The Dangote Petroleum Refinery says the Federal Government has not met its target to supply crude oil to the refinery under the naira-for-crude initiative. It said the amount of crude received from the Nigerian National Petroleum Company Limited (NNPCL) is “peanuts” compared to the volume needed to ramp the production of refined products. A report by Reuters quoting an interview …

The Nigerian National Petroleum Company Limited (NNPCL), and its partners have revved up crude oil and gas production to 1.8 million barrels per day (mbpd) and 7.4 standard cubic feet per day (scfd). The company which announced this at a briefing yesterday, said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu. Speaking on the …

Amid feedstock challenges, the Dangote Group, owners of the Dangote Petroleum Refinery, will commence crude oil production in the first quarter of next year. A senior official of the $20 billion Lekki-based refinery confirmed this on Saturday while reacting to an earlier report by S&P Global Commodity Insights. “Yes, I saw the S&P report; our company is truly going to …

In a groundbreaking move, Nigeria has commenced the sale of crude oil and refined petroleum products in Naira In a statement on Saturday, the Director of Information and Public Relations in the Federal Ministry of Finance, Mr. Mohammed Manga said that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun announced that, in line with the …

The Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency, on Sunday, confirmed that the supply of crude in Naira by NNPC Limited (NNPCL) to the Dangote Petroleum Refinery is to begin on Tuesday, 1 October 2024. The committee had announced two weeks ago that the Federal Executive Council (FEC) approved the sale of crude to local refineries …

The Nigerian National Petroleum Company Limited (NNPCL) has stated that increasing crude oil production from the current 1.7 million barrels per day to three million barrels is achievable. Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, announced this during a stakeholders’ engagement session with journalists covering the National Assembly on Saturday. He attributed the potential for increased production to the …

Brent crude oil price has dropped below $70 per barrel for the first time since December 2021. During trading hours on Tuesday, Brent crude, the global oil benchmark, dropped by 3.45 per cent to $69.36 per barrel. On the other hand, West Texas Intermediate fell by 3.86 per cent to $66.06 a barrel. According to a Bloomberg report, adverse economic statistics from the United States and …

Nigeria has lost a staggering $9 billion annually due to the absence of functional ocean-going vessels for affreightment, particularly for crude oil. According to information gathered by LEADERSHIP, Nigeria loses out to foreign shipowners who transport crude oil and engage in Ship-to-Ship (STS) transfers, disadvantaging indigenous ship operators in the nation’s coastal waters. Maritime experts argue that for decades, Nigeria …

The Dangote Petroleum Refinery is reducing its importation of crude from the United States (US), taking more of Nigeria’s oil for processing, a report by Bloomberg said. The report stated that the 650,000 refinery is set to import just over four-fifths of its feedstock from domestic sources in the third quarter. That compares with less than three-quarters in the prior …

The Federal Government has disclosed that sales of crude oil to Dangote Refinery and other local refineries will commence 1 October, 2024. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the announcement during a meeting with the Implementation Committee on Monday in Abuja. According to a post on the official X (formerly Twitter) page of …