Tag Archives: Nigeria

Exxon will boost crude oil production in Nigeria by an additional 40,000 barrels per day, Nigerian President Bola Tinubu’s spokesman Ajuri Ngelale said in a statement on Tuesday. Nigeria has long had aspirations for increasing its crude oil production, most recently promising to boost production to 1.7 million barrels per …

The output from other countries that had witnessed downward production are squaring up which may likely lead to output cut by the Organisation of Petroleum Exporting Countries (OPEC). Similarly, the improved security situation in the oil rich Niger Delta area is helping Nigeria to inch up oil production activities. The …

Nigeria currently accounts for 33 per cent of the total gas reserves in Africa, the Federal Government said on Monday. While disclosing this through the Nigerian Upstream Petroleum Regulatory Commission, it added that the gas reserves in Nigeria could last for about 94 years. The Chief Executive Officer, NUPRC, Gbenga …

A Japan’s leading trading company has reportedly offered Pakistan to sell Russian oil and Nigerian Liquified Natural Gas (LNG) to Pakistan at 35 per cent less than the global market’s prices. The Japanese company partners with an Irish company for the purpose. It is learnt that the representative of the …

Shell Petroleum has agreed to pay €15 million ($15.9 million) as settlement to Nigeria over oil pipeline leaks in the country’s Niger Delta in the early 2000s. In a statement on Friday, Shell said it had negotiated the settlement for the benefit of the Oruma, Goi and Ikot Ada Udo …

Pointing to the signing of a memorandum of understanding (MoU) between Iran an Nigeria on cooperation in variou fields including exports of technical and engineering services and petrochemical products (Urea), Iranian Oil Minister said, “The two countries have great capacities that can use them to expand bilateral relations in the …

African energy giants Algeria, Nigeria and Niger signed a memorandum of understanding Thursday on a vast gas pipeline project offering Europe potential future alternatives to Russian supplies, state media reported. The Trans-Saharan Gas Pipeline (TSGP) would transport billions of cubic metres of gas some 4,128 kilometres from Nigeria in West …

Nigeria has, more than ever before, been exposed as a country that is unable to meet its OPEC’s quota of 1.772 million. It is unable not take advantage of the looming Russian oil ban to ramp up its revenue. Following the war between Russia and Ukraine, the European Commission recently …

Nigeria may lose its largest crude oil buyers, China and India, as both countries plan to negotiate Russian oil at discount prices. India is said to be asking Russia for below $70 per barrel discount price. The duo’s move comes as Europe considers banning Russian oil due to the country’s …

The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria’s crude oil production fell to 1.417 million barrels per day in the month of February compared to 1.427 for the month of January. OPEC revealed this in its Monthly Oil Market report, warning that disruption to global trade flows …