Posts Tagged ‘Crude Oil’

Why Excess Crude Account balance fell by N93bn in 2 months, by Governors

by Seun Adeuyion February 29, 2020
The National Executive Council (NEC) meeting Thursday saw state governors give the rationale behind the fall in the balance of the Excess Crude Account (ECA) by 78.2% or N92.964 billion in two months. The ECA balance had plummeted from $325 million to $71 dollars between January and February this year according to the statistics provided […]

Price of Bonny Light Drops to $67.00 Per Barrel

by Ikokwu Ikembaon December 24, 2019
The price of Bonny Light, Nigeria’s premium oil grade, which surged to $67.82 last week, has dropped slightly to $67.02 per barrel in the global market. Investigation showed that the drop in price was attributed to the international Energy Agency’s speculation that the market was still in custody of excess supply. In its report obtained […]

Oil Income Dropped by 45% in June ~ NNPC

by Ikokwu Ikembaon September 2, 2019
The Nigerian National Petroleum Corporation (NNPC) has disclosed that earnings from oil and gas production in June were down by 44.65 per cent, indicating a value reduction of about $226.38 million between May and June 2019. The Corporation, in its June 2019 monthly financial and operations report stated that in May, the sales value of […]

Nigeria awards crude-for-product swap deals to 15 firms

by Ikokwu Ikembaon August 18, 2019
Nigerian state oil company NNPC said on Sunday that 15 companies had won the right to swap the nation’s crude oil for fuels following a tender for the deals. About 132 companies bid for the deals, Nigerian National Petroleum Corp (NNPC) said in May. The tender for the one-year contracts effective Oct. 1, dubbed direct […]

Shehu Sani blames Nigeria’s failing refinery on selfish people

by Ikokwu Ikembaon July 8, 2019
Senator Shehu Sani has commented on the failing refineries in the country, revealing the classes of people that are behind it all. The senator, via his twitter page on Sunday, July 7, said that people behind the horrible condition of Nigeria’s refineries are those who want it sold and those who will buy it. The […]

Nigeria: Daily Crude Oil Production to Rise by 160000 barrel

by Ikokwu Ikembaon April 29, 2019
Nigeria’s crude production may rise further by additional 160,000 barrels per day (bpd) with the completion of Pan Ocean Oil Corporation Nigeria Limited’s three oil and gas infrastructure. Although Federal Government key assumptions and micro-framework for the 2019 budget is based on a projection of 2.3 million bpd oil production, oil price benchmark of $60/b […]