Nigeria’s revenue share from Nigeria Liquefied Natural Gas (NLNG) Limited has plummeted by 43 percent due to persistent gas supply challenges, leaving several industry experts increasingly worried about the mounting headwinds plaguing the country’s economic lifeblood: the oil and gas sector.
Nigeria’s oil output has risen to between 1.6 million and 1.7 million barrels per day after the government beefed up security to curb crude theft, Chief of Naval Staff Emmanuel Ikechukwu Ogalla said on Tuesday.
Nigeria is losing $1,000 on every barrel of crude oil it exports, due to a lack of the added value from refining, Nigerian media quoted energy policy expert Henry Adigun as saying at a conference.
Nigeria’s $20 billion Dangote refinery is set to shake up international crude flows when it reaches full capacity, having already made an impact since coming online in January, trading sources and ship tracking data show.
Nigeria’s average daily crude oil production stood at 1.6 million barrels per day (mbpd) as of July 23, 2024, according to Gbenga Komolafe, chief executive officer (CEO) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Oando Plc, Nigeria’s leading Indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange had announced that Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for the sale of 100 percent of the shares of Nigerian Agip Oil Company (NAOC) (Acquisition).
Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.Having already obtained all other relevant local and regulatory authorities’ authorizations, this achievement will allow Eni to proceed to with the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), Eni’s wholly owned subsidiary […]
Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.
As Dangote’s refinery struggles to secure domestic crude, allegations of price gouging and supply obstruction by international oil companies raise questions about Nigeria’s oil market.
Africa’s largest refinery, the Dangote facility in Nigeria, is actively seeking crude oil supplies from Libya and Angola. This move comes as the refinery faces difficulties obtaining adequate domestic crude due to theft, pipeline vandalism, and low investment in Nigeria’s oil sector.