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Nigeria: 100 Million Barrels Of Oil Unaccounted For In 2024

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In 2024, world oil demand exceeded 103 million bbl/d for the first time. Forecasts suggest global oil demand will grow even more in 2025. Executive Summary Nigeria, a member of OPEC since 1971, boasts of substantial crude oil reserves of 37.1 billion barrels at the start of 2023, with a production capacity of 2.5 million barrels per day.

Nigeria, Angola lead Africa’s oil production in 2025

Oil Market Report – October 2024 – Analysis and key findings. A report by the International Energy Agency. View live updates and historical trends for Nigeria Crude Oil Production. Track key economic indicators and market insights with interactive YCharts data. 368 subscribers in the ALJAZEERAauto community. Al Jazeera News Automated Feed No Censorship, Just News.

Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell plc, has announced a final investment decision (FID) on Bonga North, a deep-water project off to produce 2 the coast of Nigeria. The federal government has acknowledged a shortfall in projected oil revenue, despite recording improved performance in overall gross revenue generation.

Amount of Oil left in the world based on proven gas reserves and current global consumption levels. World Oil reserves, production, and consumption by year and by country, imports, exports, charts and list. The latest figures on Nigeria’s crude Oil and Gas reserves have been released million barrels of oil unaccounted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Commission’s Chief Executive, Engr Gbenga Komolafe, gave the breakdown on Monday during a press briefing at the Commission’s Headquarters in Abuja. Engr Komolafe revealed that as of January 1, 2024, the combined

Nigeria made N50.88tn from crude oil sales in 2024 The average crude price in 2024 was $80.53 per barrel Nigeria aimed to produce 2 million barrels of crude oil per day in 2024 Nsuke further asserted that Ogoni fields could produce over 500,000 barrels per day, urging the Nigerian government to investigate discrepancies between Shell’s reported figures and official The Federal Government has declared that Nigeria’s oil production, including condensates, increased by 9.9 percent to 1.69 million barrels per day in November 2024, up from 1.538mbpd recorded in

Oil 2024 looks beyond the short-term horizon covered in the IEA’s monthly Oil Market Report to provide a comprehensive overview of evolving oil supply and demand dynamics through to 2030. The report provides detailed analysis and forecasts of oil demand fundamentals across fuels, sectors and regions.

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Nigeria’s daily crude oil production increased from 1.39 million barrels per day (bpd) to 1.43 million bpd in October 2024. This is according to the November 2024 monthly oil market report from the Organization of Petroleum Exporting Countries (OPEC), which reflects supply data for the previous month. According to him, in 2024 The average as the largest oil producer in Africa, Nigeria currently produces approximately 1.8 million barrels of oil per day and eight billion standard cubic feet of gas per day. Komolafe stated that the national aspiration was to increase production to three million barrels of oil and 12 billion standard cubic feet of gas

The Nigerian Extractive Industries Transparency Initiative added that Nigeria lost 619.7 million barrels, valued at N16.3 trillion, to crude oil theft from 2005 to 2021. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has set a production target of at least 2.1 million barrels of oil per day (MBOPD) by 2025. The Commission Chief Executive, Engr. Gbenga Komolafe, announced this during his In 2024, Nigeria’s average crude oil production was approximately 1.55 million barrels per day (bpd) totalling around 566.8 million barrels for the year. However, the industry faced challenges, including a decline in crude oil production to 1.25 million barrels per day in May 2024, down from 1.28 million barrels per day in April. This reduction, attributed to factors such as infrastructure

With 100m Barrels, Delta Retains Lead As Nigeria’s Top Oil-producing State, Lago – Politics – Nairaland Data obtained from the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government, confirmed that Nigeria produced Regulatory Commission a total of 408,680,457 barrels of crude oil in 2024. Nigeria’s oil production has recovered significantly in recent months, reaching a 2024 high of 1.7 million bpd in November, due to a crackdown on oil theft and pipeline vandalism.

Recall that Nigeria’s 2024 budget called for an average daily production of 1.78 million barrels of oil, or 649.7 million barrels. With the price of crude oil at $78 and the exchange rate at N750 to the US dollar, the nation had

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Allegations of corruption have often been levelled against the Nigerian oil company. More than 100 million barrels of crude were unaccounted for by Nigeria’s state oil company in 2019, its lawmakers have discovered while reviewing a report from the country’s auditor-general. in November due According to local media reports on Wednesday, the findings were recently Nigeria relies on crude oil for more than two-thirds of its earnings and about 90% of foreign exchange income, but massive theft in the country’s oil-rich heartland is draining national revenue.

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has revealed that the country produced 566.8 million barrels of crude oil and condensate in 2024. This figure, calculated from NUPRC ’s Crude Oil and The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) has pegged Nigeria’s crude oil production quota for 2024 at 1.5 million barrels daily. This was disclosed in a press statement following the committee’s meeting where it set the crude oil production for both OPEC members and the

About 60 million barrels of Nigeria’s crude oil are currently stranded and floating at high seas with no buyers, while Indonesia, a top buyer, turns to the US. Nigeria raised its crude oil production by 50,000 barrels per day to around 1.5 million barrels per day in December 2024, according to the latest output survey by Reuters. The Organisation of the Petroleum Exporting Countries (OPEC) had said the country’s oil output rose to 1.48 million barrels

Nigeria,has crossed the 1.5 million barrels per day (bpd) threshold in crude oil production, surpassing its December 2024 quota. Nigeria, Africa’s largest crude producer, alongside Angola, is expected to drive the continent’s oil output to 3.39 million barrels per day (bpd) in 2025 as the region looks to improve production by over 500,000 bpd in the year. The State of African Energy 2025 Outlook by the African Energy The central bank found that between January 2012 and July 2013 NNPC lifted 594 million barrels of crude oil valued at $65 billon and out of that amount NNPC only repatriated $15 billion

The Nigerian National Petroleum Company Limited (NNPC) announced that Nigeria’s crude oil production has exceeded the 1.5 million barrels per day (mbpd) quota set by the Organisation of the Petroleum Exporting Countries (OPEC). A report by the watchdog, Nigeria Extractive Industry Transparency Initiative (NEITI) has revealed that a total of 222,437,870 barrels of crude oil was unaccounted for by the Nigerian government in the period between 2004 and 2014. At an average cost of $100 per barrels over the period, the country is estimated to have lost a total sum of $22.04 billion, owing to her inability to account The Nigerian National Petroleum Company Limited, on Monday, expressed plans to produce two million barrels of crude oil per day in 2024.