Nigeria and Angola are now the biggest crude oil drilling markets in Africa, according to an Offshore Rigs Tracker, the Hawilti and the Caverton Offshore Support Group Plc
The local content in Nigeria’s oil and gas sector has experienced a significant surge, recording a rise of about 54 per cent in 2022 compared to 26 per cent in 2017.
Nigeria, OPEC’s largest producer in Africa, aims to significantly increase its oil production to up to 1.7 million barrels per day (bpd) by November 2023, hoping to win a higher quota in the OPEC+ agreement, Gabriel Tanimu Aduda, Permanent Secretary at Nigeria’s Ministry of Petroleum Resources, told Energy Intelligence on the sidelines of the OPEC+ seminar in Vienna this week.
Oil and gas companies in Nigeria have flared gas worth $485.3 million in the first six months of 2023, a development hinged largely on improved crude oil production.
Nigeria’s rising crude oil production has reduced the declining output by the other member countries of the Organisation of Petroleum Exporting Countries (OPEC), a survey has shown.
Nigerian authorities and Shell’s local subsidiary were on Monday investigating the cause of an oil spill on the Trans Niger pipeline that lasted several days.
The Nigerian government and the United States of America on Monday expressed their willingness to strengthen partnership in Nigeria’s energy sector.
President Bola Ahmed Tinubu’s Policy Advisory Council has proposed the sale of the major stakes of the Nigerian National Petroleum Company Limited (NNPC) in the upstream, midstream and downstream sectors of the oil and gas industry.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, on Sunday, agreed to cut global oil production by 1.393 million barrels per day, reducing Nigeria’s oil production quota by 20.7 percent.
NIGERIA’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023.