Browsing: Nigeria Oil

  • Nigeria is Africa’s main leading oil producer with production increased to an average of 1.16 million barrels per day (bpd) in June from 1.02 million recorded in May 2022
  • Tanzania through the Association of Oil and Gas Service Providers (ATGOS) signed an MoU with Oman’s industry body in June
  • The MoU was signed in a separate room during the ongoing energy congress held in Dar es Salaam Tanzania

Tanzania’s oil and gas industry just got a shot in the arm as the Association of Tanzania Oil, and Gas Service Providers (ATOGS) and Petroleum Association of Nigeria (PETAN) signed a skills transfer Memorandum of Understanding (MoU) in Tanzania.

The MoU which was signed in a separate room during the ongoing energy congress held in Dar es Salaam, Tanzania, comes at the right time as the fourth congress stresses on the continent’s top performers and technocrats to share knowledge and build meaningful …

  • Russia is the world’s third-largest oil producer behind the United States and Saudi Arabia, and the world’s largest exporter to world markets
  • The price of Brent crude has spiked US$110/bl, which points towards an over 80 per cent jump in 12 months and the highest level in eight years
  • Despite having oil reserves, African oil imports are significant in most countries even oil-producing nations

The Russia-Ukraine war is on its tenth day and it is terrible for everyone.

African governments, think tanks and energy organizations posit that sanctions against Russia pose a danger to African economies importing oil—which is by far the region’s biggest imported product.

Russia is the world’s third-largest oil producer behind the United States and Saudi Arabia, and it’s the world’s largest exporter of oil to global markets and the second-largest crude oil exporter behind Saudi Arabia.

Read: Ukrainian businesses thriving in Africa despite racist treatment

Nigeria has kicked off plans implementation of efforts to prepare its economy for a post-oil world.

According to the Africa’s largest oil producer’s minister of Science and Technology Ogbonnaya Onu, Nigeria looks to introduce methanol into the economy.

The minister who spoke at a forum this week said the move will reduce gas flaring by using the natural gas as a feedstock for methanol production.

The oil and gas sector in Nigeria accounts for about 10 percent of gross domestic product (GDP), according to OPEC estimates.

Nigeria’s revenue from petroleum exports represents around 86 percent of the country’s total exports revenue.

Investments

Nigeria has no plans to drop oil and gas exploration or to stop trying to attract investments in its most important revenue stream, despite the shocking report from the International Energy Agency (IEA), which suggested last week that no new investments in oil and gas are necessary if …

Nigeria, Africa’s largest economy which performed well in the fourth quarter of 2019, since the 2016 recession, could contract in the second quarter in 2020.

The possibility of a contraction is backed by, three gauges of business activity that pointed to difficulties the central bank face in trying to stave off a recession in Africa’s largest economy, according to information from Bloomberg News.

As Nigeria struggled to recover from a 2016 contraction is set to slow down economically, due to the lockdown rolled in to curb coronavirus spread.

According to Stanbic IBTC Bank and IHS Markit’s purchasing managers index rose slightly to 40.7 in May from 37.1 the previous month, suggesting economic conditions are worsening even as the government relaxes a lockdown in key cities to curb the spread of the virus.

READ: Nigeria records high quarterly GDP growth in the fourth quarter

However, according to Bloomberg News, Gbolahan Taiwo, …