‘Nigeria  under-declaring crude oil figures’ – Investigation

Crude oil figures

…As OPEC, oil traders dispute NNPCL’s figures Nigeria’s actual crude oil production figures are far above the official figures declared monthly by the supervising ministry and the two agencies saddled with the task of overseeing the nation’s upstream oil and gas sector, Business Hallmark findings have revealed. Month after month, the trio of Ministry of Petroleum Resources, Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have officially supplied Nigeria’s daily and monthly crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC)…

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Nigeria loses N636bn oil revenue, as production dips

Oil rig

The repeated slump in Nigeria’s monthly oil outputs since January 2024 has resulted in a revenue loss of about N636.3bn, findings have revealed. Oil production data obtained from a Federal Government agency indicated that Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January this year, but this nosedived to 1.25mbpd in May. Figures obtained from the Nigerian Upstream Petroleum Regulatory Commission showed that while the total volume of crude produced in January was 44.22 million barrels, it dropped to 38.8 million barrels in May. This represents a…

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Nigeria losing 400,000 barrels of crude oil daily — Report

Crude oil lifting

…​Conspiracy by industry regulators, security agencies fingered Reports have indicated that Nigeria government’s efforts to curtail crude oil theft in the oil producing region has failed to yield the desired results as loses increased from 100,000 barrels/day in 2013 to 400,000 barrels/day in 2023. According to the report, which was  released at the weekend, is a production of several months of deep investigation carried out by public policy firm, Nextier. The report, authored by Ben Nwosu, an associate consultant at Nextier and a senior research fellow at the Institute for…

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Crude oil: ​Ɗangote Refinery to source 24m barrels from US​​

Dangote Refinery

Ɗangote Refinery is set to purchase at least 24 million barrels of United States’ (US) crude oil over the next one year amid Nigeria’s crude oil production shortfalls. Bloomberg revealed the plan in a report, stating that refinery issued a term tender to buy two million barrels per month of West Texas Intermediate Midland crude for a year starting in July. This amounts to 24 million barrels of US crude in one year that the $20 billion refinery established by Africa’s richest man, Aliko Ɗangote​, will purchase over the period.…

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Crude Oil: ​Cargo fails to unload 2m barrel at Ɗangote Refinery due to payment challenges – Report

Crude oil cargo

Chinese energy giant, PetroChina, has been waiting to offload a shipment of U.S. crude oil at Ɗangote Refinery for almost a month due to issues with payment, according to four trading sources and shipping data. The 2-million-barrel cargo of West Texas Intermediate (WTI) crude oil, transported by PetroChina on the supertanker, Maran Mira, has been anchored-off Nigeria since March 28, according to shipping data from LSEG and Kpler. The completion of the oil transaction between PetroChina and Ɗangote has been postponed because the refinery has not yet provided a Letter of…

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Crude Oil theft: “There’s calamity in Niger Delta” – Mele Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL), Mele Kyari, has described oil theft and vandalism in the Niger Delta region as a calamity. The NNPCL CEO, who stated this in Abuja on Friday, when he appeared before the Senate Committee on Appropriation, said that there were over 4,800 illegal connections on crude oil pipelines in the area and warned that this could frustrate the projections of the Federal Government. Kyari pointed out that the daily oil production would depend greatly on the security situation…

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Navy arrests vessel with stolen crude, fingers Tompolo’s Tantita security outfit

The Nigerian Navy has said its personnel arrested a 77-metre-long Motor Tanker Vinnalaris 1 Lagos, engaged in illegal crude oil shipping. According to the Navy, on Thursday, the vessel had 17 crew members onboard at the time of arrest caught engaging in illegal siphoning of crude oil from one of the well heads at EBESAN oil field about seven nautical miles off the coast of Awoye riverine community in Ilaje Local Government Area of Ondo State. A statement by the Navy’s spokesperson, Adedotun Ayo-Vaughan, said the arrest of the vessel…

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‘Crude Oil Theft: Private security operators save Nigeria $43.2m daily’ – Private Contractor, Tantita

The activities of private security operators in combating crude oil theft in Nigeria is estimated to save Nigeria over $43.2million daily. One of the private security contractors of the Nigerian National Petroleum Company, NNPC Limited, Tantita, made this disclosure while speaking at the maiden edition of Maritime Reporters’ Association of Nigeria, (MARAN) Annual Lecture, in Lagos, on Wednesday. Speaking at the conference, the Executive Director, Tantita Security Services Nigeria Limited, Capt. Warredi Enisuoh, highlighted the crucial roles of private security operators even as he noted that dealers in crude oil…

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Ɗangote Refinery secures licence to refine 300,000bpd crude

Founder, Chairman, and CEO of Ɗangote Group, Aliko Ɗangote, has said his refinery has secured a licence to refine more than 300,000 barrels of Nigerian crude per day and will begin to process gasoline soon. According to Bloomberg, Ɗangote, in an interview in Riyadh, Saudi Arabia, on the sidelines of the Saudi-Nigeria business roundtable, said: “We don’t want to start our refinery with foreign goods, we want to start with Nigerian crude”. “We’re more than ready and you will see our gasoline products soon”, he added. The refinery was supposed to start…

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Oil theft costs Nigeria N4.3tr in five years – NEITI 

The Federal Government has revealed that over N4.3 trillion worth of crude oil was lost to oil theft in 7,143 pipeline vandalism cases within five years. This startling figure was disclosed at the Nigeria International Pipeline Technology and Security Conference in Abuja, highlighting the severe impact of oil theft on the nation’s economy. In a presentation at the conference, the Nigeria Extractive Industries Transparency Initiative (NEITI), a government agency, painted a grim picture of the oil theft situation, labelling it a “national emergency”. NEITI’s Executive Secretary, Ogbonnaya Orji, emphasised the…

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