Nigeria loses N151.78bn crude oil monthly – NNPC

Nigeria loses N151.78bn crude oil monthly – NNPC

Nigeria loses N151.78bn crude oil monthly – NNPC   Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation (NNPC) stated on Wednesday. Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$. From the above figures, it showed that the country was losing about N151.79bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC. Group Managing…

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Post Pandemic: DPR charts plans for Nigeria’s oil sector survival

Nigeria’s oil sector regulator, Department of Petroleum Resources (DPR) has released strategic plan and policy for the survival and success of the industry post COVID-19. Engr. Sarki Auwalu, Director/CEO of the agency, , who made this known in a Keynote Address at the Webinar organised by Future Energy Leaders Nigeria (FEL) entitled; “Nigeria Oil & Gas Sector: Surviving and Thriving Post COVID –19,” underscored four key areas the country is deploying to stay afloat despite troubles and threats posed by the Coronavirus pandemic to the economy. “There is no better…

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Indigenous oil marine vessels grow 37% in ten years

Indigenous oil marine vessels grow 37% in ten years

Nigerian-owned marine vessels for oil and gas sector operations have increased from three per cent to over 40 per cent, the federal government has revealed. The increase represent a growth of 37 per cent the last decade when total indigenous oil vessels share of the market stood as mere 3 per cent at at 2010. Timipre Sylva, Minister of State for Petroleum Resources, said this in Abuja at the third inaugural ceremony of the Governing Council of the Nigerian Content Development and Monitoring Board. Explaining some achievements of the NCDMB…

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Expected increased output overshadows OPEC+ weekend pact

Oil rally may brighten Nigeria’s outlook

 BusinessMetricsNG with wire report weakens Crude-oil futures Crude-oil futures turned lower Monday as investors focused on the prospect of increased output from some countries. This is coming even after Organisation of Petroleum Exporting Countries (OPEC) and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July. Overall compliance to the production-cut deal, which was a sticking point headed into the gathering, has been a consistent worry, experts said. A fear of a ramp-up in output from North…

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Nigerian petroluem regulator bars debtors from bidding for marginal oil fields

Africa Oil & Gas

OIL firms indebted to the Nigerian Government will not be allowed to participate in the newly launched bid round for marginal oilfields as oil firms, the Department of Petroleum Resources, (DPR) has revealed. Sarki Auwalu, Director of the DPR, in a statement, said that the 57 oil fields which are listed for bidding were small oil fields that major oil companies considered unprofitable and auctioned to indigenous companies under a competitive bidding round. “We are so impressed by the responses so far. For so long the industry has been stagnant…

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Oil hits $40, Nigeria cuts production by 216,000bpd

Nigeria loses N151.78bn crude oil monthly – NNPC

Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to $40 per barrel, as of 02:52 GMT. This came as the Minister of State for Petroleum Resources, Timipre Sylva, declared that Nigeria’s compliance to the crude oil production cut that was agreed by members and non-members of the Organisation of Petroleum Exporting Countries had reached 52 per cent. In a…

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