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Nigeria’s daily oil production drop to seventh

by Radarr Africa
written by Radarr Africa

Nigeria now ranks seventh on Organization of the Petroleum Exporting Countries’ crude oil production list, according to the organization’s Monthly Oil Market Report for November, which examined oil production performance in October.

Nigeria’s output was a mere 1.014 million barrels per day in October, ranking seventh after Saudi Arabia, United Arab Emirates, Kuwait, Iraq, Angola and Algeria.

While Nigeria’s production was 1. 014mb/d in October, Angola produced 1. 051mb/d;  Algeria, 1.060mb/d; Kuwait 2.811mb/d; UAE, 3.188mb/d;  Iraq, 4.651mb/d; and Saudi Arabia, 10. 957mb/d.

While Venezuela’s production was 711b/d, Equatorial Guinea’s was 57b/d. The likes of Gabon, Libya and Iran did not produce a barrel in the month.

ALSO READ: Senate investigation uneven disbursement of N500bn loans by DBN

Nigeria used to rank fifth, with countries such as Angola and Algeria behind it in terms of crude oil production West Africa’s largest economy has been through a rough path as its crude oil production is bedeviled by theft and pipeline vandalism.

A recent report by The PUNCH revealed how the country lost N415bn to the shutdown of nine crude oil terminals within the space of two months.

The affected terminals, Forcados, Qua Ibo, Bonny, Bonga, Voho, Erha, Brass, Ukpokiti and Aje were shut down between May and June 2022.

Crude oil losses recorded as a result of the shut-in include 258,000 from Forcados  between June 24 and 30; 1,470mb from Qua Iboe from June 15-30;  3, 545mb from Bonny from June 1-30; and 558,000b from Bonga between June 15 and 30.

According to him, beyond technology, Nigeria needed to identify the challenges, find the origin of the problem and deal with it.”

SOURCE: Punch news

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AfricaAFRICA NEWSBusinessEconomyGhanaNewsOil & GasWestern Africa

Ghana records $731m from oil production in H1, 2022

by Radarr Africa
written by Radarr Africa

Ghana earned a total of over $731.94 million from oil production in the first half of 2022.

This earnings came from the three fields namely, Jubilee, TEN and Sankofa Gye Nyame.

They however comprised of royalties, tax payments and surface rentals.

This pushed total revenue from the petroleum sector to about $8.09 billion since 2011 when petroleum production commenced in Ghana.

According to the 2022 Semi-Annual Report of the Public Interest and Accountability Committee (PIAC), the amount excludes an oil lifting that was done by a subsidiary of the Ghana National Petroleum Corporation, Jubilee Oil Holding Limited (JOHL), which acquired Anardarko last year. 

Speaking to journalists ahead of the launch of the report, the Chairman of PIAC, Professor Kwame Adom Frimpong, said the country could have earned more from the sector.

“Following the acquisition of 7% interest in the Jubilee and TEN Fields by GNPC in 2021 (later ceded to its subsidiary -JOHL), JOHL made its first lifting of 944,164 bbls on the Jubilee Field in the first half of 2022, amounting to $100.74 million”.

“This amount was not paid into the Petroleum Holding Fund, a situation PIAC is hoping to get it resolved by close of the year or before publishing its full year report”, he noted.

Meanwhile, contrary to Section 6(e) of the Petroleum Revenue Management Act, 2011 (Act 815), Capital Gains Tax was not assessed and collected by the Ghana Revenue Authority in the sale of the 7% interest by Anadarko in the Jubilee and TEN Fields in 2021.

ALSO READ: Ghana conducts oil and gas roadshow in Texas to attract investors

In its written response to PIAC on the matter, the Ghana Revenue Authority referred the Committee to the Ministry of Finance indicating that the Ministry was exclusively in charge of the transaction. The Ministry of Finance in turn referred the Committee to the Ghana Revenue Authority for answers.

The Ghana Petroleum Funds (GPFs) received an amount of $390.029 million for the first half of 2022, which is 91.43% higher than the budgeted allocation of $203.75 million for the GPFs for the full year in compliance with Section 4(a)(iii) of the Petroleum Revenue Management (Amendment) Act, 2015 (Act 893).

Source: My joy online

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AfricaBusinessNewsNigeriaOil & GasWestern Africa

TotalEnergies begins production from Ikike field in Nigeria

by Radarr Africa
written by Radarr Africa

TotalEnergies, a broad energy company that produces and markets energies on a global scale has begun production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022, it said on Monday.

The field production would supply the much-needed boost for Nigeria which has faced operational problems in its upstream oil and gas sector.

TotalEnergies-which operates the field with a 40 per cent stake alongside the Nigerian National Petroleum Company, Limited(NNPC) with 60 per cent said, it expects Ikike to deliver 50,000 b/d of oil equivalent (boe/d) by the end of the year. The field is tied back to the Amenam offshore facilities through a 14km pipeline.

ALSO READ: FGN shuts Scorpion Oil Services over irregular operations

“By tapping discoveries close to existing facilities, this project fits the company’s strategy of focusing on low-cost and low-emission oil projects,” said senior vice-president of TotalEnergies’ upstream operations in Africa, Henri-Max Ndong-Nzue.
The start of production from Ikike will help Nigeria lift its flagging crude output, which slumped to a 17 month low of 1.26 million barrels a day in June which is 510,000 b/d below its OPEC target for the month, according to Argus estimates.

Oil theft has disrupted flows to Nigerian terminals this year. Last month, a drop in shipments of the key Qua Iboe and Forcados streams exacerbated ongoing disruption to Bonny Light exports, which have been under force majeure since mid-March.
TotalEnergies said earlier this month that it expects the disruption in Nigeria, combined with port blockades in Libya, to drive a i100,00p barrels of oil equivalent a day cut n its second-quarter upstream production. The company produced 240,000 boe/d in Nigeria last year.

The European Commission’s deputy director general for its energy department this month said that the European Union was seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts.

Source: Leadership

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EnergyOil & GasWestern Africa

Nigeria’s crude oil production rises by 70,000bpd

by Radarr Africa
written by Radarr Africa

According to a Reuters survey released on Tuesday, Nigeria’s crude oil production rose by 70,000 barrels per day in May.

The document, made public  in Lagos, showed that the country’s crude oil production averaged 1.42mbpd in May.

The figure is 70,000bpd higher than the average crude oil production in April, at 1.35mbpd.

The survey said the increase in the Organization of the Petroleum Exporting Countries (OPEC) oil output in May exceeded the rise planned under a deal with allies for the first time since February.

It said this was due to a higher Saudi and Iraqi supply combined with a partial recovery in outage-hit Nigeria.

The survey said: “The 10 members of OPEC bound by the deal pumped 24.73mbpd in May, up 280,000bpd from April and above the 274,000bpd increase called for by the accord.

“The biggest rise in May of 100,000bpd came from Saudi Arabia.

“The second-largest of 70,000bpd came from Nigeria, which loading schedules indicate boosted exports in May, even though key crude stream Bonny Light remains under force majeure.”

It noted that Kuwait and Iraq provided smaller increases of 40,000bpd and 30,000bpd respectively, while the United Arab Emirates added 20,000bpd.

According to the survey, production did not increase in Congo, Equatorial Guinea and Gabon owing to a lack of capacity.

It said: “The biggest decline was in Libya, where supply dropped by 70,000bpd as unrest continued to curb the country’s output.

“Output in Iran also fell. Exports declined, sources in the survey said, in part because Iran has shipped less oil to China since the start of the Ukraine war as Beijing favoured cheaper Russian crude.”

The Reuters survey aims to track supply to the market as it is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, as well as information provided by sources at oil companies, OPEC and consultants.

Source: The Sun

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