Barely a week after it sold its downstream subsidiary in Nigeria, United States’ oil giant, ExxonMobil Corporation, has announced the discovery of up to one billion barrels of oil reserves in the Owowo field, offshore Nigeria.
The development is a boost to Nigeria’s efforts to increase her crude oil reserves from the current 36 billion barrels to 40 billion barrels target, which was set for 2010 but could not be achieved as a result of lack of investment in exploratory activities
Read more @ Thisdaylive
Showing posts with label Barrels. Show all posts
Showing posts with label Barrels. Show all posts
Friday, 28 October 2016
Monday, 24 October 2016
FORCE MAJEURE ON BONNY, FORCADOS CRUDE OIL TERMINALS SLASHES SEPT. REVENUES
Declining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to N279.75 billion ($8 billion), the finance ministry said Friday.
The ministry said that despite the rally in global oil prices averaging $48.43/b in June, Nigeria’s export volume declined by 1.15 million barrels in that month, resulting in a $46.52 million drop in oil export sales for the government.
Thursday, 20 October 2016
NIGERIA, OTHERS RACE TO MEET INDIA’S SURGING OIL APPETITE
Nigeria, Russia, Iran and Argentina are locked in a contest to capi- talise on India’s rising oil demand which has seen the South Asian nation import 18.81 metric tons (about 4.45mil- lion barrels a day) of crude oil since August, an increase of about 10 percent over last year’s volume. Read more @ BusinessDay
Wednesday, 19 October 2016
CRUDE OIL PRICES LOOKING FOR DIRECTION AMIDST OPPOSING FORCES
Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the
cartel's September production output at eight-year high of 33.24 million bpd.Read more @ BusinessDay
OIL AT $52 WILL HELP ECONOMIC RECOVERY - REWANE, OTHERS
As the global crude oil benchmark continued to trade above the $50 per barrel mark on Tuesday, economic and energy experts said the price rally would help soften the recession rocking the country and support economic recovery.
They, however, described as more important the need to ramp up the nation’s crude oil production, which has been significantly disrupted by the recent upsurge in militant attacks in the Niger Delta.
Friday, 14 October 2016
NIGERIA’S CRUDE OIL PRODUCTION RISES BY 280,700 BPD
Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.The Organisation of the Petroleum Exporting Countries (OPEC), which made this known in its monthly oil market report released on Wednesday without giving further details, said crude oil production averaged 33.39 mbpd in September, an increase of 0.22 mbpd over the previous month.
Read more @ Guardian NG
Thursday, 13 October 2016
NIGERIA'S OIL OUTPUT FALLS BELOW MARKET ESTIMATE
The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources.
Nigeria, which lost the Africa’s top oil producer status in March, produced less crude oil than its rival, Angola, in September, according to OPEC.
Tuesday, 11 October 2016
OIL MAY HIT $60 PER BARREL THIS YEAR
Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.
This is coming as the Russian President, Vladimir Putin, monday gave his support to international efforts to reduce oil supply and boost prices in the clearest sign yet that Russia might participate in moves to cut or freeze output.
Wednesday, 5 October 2016
OPEC REQUIRES $10 TRILLION TO MEET OIL DEMAND
Organisations of the Petroleum Exporting Countries (OPEC) has projected oil-related investment requirements of about $10 trillion between now and 2040.This is expected to assist the organisation to meet oil demand, which is expected to increase by around 17 million barrels a day between now and 2040 to reach close to 110 million barrels a day.
Read more @ Guardian NG
Tuesday, 4 October 2016
NIGERIA’S PROJECTED INCREASE IN OIL OUTPUT TO OFFSET OPEC’S PROPOSED CUTS
Nigeria’s projected increase in oil production will potentially offset the production cuts proposed by the Organisation of Petroleum Exporting Countries (OPEC) to reduce the level of inventory in the oil market for the recovery of oil prices, THISDAY’s investigation has revealed.
OPEC had last Wednesday in Algiers, Algeria, agreed to a landmark deal to effectively cut production to 32.5 million barrels per day from around 33.24 million, the first time since 2008 that the cartel would be reaching such decision.
Friday, 30 September 2016
CRUDE OIL SLUMPS ONE DAY AFTER OPEC DEAL TO CUT OUTPUT
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday.
This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from different youth entrepreneurs around the world to provide sustainable and cleaner energy than conventional energy sources.
Read more @ Thisdaylive
Read more @ Thisdaylive
Tuesday, 27 September 2016
US OVERTAKES INDIA AS NIGERIA’S BIGGEST OIL IMPORTER
For the first time in over two years, the United States has taken over from India as the biggest importer of Nigeria’s crude oil, the latest monthly report from the Nigerian National Petroleum Corporation has shown.
The US bought 10.79 million barrels of Nigerian crude in June, up from 4.76 million barrels in the previous month, while India’s imports stood at 9.62 million barrels, down from 16.29 million barrels in January.
Wednesday, 7 September 2016
NIGERIA LOSING ONE MILLION BARRELS OF OIL DAILY
Vice-President Yemi Osinbajo says Nigeria has been losing one million barrels of crude oil daily in the last six months due to the activities of pipeline vandals.
Osinbajo, who is the head of President Muhammadu Buhari’s economic team, disclosed this on Tuesday while receiving a delegation of the Northern States Pentecostal Bishops Forum in his office at the Presidential Villa, Abuja.
U.S. IMPORTS 234,000 BARRELS OF OIL FROM NIGERIA
The United States (U.S.) imported about 234,000 barrels of crude oil from Nigeria in the month of June 2016, according to the country’s Energy Information Administration (EIA).
This is however, a drop from its crude oil imports from Nigeria in May and April, which were 241,000 and 218,000 respectively.
Thursday, 1 September 2016
CRUDE EXPORT TO INCREASE BY 380,000B/D IN DAYS
Crude oil export from Nigeria is expected to increase by about 380,000 barrels per day in the next few days, following the expected return of Shell’s Forcados crude pipeline by mid September.
The Chief Executive Officer, Shoreline Group, Mr. Kola Karim, on Wednesday, stated that Shell Nigeria’s Forcados crude oil pipeline would resume deliveries by September.
Thursday, 25 August 2016
NNPC RECORDS 1,447 PIPELINE VANDALISM CASES IN FIVE MONTHS
The activities of pipeline vandals and oil thieves are taking a toll on the operations of the Nigerian National Petroleum Corporation as the oil firm suffered 1,447 incidents of pipeline breaches between January and May 2016.
The Group Managing Director, NNPC, Dr. Maikanti Baru, who disclosed this during a visit to the Commandant-General, Nigerian Security Civil Defense Corps, Abudullahi Muhammadu, at the corps headquarters in, also said the corporation lost 560,000 barrels of crude meant for the refineries, as well as feedstock and 109 million litres of petroleum products, within the same period.
Thursday, 11 August 2016
ANGOLA REMAINS TOP OIL PRODUCER DESPITE NIGERIA’S RECOVERY
Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown.
OPEC, in its Monthly Oil Market Report for August, which was released on Wednesday, put crude oil production from Nigeria at 1.527 million bpd in July based on direct communication, up from 1.379 million bpd in June.
NIGERIA RECORDS HIGHEST DROP IN OUTPUT AT OPEC
Nigeria is fast losing its clout among global oil producers as the country recorded the highest drop in crude production in the Organisation of Petroleum Exporting Countries (OPEC) in July.OPEC, which accounts for at least 40 per cent of the global oil supply market, yesterday put unplanned crude oil supply disruptions among its members at 2.3 million barrels per day (mbpd) in July, due to increased outages in Nigeria and Libya.
Read more @ The Guardian
Monday, 8 August 2016
TOTAL INVESTMENTS OVER $10BN IN OIL/GAS PROJECTS
Total Exploration and Production Nigeria Limited has invested an approximately $10 billion in the country in the last years just as it has added about 2.3 billion barrels to the country’s oil production between 1966 and 2015.
Company also said that through decades of executive development projects, it activities have contributed to creating jobs and human capacity development in the country.
Read more @ BusinessDay
Company also said that through decades of executive development projects, it activities have contributed to creating jobs and human capacity development in the country.
Read more @ BusinessDay
Friday, 29 July 2016
VANDALISM: SHELL NIGERIA’S OIL OUTPUT SLIDES TO 37,000BPD
The impact of the recent spate of attacks on oil and gas assets in the Niger Delta has started to reverberate across the petroleum industry, as Shell Nigeria, yesterday, disclosed that its crude oil production dropped sharply to 37,000 barrels per day in the second quarter, Q2 2016. Shell in its Q2 2016 financial statement released to its investors said that production from its Nigerian subsidiary, Shell Petroleum Development Company, SPDC, dipped by 41 per cent to 37,000 barrels per day, bpd, during the period, down from the 63,000 bpd recorded in the same period of 2015, and 24 per cent lower than production in the first three months of the year.
Read more @ Vanguard:
Read more @ Vanguard:
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