NNPC Pledges Crude Supply To 20,000bpd Lagos Refinery   The Nigerian National Petroleum Corporation has committed to supply crude oil to a refinery project on Tomaro Island in Lagos, with a capacity of 20,000 barrels per day. Integrated Oil & Gas Limited, the promoters of the Eko...

Nigeria Rebalances OPEC Quota Compliance, Cuts Output By 7%       Nigeria has been forced to rebalance its oil output, effecting about 7.0 percent cut back on its oil output to re-align with the quota imposed by the Organisation of Petroleum Exporting Countries, OPEC. The nation’s output in...

Nigeria’s Revenue Threatened As India Slashes Crude Imports By $39.5bn         Nigeria’s revenue earning capacity has come under threat following the reduction of importation of crude oil by India. India, Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5bn in April, compared to the same...

NNPC Sells N267bn Crude Oil, Maintains 1.42m bpd Output       The Nigerian National Petroleum Corporation (NNPC) sold crude oil worth N267.59 billion in February, while its total daily production stood at 1.42 million barrels per day in the first quarter of 2021, a document presented to...

Rising Oil Price Puts More Pressure on NNPC’s Finances       Crude oil extended its gains at the weekend after closing at a six-week high with signs of strengthening demand in key markets, thereby piling more pressure on the ability of the Nigerian National Petroleum Corporation (NNPC)...

Refineries Record N5.4bn Deficit, As NNPC Lifts $407.15m Crude Amidst controversy over the state of the nation’s refineries the latest report of the Nigerian National Petroleum Corporation, NNPC, has indicated that Nigeria’s three refineries guzzled a total of N5.86 billion in overhead expenses on zero...