Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
SINGAPORE, Sept 5 (Reuters) – Nigeria has sufficient natural gas reserves and can increase its production to more than 5 billion cubic feet per day by 2030, Ekperikpe Ekpo, Nigeria’s minister of state for gas, told the Gastech conference on Tuesday in Singapore.
Nigeria still losing 400,000 barrels of crude oil daily – NSA
27th August 2023
Ribadu
Ribadu while addressing newsmen during an inspection of oil and gas facilities at Owaza in Abia and Odogwa in Etche Local Government Area of Rivers on Saturday. Photo: NAN.
Agency Report
The National Security Adviser, Malam Nuhu Ribadu, says the country is still losing 400,000 barrels of crude oil daily to local and international thieves despite efforts to end the menace.
Nigeria, OPEC’s largest producer in Africa, aims to significantly increase its oil production to up to 1.7 million barrels per day (bpd) by November 2023, hoping to win a higher quota in the OPEC+ agreement, Gabriel Tanimu Aduda, Permanent Secretary at Nigeria’s Ministry of Petroleum Resources, told Energy Intelligence on the sidelines of the OPEC+ seminar in Vienna this week.
The Senate President, Godswill Akpabio, said the motion was stepped down until relevant ministers have been appointed by President Bola Tinubu.
Oil and gas companies in Nigeria have flared gas worth $485.3 million in the first six months of 2023, a development hinged largely on improved crude oil production.
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.
Oil prices plunged to more than three-week lows on Friday. This came after a strong jobs data from the United States triggered concerns about rising interest rates, even as investors sought more information on the EU embargo against Russian refined products.
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) says the nation’s daily crude oil production has increased to 1.5 million barrels per day due to the successes recorded in the fight against oil theft in the Niger Delta region by the military.
The Nigerian Upstream Petroleum Regulatory Commission has revealed that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022, representing the highest output since March when the country produced 1.237mbpd.