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Tag: oil production

Oil Production Challenges, Inflation Retard Nigeria’s Economy In Q2 2022

Nigeria Oil Refinery
GDP growth slows to 3.54%, non-oil sector contributes 93.67% Nigeria Gross Domestic Product (GDP) grew by 3.54 per cent (year-on-year) in real terms in the second quarter of 2022, theRead More

Nigeria’s Production Quota Hits 1.8m bpd As OPEC Ups July Crude Allocation

Organisation of the Petroleum Exporting Countries (OPEC)
Total country’s drilling deficit crosses 400,000bpd With 26% share of Nigeria’s gas export, Kyari says Spain remains major market DHQ: Troops destroyed 40 illegal refineries in Niger Delta For theRead More

In Major Setback For Oil Production, Shell Defers Expansion Work On 225,000bpd Bonga Oilfield

Oilfield
Oil giant announces $19.29bn 2021 full year earnings In a big hindrance to Nigeria’s hope of raising its poor daily oil production, Shell has said it would delay expansion workRead More

Report: Nigeria’s Oil & Gas Industry to Face Liquidity Challenges In 2022

Nigeria’s oil and gas industry
Dangote refinery to alter sub-region’s fuel supply dynamics Nigeria’s oil and gas industry may struggle with liquidity challenges in 2022, a new report by Mordor Intelligence, a global market researchRead More

With Rising Theft, Nigeria Records 193m Barrels Of Crude Oil Deficit In 11 Months

Crude oil
Produces 441m barrels of projected 635m crude Only 12 of country’s 53 oil rigs active At a projected 1.86 million barrels daily oil production in the country’s 2021 budget, NigeriaRead More

OPEC+ Misses Oil Supply Target As Over-compliance Hits 117% In November

Organisation of the Petroleum Exporting Countries (OPEC)
Compliance with oil production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ stood at 117 per cent in November, up from 116 perRead More

NBS: GDP Grew By 4.03% In Third Quarter

National Bureau of Statistics
The National Bureau of Statistics (NBS) yesterday revealed that Nigeria’s Gross Domestic Product (GDP) grew by 4.03 per cent in the third quarter (Q3) of 2021, compared with the 5.Read More

OPEC+ May Stick To Planned Output Hike On Oil Price Rebound

Organisation of the Petroleum Exporting Countries (OPEC)
The Organisation of Petroleum Exporting Countries (OPEC) and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounceRead More

OPEC Slashes Q2 Oil Demand Estimate By 690,000 bpd

Organisation of the Petroleum Exporting Countries (OPEC)
Says Nigeria produced additional 161,000bpd in February The Organisation of Petroleum Exporting Countries (OPEC) yesterday pruned the demand outlook for crude oil in the next two quarters, in keeping withRead More

OPEC Mandates Nigeria To Cut Production By 939,000bpd In Three Months

Organisation of the Petroleum Exporting Countries (OPEC)
Resolves to return additional 500,000bpd for February, March Gives defaulting countries January 15 compensation deadline The Organisation of Petroleum Exporting Countries (OPEC) yesterday upheld its December 3, 2020 decision toRead More