The Managing Director (MD) of Shell Nigeria Exploration & Production Company (SNEPCo), Mrs. Elohor Aiboni, has expressed her appreciation to the leadership of the Nigerian National Petroleum Company (NNPC) Ltd and the NNPC Upstream Investment Management Services (NUIMS) for the level of collaboration geared towards maximising the potential of the deepwater assets and delivering key projects.

Nigeria churns out roughly 2 million barrels of crude oil a day, making it Africa’s top producer and the world’s thirteenth. But still, because of its feeble domestic refineries, Nigeria imports about 80 per cent of the gasoline it consumes at home, selling it at a government-fixed rate (US$0.43) that is below the international average price (US$0.97) and the landing cost determined by world oil price and cost of freight. The difference is finance in subsidy. For instance, in 2011 alone, the total subsidy amount was over $13 billion—about 3 per cent of Nigeria’s GDP that year; and N4.39 trillion last year, 2022.

Petroleum pricing is a significant issue in Nigeria, as the country heavily relies on oil for its economic stability.

Analysts expect higher oil prices The Organisation of Petroleum Exporting Countries and its allies, (OPEC+), yesterday, agreed to slash its crude production target by two million barrels a day (bpd) from November, the biggest cut since the group reduced quotas by 9.7mn b/d at the start of the Covid-19 crisis in 2020. The coalition has…