Crude oil
FG begins crude oil sales in Naira to Dangote
The Federal Government has officially commenced the sales of crude oil and refined petroleum products in Naira. The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council (FEC) directive, the sale of crude oil and refined petroleum products in Naira has officially commenced as of October […]
Oil prices rise by $1 as Iran launches attack on Isreal
Oil prices surged by more than a dollar in early trading today amid growing concerns that escalating tensions in the Middle East could disrupt crude production, following Iran’s most significant military strike against Israel. Brent futures rose by $1, or 1.36%, to $74.56 per barrel, while U.S. West Texas Intermediate (WTI) crude increased by $1.07, […]
FG inaugurates committee on sale of crude oil to local refineries
The Federal Government has set up the Technical Sub-Committee charged with developing the framework for the sale of crude oil to local refineries in naira. While inaugurating the committee on Thursday in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the initiative aligned with the presidential directive, aimed […]
Senegal Joins Oil-Producing Countries, Begins Production
Senegal has officially joined the list of oil-producing countries in West Africa, marking a significant milestone in the country’s economic history. Last week, the country began producing oil for the first time, with the Sangomar deep-water project aiming to produce 100,000 barrels of oil per day. “This is a historic day, a key milestone for […]
Nigeria Fails To Meet Oil Production Targets In 10yrs
Despite having crude oil in abundance, Nigeria has consistently failed to meet oil production targets as stipulated in national budgets over the last 10 years, according to Daily Trust. The country has, over time, maintained a mono-economy with crude oil sales constituting about 90 percent of its foreign exchange earnings. However, experts have projected that non-oil […]
Military uncovers five million-litre stolen crude in Rivers
The 6 Division, Nigerian Army, on Wednesday, said it uncovered a massive illegal refinery camp and seized five million litres of stolen crude oil stored in a reservoir in Rivers State. The General Officer Commanding, 6 Division, Maj.-Gen. Jamal Abdussalam, said the illegal refinery was uncovered along the Mirinwanyi channel of the Imo River in […]
$19bn Dangote Refinery gets another 1m barrels crude oil
With the delivery of two million barrels of crude, the $19 billion Dangote Oil Refining Company is set to commence production of petroleum products paving the way for additional jobs and foreign exchange relief to the economy. This follows yesterday’s delivery of an additional one million barrels of crude oil yesterday to the refinery, two […]
Dangote refinery gets first crude supply
The first crude feedstock for Dangote’s 650,000 b/d refinery has arrived the country, according to SP Global quoting market sources and tanker tracking data. The analytical firm said the development indicated that fuel production at the new $19 billion facility is finally set to start after years of delays. According to the report; the OTIS […]