News

NNPC, Chevron Seal $1.7bn Deal To Increase Crude Oil Production In Nigeria Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.The agreement, which was signed in London at the weekend, is also expected to achieve an incremental peak production of about 283mmscfd of gas.Group Managing Director of th …

Total OPEC Basket Of 14 Crude Oil Production Averaged 32.75 Million Bpd In September, Price Stood At $54.23 A Barrel The Organisation of Petroleum Exporting Countries, OPEC, crude oil output has risen from 32, 659 million barrel per day (bpd) to 32.748 million (bpd), showing an increase of 88,000 bpd or 0.3 percent in September 2017, Vanguard have learnt.In its monthly oil market report released, yesterday, the organisation stated: ‘’The total OPEC basket of 14 crude oil production, accordi …

NNPC: Demand For Nigeria’s Crude Oil Exceeds The Current Supply The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply, as reported by PUNCH.Last year, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low of 1.4 million barrels per day from about 2.2 million bpd.“As we speak now, even the demand for Nigeria’s crude oil is over-subscri …