crude

Oil Benchmark Lowered Over Expected Crude Glut – Zainab

October 15, 2019 1:32 pm

•Defence, education, police lead in sectoral allocations
•Crude price slumps below $60 over US, China trade deal

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government adopted a lower oil benchmark price of $57 per barrel for the 2020 budget as against the $60 per barrel in the 2019 budget because of the expected oil glut in 2020, as well as the need to cushion against unexpected price shock.

Zainab, at a budget breakdown yesterday in Abuja, said there were strong indications of an oversupplied oil market in 2020, adding that all …

Crude Oil: FG Targets To Hit 3M Bpd Before 2023 – Kyari

October 14, 2019 10:42 pm

The Federal Government says it will increase crude oil production to the national target of three million barrels per day and reserves of 40 million barrels before 2023.

Mr. Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation (NNPC), said this while addressing the House of Representatives Committee on Petroleum Upstream chaired by Rep. Musa Adar (Sokoto-APC) on Monday.

According to Census and Economic Information Centre (CEIC), Nigeria’s crude oil production was reported at 1,866 barrels/day in Aug. recording an increase from the previous number of 1,780 barrel/day for July.

The data reached an all-time high of 2,496 barrels/day in …

Nigeria’s crude oil production to witness 8 percent decline

September 4, 2019 5:00 am

Nigeria’s crude oil production may witness a steady decline to approximately 7.93 per cent before 2025, a new research, conducted by U.S.-based Orbis Research has said.Being the same year Nigeria has targeted to increase oil reserve to about 40 billion and daily production to about three million barrels per day, the current revelation raises doubts over the achievement of the target.

Nigeria has been facing reduction in investments into the oil and gas sector due to unaddressed uncertainties in regulations, as well as growing security tension in the country.

The Nigerian Natural Resource Charter (NNRC), had earlier disclosed that Foreign …

Nigeria loses 22mb of crude oil in 6 months – Gov. Obaseki

August 30, 2019 8:36 am

Edo Governor, Godwin Obaseki said the nation lost about 22 million barrels of its crude oil production to oil theft between January and June 2019.

Obaseki disclosed this in a statement issued by Mr Ndu Ughamadu, the Spokesman for the Nigerian National Petroleum corporation( NNPC) in Abuja on Thursday.

He said that if nothing was done to curtail the ugly trend, the figure could double by the end of the year.

The governor, also the Chairman of the Ad-hoc Committee of the National Economic Council on Crude Oil Theft spoke at a stakeholders meeting held at the NNPC towers .…

Kenya ships first-ever export of crude oil

August 26, 2019 8:56 am

Kenya exported its first-ever batch of crude oil Monday, with President Uhuru Kenyatta declaring the shipment of 200,000 barrels a “special moment” in the country’s history.

The president unfurled the Kenyan flag aboard a tanker at the Indian Ocean port of Mombasa that will be carrying the oil to Asia.

“There are special moments that mark a turning point in the destiny of our nation,” Kenyatta said at the ceremony.

“The first export of crude oil by our nation, therefore, marks a special moment in our history as a people and as a country.”

The maiden shipment was purchased for …

It has always been all about the crude oil

August 22, 2019 10:32 pm

By Odumodu Gbulagu

It’s common knowledge that Nigeria economy is dependent on crude oil, no matter every effort to diversify the economy.

While few people know about the scramble to control this goose that lays the golden egg, many Nigerians are blind to the fact.

After Buhari won elections in 2015, Ibe Kachikwu was the GMD NNPC(the company that controls the goose and its golden eggs),but he was tactically removed from there, and made a junior minister of petroleum, while Maikanti Baru was made the head of NNPC, and Buhari became the minister of petroleum.

A senior minister of …

NNPC: Nigeria daily oil production reaches 2.3mbpd – Baru

132 firms offer to buy 14 cargoes of Nigerian crude monthly

May 2, 2019 12:52 pm

132 local and international companies on Thursday offered to buy 14 cargoes of Nigerian crude oil monthly in the Nigerian National Petroleum Corporation (NNPC) 2019/2020 Direct Sale and Direct Purchase bid opening ceremony in Abuja.

The Group Managing Director (GMD) Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, who presided over the opening, said that the corporation would receive about 14 billion litres in a year as exchange for the crude.

“Well, we are looking about 14 cargoes a month kind of situation and about 14billion litres of in a year of products,” he said.

He said the occasion marked …