per day (bpd) with the completion of Pan Ocean Oil Corporation Nigeria Limited’s three oil and gas infrastructure. Although Federal Government key assumptions and micro-framework for the 2019 budget is based on a projection of 2.3 million bpd oil production, oil price benchmark of $60/b…
Senate okays FG’s mid-term expenditure framework, police fund bill
The Senate yesterday passed the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government prior to the passage of the N8.83 trillion 2019 budget.
New revenue template exposes alleged NNPC’s lax probity
The new revenue template for revenue-generating agencies of government that came into existence last November may have exposed the alleged tardiness in accountability at the Nigerian National Petroleum Corporation (NNPC). The Federation Accounts Allocation Committee (FAAC) document revealed that the development was largely responsible for the past squabbles between the agency and the states, who…
Nigeria earns $640.35m from Crude export in Oct – NNPC
The Nigerian National Petroleum Corporation (NNPC) says the country earned 640.35 million dollars from the export of crude oil and gas for the month of October, 2018.
Crude oil: A blessing too much
The good old days are gone when the groundnut pyramids in northern Nigeria were a major contributor to the economy. They were the admiration of everyone from far and near; one of the pride of the nation.
‘60m barrels of crude oil stolen from Nigeria’
Human rights lawyer, Femi Falana (SAN) yesterday said about 60.2 million barrels of crude oil were stolen from the country between 2011 and 2014. Speaking at the 40th anniversary of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Falana noted that the stolen product passed through the Philadelphia Port in the United…
Nigeria records 20 unsold crude cargoes as trade slows
Nigerian crude market is still stuck with an overhang of close to 20 unsold cargoes from the 58-strong October loading programme...
The structural problem with the Nigerian economy
It is election season and it is safe to say that policy making has taken the back seat with electioneering now the core focus of elected officials. It is also the season when politicians make election promises, sometimes based on deep reflection of the issues but sometimes just out of thin air. Regardless of the…
17 years after, Nigeria-Sao Tome’s JDZ remains unproductive
The commercial viability of over 500 million barrels of crude oil reserves stranded in the Nigeria–São Tomé and Príncipe Joint Development Zone (JDZ) has been called to question, as the region is yet to produce its first oil 17 years after discovery.
Crude oil sells at $78.24 as output peaks
• China guarantees $2.8b for NNPC’s pipeline project Members of the Organisation of Petroleum Exporting Countries (OPEC) last month produced 32.74 million barrels of crude oil per day, as price rose sharply to $78.24. Considering the looming impact of the trade war between the United States and other major economies, including Iran, China and the…
Nigeria’s oil exports to hit four-month high in October
Nigeria’s oil exports are expected to rise to their highest in four months in October, thanks to supply of several larger grades coming back online following a series of pipeline outages in the last couple of months.
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…