The federal government has identified new oil fields capable of delivering about 681,000 barrels of crude oil per day and 1.52 billion standard cubic feet of gas daily.
 
It disclosed this in a new document put together by the Nigerian Upstream Petroleum Regulatory Commission titled “Nigerian Upstream Petroleum Sector: Value Optimisation, Energy Transition and Regulatory Perspectives.”
 
In the document, obtained by our correspondent in Abuja, the Chief Executive of NUPRC, Gbenga Komolafe, explained that incremental volumes of crude were expected from new wells and well re-entry.
 
More details at:
https://punchng.com/fg-identifies-new-fields-for-681000bpd-oil-production
​

In spite of subdued growth in Nigeria’s oil production in the last year, the country’s rigs count rose markedly from six to 13 between January 2022 and the same period in 2023, new industry data obtained from Baker Hughes, has shown.
 
At a current level of 13, up from 12 the previous month of December and up from six one year ago, it marked a significant change of 8.33 per cent from last month and a whopping 116.7 per cent from one year ago.
 
A THISDAY review of the data indicated that the figures also align with new information from the Organisation of Petroleum Exporting Countries (OPEC), in its latest Monthly Oil Market Report (MOMR) released this February.
 
More details at:
https://www.thisdaylive.com/index.php/2023/02/21/despite-muffled-oil-output-growth-nigerias-rigs-count-rises-116-in-one-year
​

President Muhammadu Buhari inaugurated a 200-million-litre lubricant plant on Monday in Lagos, a project described as the first of its kind in the West African market.
 
According to Energy Insights by Mckinsey & Company, a lubricant plant, also known as a base oil plant, extracts high-viscosity heavy material from vacuum gas oil and vacuum resid to produce base oils.
 
Nigeria's capacity in the lubricants market stood at 503.50 million litres in 2021 and is projected to register a compound annual growth rate (CAGR) of 3.48 per cent to reach 597.33 million litres in 2026, according to the latest market report by Mordor Intelligence, an Indian-based consultancy firm.
 
On importation, Nigeria spent $74.4 million bringing in other lubricating oils meant to be mixed further in the third quarter of last year, the latest data from the National Bureau of Statistics showed.
 
According to the company, it can also manufacture and fill 110 million cans per year of various aerosol products like insect repellents, cosmetic aerosols, air fresheners, and pharmaceutical aerosols.
 
More details at:
https://businessday.ng/energy/oilandgas/article/explainer-what-200m-litre-bestaf-lubricant-plant-means-for-nigerias-economy
​

Nigeria's consumption of Liquefied Natural Gas has increased by over 1000 per cent in the last 14 years, according to the Nigeria LNG Limited.
 
The assertion was made by the Managing Director and Chief Executive Officer, of NLNG, Dr Philip Mshelbila, at the Conference of the Nigerian Liquefied Petroleum Gas Association held in Lagos on Tuesday.
 
According to him, NLPGA and NLNG’s intervention had seen the supply of LPG grow from 60,000 MT in 2007 to over 1.3 million MT in 2021, a growth of over 1,000 percent.
 
More details at:
https://punchng.com/nigerias-lng-consumption-rises-to-1-3m-tons
​

Nigeria now retains $7 billion out of about $21 billion spending in the oil and gas industry in the country yearly, the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, has said.
 
The NCDMB boss disclosed this while speaking on the 6th anniversary of his first appointment as the Executive Secretary of the Board. He explained that before the introduction of the Board in 2010, Nigeria’s industry capacity hovered around three per cent.
 
“The yearly spend before now in the industry was $21 billion year-on-year. So, today, we have clawed back $7 billion of industry spending into the country every year. A typical example is the Egina project. Egina which is almost $21 billion, majority of the fabrication was done in-country including topside integration, which was never done in Africa,” he said.
 
More details at:
https://guardian.ng/business-services/nigeria-retains-7b-yearly-oil-sector-industry-spending-says-wabote 

The Nigerian Content Development and Monitoring Board (NCDMB) has said over 420 metric tons of pipes are now manufactured in Nigeria annually.
 
The Executive Secretary of the board, Engr Simbi Wabote, who disclosed this yesterday while declaring open a sensitisation programme for law enforcement agencies in Yenagoa, Bayelsa State, said previously, that the production in the oil and gas industry was left to the exclusive preserve of the international oil companies. “Today, we are able to manufacture pipes in the country, about 420 metric tons of pipes are manufactured in-country..."
 
More details at:
https://dailytrust.com/nigeria-produces-over-420-tons-of-pipes-annually-ncdmb

Following a declaration of $489 million earned from the bid processes and issuance of Petroleum Prospecting Licence (PPL) for 57 marginal oil fields, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is now pushing awardees to swiftly explore the fields and begin crude oil production in at most six years.
 
With the issuance of the licences, the winners of the awarded oilfields can now move to site for preliminary prospecting activities.
 
The NUPRC at the ceremony said about $482 million was raked in from the 57 oilfields to the coffers of the federal government, with another $7 million in signature bonuses and others, totalling $489 million.
 
More details at:
https://dailytrust.com/fg-earns-n203bn-from-57-oilfields-pushes-for-crude-drill
​

The construction of a new gas pipeline from Africa to Europe moved a step closer on Wednesday after Nigeria gave the go ahead to its state-oil firm NNPC to sign a memorandum of understanding with West African regional body ECOWAS.
 
The nod comes as African gas supplies to Europe grow in importance with the Ukraine crisis casting doubt on Russian energy exports. Algeria has already agreed to raise its supply to Italy.
 
Nigeria and Morocco signed a joint venture in 2016 to construct the pipeline which will carry gas to 15-West African countries and through Morocco to Spain and Europe, junior oil minister Timipre Sylva said at a cabinet meeting in Abuja while presenting the request for approval…
 
More details through:
https://www.reuters.com/article/idUSL8N2XO4Q8
https://www.thecable.ng/fec-approves-nnpcs-deal-with-ecowas-for-construction-of-nigeria-morocco-gas-pipeline
 

Nigeria Sovereign Investment Authority (NSIA) says it has signed a deal with OCP Group, a Moroccan company, to build a fertiliser plant.
 
Uche Orji, managing director and chief executive officer (CEO), NSIA, said this on Thursday at a press briefing on the presidential fertiliser initiative (FPI) in Abuja. OCP Group is a Moroccan state-owned phosphate rock miner, phosphoric acid manufacturer, and fertilizer producer…
 
More details through:
https://www.thecable.ng/nigeria-morocco-sign-deal-to-build-fertiliser-plant-in-akwa-ibom

The Nigerian National Petroleum Company Limited (NNPC) and Sahara Group, have taken delivery of two 23,000 CBM Liquefied Petroleum Gas (LPG) vessels at the Hyundai MIPO Shipyard in Ulsan, South Korea, with plans to add 10 vessels in 10 years to enhance Africa’s transition to cleaner fuels.
 
The new vessels, MT BARUMK and MT SAPET have increased NNPC and Sahara Group’s joint venture investment to over $300million, approaching the JV’s $1billion gas infrastructure commitment by 2026.
 
The fleet previously comprised MT Sahara Gas and MT Africa Gas. All the four vessels were built by Hyundai MIPO Dockyard, a foremost global manufacturer of mid-sized carriers…
 
More details through:
https://independent.ng/energy-access-nnpc-sahara-group-invest-300m-in-gas-carriers/
​