Nigeria's Oil Production Surges Past 1.5mbpd, Exceeds OPEC Quota   According to a recent report by the Nigerian Upstream Petroleum Regulatory Commission, Nigeria has successfully achieved its oil production quota as stipulated by the Organisation of the Petroleum Exporting Countries (OPEC). In January, Nigeria made real its focus...

FG Spends N18tn on Crude Production Annually, Experts Lament  Nigeria industry operators have lamented that N1.57tn spent on crude oil production monthly is excessive, translating to about N18tn annually. Data collected from different sources, including the Nigerian Upstream Petroleum Regulatory Commission, indicated that the minimum any...

PETROAN Supports Ban of Crude Export meant for Local Refinery The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the federal government for banning the exportation of crude oil allocated to local refineries. President of PETROAN, Dr. Billy Grillis-Harry gave the association’s backing...

Nigeria's Crude Production Cost Rises, Now $40/barrel The cost of producing Nigeria's crude oil has risen to about $40 per barrel, according to report by the Nigerian Upstream Petroleum Regulatory Commission. This is 300 per cent higher than the cost of producing the same crude in...

Local Refineries: PETROAN Says Crude Producers Divert 500,000 barrels Daily  The Petroleum Products Retail Outlets Owners Association of Nigeria has alleged that oil producers are diverting the daily 500,000 barrels of crude oil meant for local refineries. The association said this while commending the Nigerian Upstream...

Oil Firms Must Meet Domestic Demand or Lose Export Permit – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will deny export permits for crude oil cargoes intended for domestic refining if oil companies do not fulfil their domestic crude obligations. The...