The Nigerian government has released new rules to force oil producers to sell crude oil to local refineries, aiming to reverse the country’s reliance on imported refined petroleum products. The directive is a significant highlight of a comprehensive template guiding the implementation of Domestic Crude Oil Supply Obligation (DCSO) that aligns with the Petroleum Industry Act (PIA) of 2021.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria’s crude oil reserves are 31.56 billion barrels, while condensate reserves are 5.94 billion barrels, totaling 37.50 billion barrels.
NUPRC’s Komolafe promises increased synergy between local refineries and producers in the second half of 2024 for a self-reliant petroleum landscape.
According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya has overtaken Nigeria as the top African oil producer.
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), decreased by 9.2 million barrels from the week ending January 12 to the week ending January 19, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report.
LONDON — British regulators on Wednesday gave approval for Norway’s energy giant Equinor
to develop the controversial U.K. offshore Rosebank field in the North Sea, just off the northwest coast of the Shetland Islands.
Indigenous oil and gas servicing firm, Engineering Automation Technology Limited, has sealed a partnership deal with Emerson Automation Solutions Limited to improve automation and control solutions in the oil and gas industry.
TAAG Angola Airlines, the state-owned airline of Angola, plans to enhance connectivity between Luanda and São Paulo, Brazil by increasing the weekly flights from four to six.
After an unexpected dip in the month of April, Nigeria’s oil production grew by 14.4 percent in May to average 1.43 million barrels per day, latest figures from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, have shown.
Middle Eastern oil producers are raising the export prices for their lower-grade crudes, Bloomberg reported earlier this week. And European buyers have no choice but to pay up—because the alternative is Russian oil, and they can’t have that.