WTI Midland, the light sweet US grade, is being blended with heavy Brazilian grades to produce a cheaper Nigerian lookalike, which is undercutting the Nigerian crude grades in Europe and pushing down buying interest for Nigerian cargoes, multiple trading sources told S&P Global Commodity Insights.
Nigeria’s crude oil production has dropped below 1 million barrels per day, according to an Organisation of the Petroleum Exporting Countries report.
The last time Nigerians benefited from their country being an oil producer was during the post-civil war years under General Yakubu Gowon.
Commissioning Africa’s largest refinery was supposed to have been one of the first ribbon cuttings of Muhammadu Buhari’s presidency. Instead, it was his last.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has issued seven new regulations aimed at providing a regulatory environment that assures efficiency, predictability, clarity and effectiveness to the Nigerian oil and gas sector.
Lagos State government has promised Lagosians that the 1gigawatt (GW) renewable energy it aimed to generate before end of 2023 would bridge the power supply gap in the state.
Despite the global clamour for decarbonization and energy transition, oil and gas remain relevant in the global energy mix, an official said.
President Muhammadu Buhari will on Monday commission the 650,000 BPD Dangote Petroleum Refinery and Petrochemicals.
Nigeria’s oil production in April fell to less than 1 million barrels per day, indicating that feedstock could pose a challenge to the Dangote Refinery. Without a licence to operate yet acquired due to outstanding technical work, the refinery may not be an elixir to petrol shortages in the short-term. The commission is shaping out […]
NIGERIA’s oil production, including condensate, dropped month-on-month, MoM, by 17.7 percent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023.