Nigeria’s oil reserve dropped slightly to 36.966 billion barrels as of January 2023 just as the gas reserves grew slightly, said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria is suitably positioned to become a superpower in the unfolding energy transition regime given its over 200 million population and abundant energy sources, the Nigerian Upstream Regulatory Commission (NUPRC) has said.
Most international oil companies that operate in Nigeria’s upstream sector redirected their capital investments worth about $21bn to other countries between 2014 and 2022, the Federal Government announced on Thursday.
The federal U.S. government could begin buying crude oil to refill the strategic petroleum reserve this fall, the President’s special coordinator for global infrastructure and energy security has said.
U.S. natural gas production is booming. The country is pumping so much of the commodity that prices have dropped to multi-year lows after last year, soaring to over $7 per mmBtu amid the European energy crunch.
Crude oil prices hit a three-week low on Thursday, trading down over 2.5% amid a significant uptick in gasoline inventories and continued fears of recession countering demand growth.
Earlier this month, in an op-ed for the Financial Times, the head of the International Energy Agency, Fatih Birol, wrote that renewable energy was expanding faster than many thought.
Pakistan has placed its first order for discounted Russian crude oil, a move that could potentially reduce the country’s reliance on Middle Eastern oil producers. The order amounts to around 100,000 barrels per day (bpd) of Russian crude oil, which does not include related products.
Chinese authorities are expected to give much lower fuel export allowances to refiners in the second batch of quotas in the coming weeks amid rising domestic demand, a Reuters survey of state refiners and consultancies showed on Thursday.
The Minister for Energy, Dr. Matthew Opoku Prempeh has revealed that crude condensation of about $2.5m allocated to the Tema Oil Refinery is reportedly missing.