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Military foils N1.2bn crude oil theft as production increases

The Defence Headquarters said on Thursday that troops in the last two weeks intercepted stolen crude worth N1.2 billion as Nigeria's oil production capacity increased in September. The Director, Defence Media Operations, Maj. Gen.

Oil Prices Plunge on Surprise Rise In US Oil Inventories

U.S. crude stockpiles C-STK-T-EIA rose 2.2 million barrels in the week to Nov. 3, to 457.14 million barrels, the Energy Information Administration said on Wednesday.

NNPCL records 136 incidents of crude oil theft in one week

This issue has led to a decline in daily oil production from 2 million to nearly 1.5 million barrels.

Dangote, modular refineries to pay naira for crude

Crude oil and condensate reserves stand at 31.56 billion barrels and 5.94 billion barrels respectively, amounting to a total of 37.50 billion barrels. "2.

Libya emerges Africa's highest oil producer as Nigeria's output drops 6.8% to 1.23 mbpd

Speaking at a meeting to review Domestic Crude Oil Supply Obligation as contained under Section 109(2) of the Petroleum Industry Act, PIA 2021, the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission, Engr.

Nigeria gets very aggressive with oil thieves by launching air raids

Nigeria has the capacity to produce 2 million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalism of pipelines," he said.

10 African countries that import the most oil from the U.S.

Below are 10 African countries that import the most oil from the U.S. according to Wisevoter:[th]Rank[/th] [th]Country[/th] [th]US crude oil import[/th] [th]Global rank[/th] 1 Nigeria 125 Mbbl/d 11th 2 Libya 91 Mbbl/d 14th 3 Ghana 51 Mbbl/d

Dantata, 3 Other Oil Billionaires Set to Get Richer After Securing Lucrative NNPC Contracts

A.A RANOAlhaji Auwalu Abdullahi Rano company was awarded LOT 2, which comprises the Escravos-Warri Crude Oil Pipeline, Warri-Benin Products Pipeline, and others.

"Fuel from Dangote refinery will be available very soon" - Aliko Dangote

Dangote, whose fortune is estimated at $16.2 billion by the Bloomberg Billionaires Index, mentioned that the crude for this facility will be sourced from various producers in Nigeria, including the NNPCL.

Nigeria recorded 240 incidents of crude theft in one week - NNPCL

The report also identified 13 vessel AIS infractions, 5 oil spills, 2 illegal vessels and 1 document validation. 13 of the incidences were recorded in the Deep Blue Water, 41 were recorded in the Western region of the Niger Delta, 169 were recorded

Dangote refinery to finally commence operation in October with 370,000 b/d

In May, Business Insider reported that Nigeria's goal to refine its oil is set to become a reality in 2 weeks with the commissioning of the project. Four months later, the world's largest single-train refinery is yet to commence operation.

Naira Dips Against Dollar As Oil Price Rises To $48.05

Oil extends rally to five-week highs on talk of producer action Brent crude rose $1.08, or 2.3 percent, to $48.05 a barrel after rising to $48.10 earlier, its highest since July 7.

Nigeria's economy begins major shift as oil sector rebounds

"This elevated borrowing rate might have dampened sentiment in the Manufacturing sector, which recorded a marginal increase of 0.48% YoY (vs. 2.20% YoY in Q2'23).

Shame on me and anyone who has held and is holding any political office in Nigeria - Sen. Dino Melaye

We sold crude oil for 64 years but we couldn't feed our citizens for just 2 weeks of lockdown!!! Well, the God of the poor will judge us all. It's time to reboot Shame on us all!!!

How DPR, CBN Diverted $950m Oil Royalty - House of Reps' Panel Open Can of Worms

The US was listed as the leading destination for the crude out of the 51 countries that received crude exports from Nigeria within the period.

Crude oil sells above $90 per barrel as cease fire deal between Hamas and Israel fades

Recommended reading: Oil prices drop by 2% over rumours of Isreal-Hamas truce OPEC+ maintaining production cuts Meanwhile, projections of reduced oil supplies had additionally propelled crude prices in recent weeks, and this trend continued

Adeosun, CBN, Foreign Investors Disagree on Naira's Future

The yield on one-year T-bills has dropped around 400 basis points in two months to 18.2 per cent, still among the highest in major emerging markets tracked by Bloomberg.

2018 Budget: Facts Behind the Figures

As disclosed in the 2018-2020 MTEF, "average oil production fell from 2.04mbpd in February 2016 to 1.52mbpd in August 2016 before rising to 2.2mbpd by June 2017" largely on account of crude oil theft and pipeline leakages due to vandalism which