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Just In: NNPCL Reports Impact Of Russia-Ukraine Conflict On Nigeria’s Crude Oil Inflows

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Just In: NNPCL Reports Impact Of Russia-Ukraine Conflict On Nigeria’s Crude Oil Inflows....KINDLY READ THE FULL STORY HERE▶

The Nigerian National Petroleum Company Limited (NNPCL) has shed light on the impact of the ongoing Russia-Ukraine conflict on Nigerian crude oil exports in the global market.

Maryamu Idris, Executive Director of Crude and Condensate at NNPC Trading Limited, disclosed this during a panel presentation at the Argus European Crude Conference in London.

Idris revealed that the conflict resulted in a decrease in demand from the traditionally reliable Asian market at the beginning of hostilities in the Eastern bloc. She explained that Nigeria’s crude exports to India saw a decline as India turned to discounted Russian barrels, reducing Nigerian volumes.

To illustrate, she stated that Nigeria’s crude exports to India dropped from around 250,000 barrels per day (bpd) in the six months before the February 2022 invasion of Ukraine to 194,000 bpd in the subsequent six months. So far this year, only around 120,000 bpd of Nigerian crude has been sent to India.

On the positive side, Idris noted an increase in Nigerian crude flow to Europe, filling supply gaps left by the ban on Russian crude. Six months before the war, 678,000 bpd of Nigerian crude went to Europe, compared to 710,000 bpd six months later and 730,000 bpd so far this year.

She emphasized that Nigerian grades, such as Forcados Blend, Escravos Light, Bonga, and Egina, have become popular among European refiners in the absence of Russian Urals and diesel.

Idris acknowledged that Nigeria faced production challenges due to the COVID-19 pandemic, including reduced investment, supply chain disruptions, aging oil fields, and oil theft, leading to production declines in the second half of 2022 and early 2023. However, she expressed optimism about overcoming these challenges with the implementation of the Petroleum Industry Act 2021, partnerships with financial institutions, and efforts to address security and environmental issues in the Niger Delta.

Idris also highlighted NNPC Limited’s increasing participation in the downstream sector through the restructured NNPC Trading Company, focused on growing NNPC’s global presence in crude, condensate, gas, and petroleum products. The panel discussion at the Argus Crude European Crude Conference explored the role of shareholders and asset managers in shaping the future of the crude industry in Europe.

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The Ultimate Cover-Up? OGPF Fires Back, Brands NNPC’s Oil Licensing Response A Total Diversion.

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The Oil & Gas Professionals Forum (OGPF) has dismissed the Nigerian National Petroleum Company Limited (NNPCL)’s recent response to criticisms concerning the marginal field licensing round, labeling the statement as misleading and diversionary.....KINDLY READ THE FULL STORY HERE▶

The forum asserted that the national oil company failed to address crucial concerns regarding potential conflicts of interest, the beneficiaries of the bidding process, and overall leadership performance under Group Chief Executive Officer Bayo Ojulari.

Previously, the OGPF demanded the removal of Ojulari alongside Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive Oritsemeyiwa Eyesan, citing performance concerns and award controversies. In response, NNPCL stated that it operates entirely as a commercial entity under the Petroleum Industry Act 2021, holding no regulatory or asset allocation powers, which legally fall under the NUPRC.

In a fresh statement issued by convener Ayodele Momoh, the OGPF argued that NNPCL’s defense ignored core issues. The forum alleged that close associates of leadership secured allocations during the 37-block licensing round, raising questions about accountability and potential private gain. Furthermore, the group contended that recent improvements in oil and gas output metrics fall short of broader production goals, insisting that leadership accountability should be measured strictly against targeted milestones rather than marginal output gains.

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Major Climax: ‘I’m Bigger Than Peter Obi’ – Deji Adeyanju Drops Bombshell Statement.

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Nigerian activist and lawyer Deji Adeyanju has asserted that he has made greater sacrifices for Nigeria’s democracy than former Anambra State Governor Peter Obi, stating that he considers himself more deserving of recognition in that regard.....KINDLY READ THE FULL STORY HERE▶

Speaking during an interview with Seun Okinbaloye, Adeyanju discussed his political differences with Obi and individuals within the former presidential candidate’s support base. He clarified that his criticisms stem from political disagreements rather than personal animosity, though he vowed to respond directly to anyone who attacks him.

Adeyanju dismissed engaging with Obi’s aides, maintaining that his focus remains on the former governor himself. He highlighted his history of activism, claiming to have faced physical threats and arrests multiple times while defending democratic principles, and questioned the foundational efforts of others in the political sphere.

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Political Drama Unfolds: How Benue House Leader Abandoned APC To Join PDP.

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The Majority Leader of the Benue State House of Assembly and representative for the Kwande West State Constituency, Thomas Dugeri, has officially dumped the ruling All Progressives Congress (APC) for the opposition Peoples Democratic Party (PDP).....KINDLY READ THE FULL STORY HERE▶

As reported by LEADERSHIP Newspapers, Dugeri was officially received into the PDP fold in Abuja by the immediate past governor of Benue State and party leader, Samuel Ortom. The lawmaker was introduced to Ortom by the Benue State PDP Deputy Chairman, Adzua Ashongo, alongside other party stakeholders and supporters.

During the meeting, Dugeri expressed appreciation for the warm reception extended to him and his supporters. He assured party leaders of his absolute loyalty and commitment, pledging to collaborate closely with stakeholders to drive the PDP forward.

Welcoming the defecting lawmaker, Ortom assured Dugeri and his loyalists of equal opportunities and a level playing field within the party, emphasizing the collective responsibility required from both old and new members to build a formidable political front.

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