Nigeria’s average daily crude output has fallen again in March, threatening the nation’s budget. This is coming at a the time the world battles global crude price crash,

Nigeria's Crude Oil Reserves Now 37.28bn Barrels - NUPRC   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has declared the country’s official petroleum reserves position, revealing a staggering 37.28 billion barrels of crude oil and condensate, alongside an eye-popping 210.54 trillion cubic feet of natural gas. This...

PETROAN Alleges Local Refineries Import Substandard Crude Oil   The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says some local refineries are importing substandard crude into Nigeria to cut costs. Speaking with our correspondent on Thursday, PETROAN National Publicity Secretary Joseph Obele said the refineries...

Crude Shortage, Funding Woes Shut Down 7 Refineries, Experts Lament   The persistent unavailability of crude oil has significantly hindered investments in the establishment and full capacity operations of seven new and existing refineries across the country, local refiners stated on Thursday. They also warned that without...

Finance Minister, NNPCL Review Crude Oil Sales Policy The Technical Sub-Committee on the Naira-for-Crude Policy met on Thursday at the Ministry of Finance Headquarters in Abuja to assess developments and reaffirm commitments to the policy framework, a senior government official said. The source, who spoke on...

Nigeria Has Capacity to Produce 4mbpd of Oil - OPEC   According to Ademola Adeyemi-Bero, Chairman of the OPEC Board of Governors, Nigeria's abundant hydrocarbon reserves should enable the country to produce up to four million barrels of oil per day, a significant increase from its current output. Adeyemi-Bero...