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Four oil vessels, suspected to be laden with proceeds of stolen crude oil, were intercepted between October 2022 and August 2023 by the Nigeria Navy, the Tantitta Security Services Limited, and personnel of the Joint Task Force of Operation Delta Safe.
In 2022, the cases of oil spillage by reported causes totalled 572, out of which 480 were as a result of oil theft and sabotage and 92 by operational issues.
For a post-oil subsidy regime in Nigeria, a surge in global oil prices may lead to an increase in pump prices for Nigerians over the coming months.
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The oil and gas sector took a lot of loans that they could not pay back, thereby raising banks’ exposure to non-performing loans (NPLs), a Dataphyte review of financial statements of banks has shown.
This is an annual dialogue among world leaders on energy transition challenges and solutions. This year’s edition, which is ninth in the series, is themed, “Securing a Green Future.” It aims to drive a global energy transition towards ensuring the security of supply, climate protection and also economic growth.
...the price per barrel of crude oil dropped from N50,036 in July 2022 to N38,606 in January 2023, representing a 22.84 percent decrease.
The explosion left dozens, including those that were at the tapping point, dead. The victims were burnt beyond recognition, with many vehicles and tricycles destroyed. The tapping point was on the Trans Niger Delta Pipeline (TNP) that passes through the community.
Al Utsaha, who traveled from Makurdi to Abuja on Saturday, January 28, purchased fuel at three different prices. He bought petrol at N305 per litre at a filling station in Northbank, Makurdi. On getting to Ado-Mararaba in Nasarawa State, he purchased a litre at N320. He then went on to buy it at N194 at the NNPC filling station along Zuba-Giri road on Sunday, January 29.
For weeks (in some places for months), there has been a scarcity of petrol across the country. The scarcity has heralded long queues at filling stations, and many stations are selling at prices that are way higher than the official pump price per litre. In many parts of the country, petrol is sold for as high as N250 per litre as opposed to the official rate of N165.
A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that the amount spent by the country on subsidies between 2005 and 2021, would have constructed three refineries with the capacity to refine 450,000 barrels of crude per day each.
In the year 2000, the then Nigerian President, Olusegun Obasanjo, attempted to remove fuel subsidies. His administration argued that it cost the government $2 billion to subsidise the price annually.
The state-owned oil and gas company, NNPC Limited, spent a whooping N5.3 trillion of its profit to subsidise petrol between 2017 and 2022.
Sectoral allocation review of total credit to the private sector shows that the oil and gas sector has received the highest allocation over the last seven years. However, the sector’s contribution to the GDP did not match the volume of credit received. The sector contributed just 5.5 per cent to the overall GDP output and 7.24 per cent to the GDP growth.
Nigeria’s Gas sector master plan and policy are an effort to further maximise Nigeria’s gas potential and also ensure better commercialisation of the sector.
In 2019, the volume of crude oil lost was 55.21 million barrels, a 14.89% decrease from the previous year’s 64.86 barrels. According to NEITI, the average price of crude oil per barrel was $65.61 then.
