Govt Won't Interfere with Crude Oil Prices, NUPRC Reiterates
The Federal Government has reaffirmed its stance against price-fixing for crude oil, emphasizing its commitment to adhering to international best practices. Instead, the government will allow market forces to dictate prices, following the willing-seller, willing-buyer principle.
The Chief...
Oil Theft Reduces to 5,000bpd – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the volume of stolen crude oil in the country has reduced to about 5,000 barrels per day, enabling oil production to rise to 1.75 million bpd as of...
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...
