By Solomon Asowata Lagos, May 26,2021 The Nigeria Extractive Industry Transparency Initiative (NEITI) says the creation of the National Oil and Gas Excellence Centre (NOGEC) has substantially addressed concerns over the country’s crude production data. Dr Ogbonnaya Orji, Executive Secretary, NEITI, made the
The inauguration of the NOGEC came at a time Nigeria and the rest of the world are raising concerns over depleting oil revenue and the breakthrough in alternative forms of energy, including renewable and solar energy.
To underscore the damage done to the Nigerian economy which is heavily reliant on oil, Nigeria’s Finance Minister, Mrs Zainab Ahmed, in May 2020, announced that the national revenue target fell by N125.52 billion in the first quarter of 2020 to N940.91bn.
The Group Managing Director of NNPC, Mallam Mele Kyari, hinted at this paradigm shift when in December 2020, at the Central Bank of Nigeria (CBN) roundtable session, he said NNPC was putting measures in place to reduce the cost of crude oil production to create market for the country’s crude.
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Nigeria’s oil output drops 15% to 1.5mb/d
On
By Udeme Akpan,
Energy Editor
The average Nigeria’s oil output dropped Year-on-Year, YoY, by 15 per cent to 1.5 million barrels per day, mb/d (excluding condensate), in 2020, compared to 1.7mb/d recorded in the corresponding period of 2019, according to data obtained from Organisation of Petroleum Exporting Countries, OPEC.
On Quarter-on-Quarter, QoQ, the nation’s oil output stood at an average of 1.75 mb/d in first quarter (January -March) of 2020, compared to 1.67 mb/d, recorded in the corresponding period of 2019, indicating a marginal increase of 0.05 per cent.
But it dropped to 1.52 mb/d, 1.35mb/d and 1.28 mb/d in the Second, Third and Fourth quarters of 2020, against 1.77 mb/d, 1.82 mb/d and 1.67 mb/d recorded in the corresponding period of 2019, thus showing a decrease of 14.1 per cent, 25.8 per cent and 23.4 per cent respectively during the period under review.
FG banks on oil proceeds for sustainable development vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.
As the debate over the long-term relevance of crude oil rages, Nigeria appears to be shifting its attention to the exploration of the country’s huge gas deposits, writes Emmanuel Addeh
The year 2020, unarguably remains the most devastating period in the history of oil and gas in history as the product hit its lowest point.
In the heat of the Covid-19 pandemic, Nigeria, Africa’s biggest economy, entered recession for the second time in five years, after a contraction in its Gross Domestic Product (GDP) for a second consecutive quarter.
Largely dependent on revenues from crude oil export for its survival, the country’s economy contracted by 3.62 per cent in the third quarter of 2020, after having already declined by 6 per cent in the previous quarter, according to the National Bureau of Statistics (NBS).