* NUPRC seeks collaboration to mitigate methane emissions

Nigeria is making headway in finding customers for its January cargoes, with 10 to 12 cargoes left, out of an estimated 20 earlier in the week, a trader has told Reuters.
This is coming as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that Nigeria is poised to receive substantial support in its endeavour to mitigate methane emissions originating from the oil and gas sector.

However, at this stage of the trading cycle, this is still a considerable overhang, given the fact that there are February-loading cargoes also still on offer, while the country’s March programme is expected in the coming weeks, the report said.

Premiums for Nigerian crude oil have begun to fall, as competition from Saudi Arabia heats up.
Offers for the grade Qua Iboe are in the range of dated Brent plus $1.5 a barrel for January loading, while the same grade is being offered at dated Brent plus $1 a barrel for February loading, another trader added.

Also, the report added that only about 10 cargoes of Angola’s February-loading cargoes are left, out of the 32 scheduled for loading, a trader said earlier this week. Angola’s March programme is expected to emerge next week.

Also, a new report by Deloitte has projected that energy trends estimate global oil prices will be stuck at low levels for the next couple of years.

The analysis predicts an average West Texas Intermediate (WTI) price — typically regarded as the benchmark for crude oil — of $72 US per barrel this year.

That depression in price is because of cuts from major producers, record production in the United States and slowing growth in demand, according to the report.
Oil prices are at their lowest in two years, with prices hovering around 2021 levels.

“We do have a lot of production out there, and money spent by energy companies in 2023 is bringing lots of volumes out there, and maybe we’re a little bit more resource and supply-heavy than we were last year,” said a partner at Deloitte, Andrew Botterill, who leads the energy and chemicals file.

The Organisation of the Petroleum Exporting Countries (OPEC) recently decided to cut 2.2 million barrels a day in the first quarter of 2024.

Demand is forecast to increase by about 1 million barrels per day in 2024, compared with 1.6 million last year, per analysis by the US Energy Information Administration.

“It’s the pendulum of this energy industry. When prices are high, money is spent. And then, of course, when those volumes come on, things will soften a little bit. So I think this is a little to be expected from where we were,” he stressed.

Deloitte forecasts the average WTI price will remain low through 2026 before rebounding slightly in the years leading up to 2030 — however, prices still aren’t expected to climb over $80 a barrel.

While lower oil prices may leave the province readjusting its budget, Botterill said consumers can do a version of the same exercise.

Meanwhile, the NUPRC has said that Nigeria is poised to receive substantial support in its endeavour to mitigate methane emissions originating from the oil and gas sector.

Stressing that this will be partly achieved through a collaboration between the country and the Climate and Clean Air Coalition, it stated that the partnership signifies a significant step towards addressing environmental challenges associated with the energy industry.

The industry regulator added that methane, a potent greenhouse gas, has been a growing concern globally, and the partnership was tailored to bolster Nigeria’s initiatives in curbing its impact on climate change.

“As a prime regulator in Nigeria’s oil and gas sector, the NUPRC is set to leverage the expertise and resources of the Climate and Clean Air Coalition.

“This collaboration that encompasses a multifaceted approach, including knowledge sharing, technological support, and joint research efforts, is aimed at devising effective methane mitigation strategies.

“The Climate and Clean Air Coalition, renowned for its dedication to air quality and climate-related initiatives, is bringing its wealth of experience to the partnership,” the NUPRC stated in a note.

https://www.thisdaylive.com/index.php/2024/01/14/nigeria-clears-additional-backlog-of-january-crude-oil-cargoes?amp=1

Tinubu doing great work.

Good one

And later same Saudis act as if they love us. Na true say no padi for business.

Anything that brings end to this unending suffering is welcome

This is very very good news for those who understand what's happening right now in Nigeria.
Despite the NNPCL delivering 6 million barrels of Crude oil to Dangote Refinery,it was still able to produce 20 cargoes which it exported for sale.
Adding 1+1 together,the crude set aside for local refining and the one exported,it's clear to see Nigeria has started getting close or even surpassing it's crude allocation by OPEC.
Although it's a bit sad that Nigeria still hasn't finished selling its stock for January,the cheering news is the fact the NNPCL will never deduct its earning every again in the name of paying for Subsidy.
Another cheering news is NNPCL has already set aside 4 cargoes for delivery to Dangote Refinery in February, meaning it's forward planning its delivery inventory for next month.
My Fellow Nigerians,This great country is about to experience massive and exponential growth in its Industrial prowess.
I say it with utmost Faith, Nigeria Journey to greatness has started,it's only a matter of time before things start to get better.
Let me sound this note of warning though,things will definitely get very tough before it gets better.
The distribution network of Dangote is still at its elementary stage.
I expect there will be massive chaos over the next 2-3 months while it perfects its distribution network.
Pls let the government and the company start planning on how to evacuate the product.
Check my signature for more ways to invest in land around the Refinery.
God bless Nigeria.

God bless Nigeria!!!

How does this quickly Make The poor breathe?

Good news

Does it reduce pump price??

Joseph099:
How does this quickly Make The poor breathe?

It should have effect later

Golan007:
Tinubu doing great work.

Which great work, OBJ sold 2 million barrels consistently, he made Nigeria's crude oil and sales and production so good that Nigeria constantly surpased the OPEC quota of 2million barrels both in production and sales,

He then went ahead and opened account to save the excess sales of crude oil which was called excess crude oil account (ECA) from there he saved about 50 something billion dollars for Nigeria within a span of 8 years.

Today the ECA account has been totally depleted and you are here praising Tinubu that brought Buhari and continued from where he stopped

More corruption and more lies... which means more poverty for the poor people

Okay

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All this noise because of the dangote refinery the shameless APC government is now dangote spokes person a government that spent 8years in office without any meaningful achievement watch how they will use dangote refinery as part of there campaign propaganda come 2027

Until the ordinary man benefits from these, nothing to celebrate here

Apart from the kidnapping incident, it’s been good news this year

PBAT is certainly going to do very well

What are we really using all these money for? Very soon they will say they still want to borrow from Afganistan or Cambodia. If Nigeria can export over 2 millions barrel of oil per day and with significant cut in fuel subsidy then what are we using this money for. Maybe someone can enlighten me cos I don't understand.

I don't understand.., Are we still exporting Crude Oil

Give Dangote to refine it now.

Beccinome:
Ok

get lost with your data wasting ads. Cc Seun nlfpmod

Can't they be writing all these news in simple grammar or is the main intention to.confuse us?

I no even understand wetin I dey try read sef

Brendaniel:


Which great work, OBJ sold 2 million barrels consistently, he made Nigeria's crude oil and sales and production so good that Nigeria constantly surpased the OPEC quota of 2million barrels both in production and sales,

He then went ahead and opened account to save the excess sales of crude oil which was called excess crude oil account (ECA) from there he saved about 50 something billion dollars for Nigeria within a span of 8 years.

Today the ECA account has been totally depleted and you are here praising Tinubu that brought Buhari and continued from where he stopped

Shut up.

I know the principle of Democracy is difficult for your likes to appreciate but Nigerians voted for Buhari.

I don read lik 2x i dnt stil understand all dis grammar

I see alot of people up there crying that they don't u do understand anything
Maybe you should pay more attention to personal development than trying to chase money or show off life without balance is depressing 😭


Anyways, with the news up there, I can say that tinubu and his team did good in the transaction of afrixim bank deal.

Things has not been simple for Nigeria's old sector for a very long time but we pray that with the natural gas, we can navigate before we can diversify.

The government has oil at 80$ for the budget and I now know this is the reason for supplementary budget.

But Angola and Saudi are selling easier than Nigeria, I think that is because of the security news emanating from nigeria on munite bases.

May God have mercy on Nigeria and Grant our prayers... Amen

Anything done by the government must have a positive impact on her people, if not, I see no reason to celebrate as long as the people of the nation are still going through hardship. The day the poor can start having at list 2 meal in a day and transport themselves to their different location comfortably, is the day I will start celebrating the government. Nigeria is not for the rich alone

Faiththatworks:
This is very very good news for those who understand what's happening right now in Nigeria.
Despite the NNPCL delivering 6 million barrels of Crude oil to Dangote Refinery,it was still able to produce 20 cargoes which it exported for sale.
Adding 1+1 together,the crude set aside for local refining and the one exported,it's clear to see Nigeria has started getting close or even surpassing it's crude allocation by OPEC.
Although it's a bit sad that Nigeria still hasn't finished selling its stock for January,the cheering news is the fact the NNPCL will never deduct its earning every again in the name of paying for Subsidy.
Another cheering news is NNPCL has already set aside 4 cargoes for delivery to Dangote Refinery in February, meaning it's forward planning its delivery inventory for next month.
My Fellow Nigerians,This great country is about to experience massive and exponential growth in its Industrial prowess.
I say it with utmost Faith, Nigeria Journey to greatness has started,it's only a matter of time before things start to get better.
Let me sound this note of warning though,things will definitely get very tough before it gets better.
The distribution network of Dangote is still at its elementary stage.
I expect there will be massive chaos over the next 2-3 months while it perfects its distribution network.
Pls let the government and the company start planning on how to evacuate the product.
Check my signature for more ways to invest in land around the Refinery.
God bless Nigeria.

Thanks for your positive analysis.
Another area the government need to look at is the insecurity situation in the country, it's getting out of hand and it seems the military is overwhelmed. This alone could frustrate the effort of government in reviving this country.

clearcrystal:


Thanks for your positive analysis.
Another area the government need to look at is the insecurity situation in the country, it's getting out of hand and it seems the military is overwhelmed. This alone could frustrate the effort of government in reviving this country.

I av said it n am saying it again. The issue of kidnapping is now a business of the day. I pray we get out of it soon

Golan007:


Shut up.

I know the principle of Democracy is difficult for your likes to appreciate but Nigerians voted for Buhari.

Oga who is talking about election here? we are talking about governance, why are you guys so engrossed with winning election instead of good governance,

all what you could reply me with is that Buhari won election, he won election and then destroyed Nigeria after winning and you are proud about that....

Now Tinubu is there, he is doing the same thing and you guys are cheering him on, the country is sinking, sometimes I get so ashamed sharing country with people like you....

People who see election more important than governance, look at your response....