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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How Nigeria loses 41% in oil export proceeds

oil export proceeds

How Nigeria lost 41% in oil export proceeds   Proceeds from oil export fell by a whopping 41.44 per cent to $2.033 billion in the first nine months of 2020, compared to $3.47 billion received in the corresponding period of 2019, data from the Nigerian National Petroleum Corporation, NNPC, has revealed. NNPC had, in its September 2020 edition of the Monthly Financial and Operations Report (MFOR) disclosed that revenue from oil and gas export for the month of September, 2020, rose by 16 per cent to $120.49 million. But a…

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NNPC rakes in $120.49m crude oil revenue in September

oil export proceeds

NNPC rakes in $120.49m crude oil revenue in September   The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A statement by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, said the figure is contained in the September 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR). The $120.49 million crude oil and gas export receipt is a 16.28 per cent improvement on the…

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NNPC revenue soars 37.3% to N222.3bn in November

oil export proceeds

NNPC revenue soars 37.3% TO N222.3bn in November     The Nigerian National Petroleum Corporation (NNPC) recorded a gross revenue of N222.3 billion, excluding statutory and obligatory deductions in November 2020, latest figures from the national oil company have indicated. Documents presented by the corporation, detailing its activities to the Federation Account Allocation Committee (FAAC) meeting of 15-16 December, 2020, showed that after months of falling crude oil exports and prices occasioned by the COVID-19 pandemic, November revenues recorded about 500 per cent increase as prospects of an effective vaccine…

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Nigeria targets N2.8trn revenue with new gas project

Jaiz Bank targets N6.15bn

Nigeria targets N2.8trn revenue with new gas project Facility to provide 3.5m megawatts electricity in 25yrs   About N2.8 trillion-revenue is expected from a new 200 million cubic feet gas project being promoted by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). This revenue is expected to be made in about 25 years as the Integrated Gas Handling Facility (IGHF) and LPG Units project would contribute at least $300 million yearly, bringing revenue to about $7.5 billion (N2.8 trillion) at full output. The…

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Nigeria’s oil production value surges to $2.7bn

Nigeria’s oil production value surges to $2.7bn

Nigeria’s oil production value surged to $2.7 billion as output hit 2.49 million barrels per day at the peak of COVID-19 in April, 2020. The last time the country’s output reached this level was 15 years ago. Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, who gave this hint in Abuja, noted that the commitment of the Corporation to transparency and accountability made the high production possible. With the crude price averaging $35 per barrel, the 2.49 million daily barrel amounted to $7.15 million while…

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Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC

The Nigeria National Petroleum Corporation (NNPC) says  the country’s oil revenue target declined by N1.06 trillion due to COVID-19 and low crude oil price. Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC The NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure on Tuesday during a Nigerian Stock Exchange (NSE) oil and gas webinar with  theme as: “Perspectives of Operations and Industry Experts Post- COVID-19”. According to Kyari, the country’s N2.64 trillion oil revenue target declined by 40 per cent as a result of twin shocks of…

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National Assembly shifts PIB deliberations to 2021 –National FG

NASS, 2021 Budget

Deliberations on the Petroleum Industry Bill (PIB) by the National Assembly has been shifted to the first quarter of next year, the Minister of State for Petroleum Resources, Timipre Sylva, has said. At the sidelines of the Joint Executive-Legislature Leadership Retreat at the Presidential Villa Banquet Hall in Abuja, Sylva told journalists that the National Assembly said they need to work on the 2021 Appropriation Bill. This, according to him, was one reason why deliberations on the PIB had to be shifted, adding that the lawmakers explained that the 2021…

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Oil marketers decry N320bn loss, oppose labour strike

Nogasa

Oil marketers on have decried losing over N320 billion worth of investments as a result of government imposed product prices. The marketers under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) also kicked against the proposed industrial action of the Nigeria Labour Congress (NLC), as they urged the union and its allies to have a rethink of the plan. The spokesperson for NOGASA, Ukadike Chinedu, who disclosed this in a statement issued in Abuja, said members of the association would be forced to lay off…

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PIB Delay: Kyari says foreign investors losing confidence

FG mulls selling majority stakes in its 4 refineries, to be privately managed

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors’ confidence in the country’s oil and gas industry. Kyari noted that the uncertainty in the industry created by the long delay in the passage of the Petroleum Industry Bill had led to a number of divestments from the country in the recent past. He said the absence of a stable fiscal environment was inhibiting the growth of the industry,…

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