Oil production on a daily basis in Nigeria hit 1.346 million barrels in September according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The latest data signifies a 14 percent compared to 1.181 million barrels produced in August.…
The Federal Government of Nigeria has assured stakeholders in the oil and gas industry of its commitment to remove bottlenecks in the industry. The Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri gave the assurance on Thursday when the…
…targets 6 months contract cycle …as active oil rigs hit 31 in 2023 from 10 in 2022 … Regulatory uncertainty drags upstream expenditure by 77.8% in 8yrs – NUPRC In a bid to ramp up Nigeria’s crude oil production, the…
Report released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s oil production jerked higher by 8.4 percent in the month of August to 1.41 million barrels per day compared to 1.30 million barrels per day recorded…
According to a report from S&P Global Commodity InsightsOil and gas companies, Tullow Oil and BW Energy which have active operations in Gabon, have said there have been no disruptions to their oil production activities following the August 30 coup…
KPMG Nigeria, a multinational consulting firm, has revised Nigeria’s economic growth forecast for 2023 further downward to 2.65 per cent from the earlier promised 2.85 per cent, based on several factors, including the likelihood of a contraction in the country’s…
Saudi Arabia has announced its decision to extend the voluntary cut of oil production by one million barrels per day to September. The voluntary cut that was planned for July will now also cover September, the Ministry of Energy said,…
Based on figures obtained from the Central Bank of Nigeria’s (CBN) data on the movement of external reserves, the country’s external reserves fell by US$2.96bn in H1 2023. The figures show that external reserves fell to US$34.12bn as of 30…
The Nigeria National Petroleum Company Limited (NNPCL) has said it is projecting Nigeria’s oil production to hit 1.8 million barrels per day by the fourth quarter of this year. The Executive Vice President, Upstream, NNPCL Engr. Adokiye Tombomieye attributed the projections…
By Akinyemi Precious Nigeria, OPEC’s largest producer in Africa, aims to significantly increase its oil production to up to 1.7 million barrels per day (bpd) by November 2023, hoping to win a higher quota in the OPEC+ agreement. Permanent Secretary…
