The Nigerian National Petroleum Company (NNPC) has expressed a keen interest in establishing a permanent presence at the Dangote Refinery in Lagos, as part of a proposed crude oil supply arrangement. According to Devakumar Edwin, Vice President of Dangote Industries Limited, the NNPC aims to station a team of 6 to 10 personnel at the…
Since assuming office, President Bola Ahmed Tinubu of Nigeria has faced considerable challenges but remains steadfast in his commitment to enhancing Nigeria’s economic resilience and reducing dependency on imported goods. His latest initiative, unveiled on July 29, marks a significant policy shift: selling crude oil to local refineries in Naira rather than dollars. This move…
PetroChina, a Chinese state-owned energy enterprise, finds itself entangled in payment complexities, resulting in a month-long delay in unloading a shipment of U.S. crude oil at the Dangote refinery in Nigeria. This delay, highlighted by reports from four trading sources and shipping data, underscores the hurdles confronting the $20 billion Dangote refinery, supported by Africa’s…
Governor Hope Uzodimma of Imo State has made a resolute commitment to ending crude oil theft in Nigeria, aiming for swift action. Speaking to reporters in Abuja after a crucial stakeholders meeting, Governor Hope Uzodimma outlined plans to submit the interim report of the crude oil theft and management committee to the National Economic Council…
In the three-month period from October to December 2023, Nigeria experienced a staggering surge in its crude oil exports, resulting in a revenue of N10.31 trillion. This figure marks a substantial increase in the country’s total export value, signaling a robust performance in its oil sector. According to the latest data released by the National…
Former President Obasanjo Raises Alarm Over Nigeria’s Crude Oil Theft Former President Olusegun Obasanjo’s recent pronouncements have ignited a firestorm of debate surrounding Nigeria’s economic landscape, particularly its vulnerability to the rampant theft of crude oil. With stark candor, Obasanjo disclosed that over 80% of Nigeria’s prized crude oil resources are being siphoned away, casting…
In a continued effort to combat illegal activities in Nigeria’s oil-rich region, operatives of Tantita Security Services Limited, working in collaboration with security personnel, have made another significant arrest. The vessel in question, identified as MT Harbour Spirit with IMO No. 8226272, was apprehended for its alleged involvement in crude oil theft. This latest operation…
Nigerian Refineries Face Crude Oil Importation In a significant development for the Nigerian oil industry, the Nigerian National Petroleum Company Limited (NNPCL) is considering the importation of 110,000 barrels of crude oil per day from Venezuela or Saudi Arabia to operate the upcoming Kaduna Refinery, scheduled to begin operations next year. This move reflects the…
Oil Dependence in Nigeria: Ben Bruce Murray, a prominent figure in Nigerian politics and economics, recently took to Twitter to share his thoughts on the state of the Naira and Nigeria’s reliance on crude oil as a source of revenue. In his statement, he highlighted the challenges faced by the Nigerian economy and urged citizens…
Organisation of Petroleum Exporting Countries (OPEC) in their September Monthly Oil Market Report (MOMR) reveals that Nigeria’s actual crude oil production, excluding condensate, was only 1.2 million bpd, with an output of 233,531 bpd.
