Tag: Oil Production

NNPC’s Utapate Crude Grade Hits Global Oil Market
November 21, 2024 No Responses

NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts, the NNPC Ltd has officially unveiled its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.  It would be...
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FPSO To Increase Oil Production By 40,000 bpd
October 13, 2024 No Responses

FPSO To Increase Oil Production By 40,000 bpd

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri has commended the progress of work on the Floating Production Storage and Offloading (FPSO) facility in Lagos, a joint venture between NNPC Limited and Century Nigeria Limited, in partners...
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OPEC Mulls Cut In Oil Production  
June 4, 2023 No Responses

OPEC Mulls Cut In Oil Production  

The Organization of Petroleum Exporting Countries (OPEC) and its allies began two days of meetings on Saturday that may culminate in further production cuts of as much as 1 million barrels per day.  Reuters reports that the group faces flagging...
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OPEC Predicts 2m Barrels Per Day Shortfall By Year End
April 14, 2023 No Responses

OPEC Predicts 2m Barrels Per Day Shortfall By Year End

The oil market is heading for a significant shortfall of around two million barrels per day at the end of the year as a result of a production cut by major producers. The Organisation of the Petroleum Exporting Countries (OPEC)...
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Anambra To Begin 13% Oil Derivation Earning From March
February 20, 2022 No Responses

Anambra To Begin 13% Oil Derivation Earning From March

Anambra will begin to earn 13 per cent derivation in line with its status as an oil producing state from March, 2022, .  The State Governor, Willie Obiano disclosed this at a parley with journalists in Aguleri, Anambra East Local...
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Okomu Oil Reports More Attacks
February 20, 2022 No Responses

Okomu Oil Reports More Attacks

The Okomu Oil Palm Company in Edo State says it has suffered more attacks on its plantation by suspected “terrorists”. In a statement by Fidelis Olise, Okomu’s oil palm communication officer on Friday, the company said the attack happened on...
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OPEC To Sustain Cautious Oil Production
November 15, 2021 No Responses

OPEC To Sustain Cautious Oil Production

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing countries rebuffed pressure from U.S. President Joe Biden to pump significantly more oil and lower gasoline prices for American drivers, deciding to stick with...
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Oil Palm Takes Centre Stage As More Investors Indicate Interest In Edo Summit
November 10, 2021 No Responses

Oil Palm Takes Centre Stage As More Investors Indicate Interest In Edo Summit

Players in the oil palm industry, as well as smallholders and large-scale oil palm plantation investors, will on Friday, November 12, 2021, converge in  Benin City, Edo State during the Alaghodaro Summit, to explore opportunities in the state’s ric...
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Shell Restarts Production At Offshore Gulf Of Mexico
November 6, 2021 No Responses

Shell Restarts Production At Offshore Gulf Of Mexico

Shell said on Friday it had restarted production at its offshore Mars and Ursa in the Gulf of Mexico and began exporting oil and gas through a transfer facility, which was shut due to damage from Hurricane Ida. The oil...
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Indigenous Firms Invest $10b In Oil, Gas Production
November 5, 2021 No Responses

Indigenous Firms Invest $10b In Oil, Gas Production

The Independent Petroleum Producers Group (IPPG) says its members have invested about 10 billion dollars in oil and gas production in Nigeria from 2003 till date.  The group, made up of 24 indigenous oil and gas companies, also pledged to...
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