Chief Executive Officer of Kenyon International, Dr Victor Ekpenyong, has stated that Nigeria has the potential to increase its oil production and meet local refining needs by tapping into its idle brownfields.
The Nigerian National Petroleum Company (NNPC) is set to begin oil exploration in Ogun state This will mean more crude oil production for Nigeria and also help increase federal government revenue The governor of Ogun state is excited and has stressed the importance of NNPC’s decision to search for oil in the state.
Executive Chairman, & Founder, AA Holdings, Austin Avuru has said the Nigerian indigenous oil producers have the capacity to do 1.7million barrels per day (mbpd).
President Bola Tinubu on Tuesday said the three Executive Orders on oil and gas reforms which he signed into law will make Nigeria’s petroleum sector globally competitive.
The Nigerian Upstream Petroleum Regulatory Commission, on Sunday, announced that it would work with Schlumberger Global to develop frontier oil basins in Nigeria.
Schlumberger, globally known as SLB Global, is a major player in the oil and gas industry, while Nigeria’s frontier basins are regions with potential for oil and gas reserves that have not been extensively explored yet.
Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024; data by the Nigerian Upstream Petroleum Regulatory Commission has shown.
The Chairman of the Dangote Group, Aliko Dangote has announced that Nigeria will no longer need to import gasoline by June thanks to the Dangote Refinery.
The Nigerian National Petroleum Co. Ltd. (NNPC) recently resumed production from the Awoba field and initiated oil production from the Madu field after facing challenges that led to shutdowns. The Awoba field, located in Rivers State, is expected to reach a production plateau of 12,000 barrels per day, significantly enhancing the country’s gas supply.
Nigeria’s new Dangote mega refinery near Lagos is seeking to buy millions of barrels of US crude over the next year as it ramps up processing rates, a sign of the challenges that Africa’s largest producer faces in lifting its own oil output.
There seems to be hope in the offing for Nigeria as its dwindling daily oil production turned the corner in April, rising marginally from 1.23 million barrels per day in March to 1.28 mbpd, according to the Organisation of the Petroleum Exporting Countries.