Nigeria’s crude oil production rose in February – OPEC – Newstrends
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Nigeria’s crude oil production rose in February – OPEC

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Nigeria’s crude oil production rose in February – OPEC

Nigeria’s crude oil production rose to 1.476 million barrels per day in February, from 1.429 million bpd recorded in January, an increase of 47,000 barrels, an OPEC survey, which cites secondary data sources, said.

Nigeria’s crude oil production rose in February, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown.

Oil production from the 12 members of the organisation, OPEC, averaged 26.57 million barrels per day (mb/d) in February 2024, higher by 203 thousand barrels per day (tb/d) month-on-month, OPEC said in its Monthly Oil Market Report released Tuesday.

“According to secondary sources, total OPEC-12 crude oil production averaged 26.57 mb/d in February 2024, 203 tb/d higher, month-on-month. Crude oil output increased mainly in Libya and Nigeria, while production in Iran and Iraq decreased,” the oil cartel said.

Nigeria’s crude oil production rose to 1.476 million barrels per day in February, from 1.429 million bpd recorded in January, an increase of 47,000 barrels, an OPEC survey, which cites secondary data sources, said.

According to the oil cartel’s direct communication data, Nigeria recorded 1.322 million barrels per day in February from 1.427 million recorded in January.

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OPEC indicated it gets its crude oil production figures mainly from two sources, either as direct communication by member countries or by information released by secondary energy intelligence platforms.

Over the years, crude theft and pipeline vandalism and its negative impact on the country’s economy have been a source of concern to the Nigerian government.

In a bid to curb crude theft, the Nigerian National Petroleum Company Limited (NNPC) launched an application in August 2022 to monitor the incidence of theft and vandalism.

The NNPC also awarded a multibillion naira pipeline surveillance procurement to a former leader of the Movement for the Emancipation of Niger Delta, Government Ekpemupolo.

Despite such initiatives, Nigeria continues to experience significant oil losses to vandals, prompting several international oil companies to shift from the onshore sector to offshore.

In October last year, the Nigerian government announced it would target 2 million barrels per day (bdp) of crude oil production by the end of the year.

Last November, the Nigerian federal government set its benchmark production target at 1.78 Mbps, 1.80 Mbps, and 1.81 Mbps, for 2024, 2025, and 2026, respectively, to achieve its revenue projection.

Nigeria’s crude oil production rose in February – OPEC

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Warri refinery: Marketers hopeful of further petrol price drop

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3 hours ago

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December 31, 2024

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Warri refinery

Warri refinery: Marketers hopeful of further petrol price drop

There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.

This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).

The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.

This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.

The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.

Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.

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Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.

He said though the repairs on the facility were not 100 per cent complete, operations had commenced.

He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”

With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).

The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.

It’s good for business, prices may reduce – Marketers

Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.

Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.

“The market becomes more competitive and we are diversifying supply,” he said.

On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”

National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”

Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.

“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.

Warri refinery: Marketers hopeful of further petrol price drop

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Shell, partners employ 133 young graduates after internship engagement

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December 30, 2024

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Shell, partners employ 133 young graduates after internship engagement

Shell Petroleum Development Company of Nigeria Ltd (SPDC) and its partners have offered jobs to 133 young graduates after their engagement in internship programme.

They are part of 170 young graduates that benefitted from the NCDMB/PETAN/SPDC JV Graduate Internship programme attached to indigenous technical oilfield service companies in the upstream and downstream sectors for hands-on experience.

A statement obtained on Monday said the 133 employed by the companies indicated the success of the programme as a talent pipeline for the oil and gas industry in Nigeria.

It disclosed that the latest batch of 49 intakes graduated at a ceremony in Port Harcourt early this month after completing their internship which began in 2022.

Speaking at the ceremony, Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, commended the Shell Petroleum Development Company of Nigeria Ltd (SPDC) Joint Venture for the support for the programme, helping to build local manpower for a critical sector of the economy.

SPDC and PETAN had jointly set up the programme in 2014 whereby young graduates are attached to the over 100 member companies of the organisation with SPDC paying them monthly stipends.

From 2022 when the Nigerian Content Development and Monitoring Board (NCDMB) joined the collaboration, the programme has run for two years with 100 intakes.

The NCDMB/PETAN/SPDC JV Graduate Internship programme has been lauded as a key human capital development initiative which is central to the promotion of Nigerian content in the oil and gas industry.

SPDC’s General Manager Nigerian Content, ‘Lanre Olawuyi, said, “The internship is more than a learning opportunity. It provides fresh graduates with technical expertise, equipping them with the practical skills needed to excel in their careers.

“It aligns with SPDC’s broader educational initiatives, contributing significantly to the actualisation of the UNESCO ‘Education for All’ agenda and the Sustainable Development Goals in Nigeria, particularly in the Niger Delta.

“We owe the success of the programme to the untiring support of our JV partners, the Nigerian National Petroleum Company Limited (NNPCL,) TotalEnergies and Nigerian Agip Oil Company Limited for which we’re grateful.”

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Warri refinery now operational, doing 125,000bpd – NNPCL boss

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20 hours ago

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December 30, 2024

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Warri refinery now operational, doing 125,000bpd – NNPCL boss

 

Warri Refining and Petrochemicals Company (WRPC) in Delta State has commenced production after a major rehabilitation of the facility.

Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, disclosed this on Monday.

Kyari said the refinery is not fully completed but is producing 125,000 barrels per day.

He spoke to journalists during a tour of the facility on Monday, attended by key stakeholders.

The announcement is coming about a month after the old Port Harcourt refinery idle for five years resumed full operations, producing petrol, kerosene and diesel.

There are also expectations that the other state-owned Kaduna Refining and Petrochemicals Company (KRPC) currently undergoing rehabilitation would bounce back soon.

The NNPCL in April promised restore the Kaduna refinery to 60 percent of its production capacity by the end of this year.

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