Nigeria Lost N76bn Worth Of Crude To Pipeline Vandals In 2020
Nigeria lost at least 3.1 million barrels of crude worth about $200m (about N76.3 billion) in 2020 due to activities of pipeline vandals and crude oil thieves.
This figure is contained in a report released...
Oil Price Rises To 10-month High Of $54
Oil prices extended gains on Wednesday, rising to their highest since last February, after Saudi Arabia announced a big voluntary production cut, and as US crude inventories declined in the latest week.
Brent crude was up 79 cents,...
OPEC Retains Oil Cuts Over Demand Concerns
Members of the Organisation of the Petroleum Exporting Countries (OPEC) and allied producers under OPEC+, yesterday, agreed to cap crude production at current levels in February. The decision was taken at the Joint Ministerial Monitoring Committee (JMMC) meeting.
In...
Nigeria Risks Losing 38% Deepwater Oil Output 2025 - Operators
The fiscal terms in the current Petroleum Industry Bill may lead to a 38 per cent reduction in Nigeria’s deepwater oil production in 2025, an industry group comprising international and indigenous oil firms in the...
NEITI Clears NNPC, Says 11 Audit Issues Resolved
The Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, disclosed that 11 out of the 20 audit issues raised against the Nigerian National Petroleum Corporation, NNPC, in its past audit reports have been resolved.
In a statement in Abuja,...
Nigeria’s Oil Output Drops By 14% To An Average Of 1.5mb/d
Nigeria might be under pressure to fund its N13.8 trillion 2021 budget following a significant drop of its oil output by 14.08 percent in the first 10 months of 2020, according to data obtained...
