Nigeria produced the most crude oil, followed by Algeria and Angola. Nigeria, Angola, and Algeria have three of the ten largest crude oil fields in Africa in terms of production in 2022.
Nigeria’s downstream oil regulator has alleged ExxonMobil Corp was involved in the illegal lifting of petroleum products from an offshore terminal, according to a letter of complaint to the petroleum ministry seen by Reuters.
The Chairman of the commission, Mohammed Shehu, in a statement in Abuja, said that the subsidy regime was not transparent.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says its focus is to exceed the Organisation of Petroleum Exporting Countries (OPEC)’s oil production quota of 1.74 million barrels per day (bpd).
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.