It was meant to be an arrangement by which Nigeria swapped crude oil for refined petroleum products but now it has emerged the country has accumulated up to $3 billion in debts owed to trading houses such as Vitol and oil majors like BP for fuel supplies.
A glut of unsold Nigerian oil has built up again with as much as half of output due to be loaded next month still searching for buyers.
As part of his commitment to establishing more oil and free zones to boost the nation’s economy, the Managing Director and Chief Executive Officer of the Oil and Gas Free Zones Authority (OGFZA), Sen. Tijjani Y. Kaura, seeks collaboration with the Rivers State government towards the development of Ikpokiri island, a green field with latent potential for wealth and job creation.
Nigeria has authorized two new crude oil export terminals that people involved say could process more than 400,000 b/d of oil and spur the production of more crude in Africa’s biggest producer.
According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria has reclaimed its status as the continent’s top producer of crude oil for the month of May 2023.
ExxonMobil has denied allegations that it illegally lifted Butane at the Bonny River Offshore Terminal (BRT), an offshore terminal in Nigeria.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has written to the Nigerian military alleging the illegal lifting of petroleum products by ExxonMobil at Bonny Terminal, Rivers State.
After an unexpected dip in the month of April, Nigeria’s oil production grew by 14.4 percent in May to average 1.43 million barrels per day, latest figures from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, have shown.
LAGOS, June 13 (Reuters) – TotalEnergies has discovered oil and gas at the OML 102 offshore oilfield in Nigeria, the French company said on Tuesday.
ABUJA, June 12 (Reuters) – Nigerian President Bola Tinubu has been advised to reduce the state’s stake in the oil and gas sector to raise up to $17 billion to boost economic growth during his four-year term, a policy document showed.