Nigeria Sees Crude Output Rising 30% by Year-End on New Deals

Nigeria expects a 30% increase in crude and condensate output as authorities strengthen security around the nation’s oil infrastructure and incentives in the sector attract investment, even though the gain could cross its OPEC+ commitment to limit production.

Output will reach 2 million barrels a day before the end of the year from 1.54 million barrels in September, according to the Nigerian Upstream Petroleum Regulatory Commission. “As at today the country’s crude oil production plus condensate is 1.8 million barrels per day and we’re pushing, working with everyone to increase it to two million barrels a day before December,” Enorense Amadasu, executive commissioner for the Abuja-based agency said at a conference in Lagos on Monday.

While the regulator didn’t disclose the proportion of crude to condensate in its projection, a higher level would push output closer to or over the 1.5 million barrel a day quota that Nigeria agreed with OPEC+ not to exceed. The 23-nation group has implemented the production limits to stave off a surplus and shore up crude prices.

Not all members have followed the plan. The group’s leadership has pressed members like Iraq, Kazakhstan and Russia to fully implement output cuts pledged at the start of the year, and make additional reductions in compensation for over-producing.

Africa’s largest oil producer has stayed below its OPEC+ quota for more than two years due to a lack of investment and widespread theft and vandalism in the oil-rich Niger Delta. President Bola Tinubu’s government has made efforts to draw investors to the sector by offering tax breaks to producers as well as approving pending asset sales.

The upstream regulator is looking to open bids for 31 oil and gas blocks spanning the country’s onshore and offshore acreage as part of measures to further increase production, Amadasu said, without giving a timeline. “These blocks have been carefully selected for its potentials to boost our reserves and stimulate economic activities,” he said.

By Emele Onu, Bloomberg 

Video - Nigerian government to phase out wooden boats to reduce waterway deaths

The wooden vessels make up 90 percent of all the boats, and account for the majority of fatal accidents that have claimed thousands of lives over the years. However, safety experts said the government also needs to strengthen its safety measures campaign, such as requiring passengers to wear life jackets and enforcing a ban on night travel and overloading of boats.

CGTN 

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Video - Nigerian government urged to address health worker shortage

Statistics by the United Nations health agency indicate Nigeria has the third biggest shortage of healthcare workers globally. The professionals migrate abroad annually partly due to poor pay and insecurity. Experts now want the government to put measures in place to counter this trend.

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Chappal Waddi - The tallest mountain in Nigeria

Chappal Waddi (also known as the Mountain of Death) is located in Nigeria and, at 2,419 m (7,936 ft), is the country's highest point.

Chappal Waddi (also called Gangirwal) translates to 'Mountain of Death' in Fulfulde. Fulfulde is a language spoken by the Fulani people.

It is known as the mountain of death because of an insurmountable gully in the southern corner of the range. Despite the name, it’s very easy to climb.

It takes about two days to reach the peak of the mountain. So, it’s not just an impromptu trip; hikers have to be prepared and come along with appropriate camping gear, outfits, and food so they can set up camp while enjoying the great outdoors.

It is located in Taraba State, near the border with Cameroon, on the edge of the Gashaka Gumti Forest Reserve and the Gashaka-Gumti National Park on the Mambilla Plateau.

The Gashaka-Gumti National Park is Nigeria’s largest national park and covers 6,731 sq km, which is about 3 times the size of Greater London. The park was created by a federal decree in 1991.

Tourists to the park are able to relish grasslands, abundant forests, magnificent highland plateaus, tranquil lakes, rocky mountains, rich wildlife, and diverse ethnic cultures, all within just one safeguarded space.

This peak holds a special place in the hearts of the Mambilla people, intertwined with their ancient beliefs and stories passed down through generations.and herders use it to feed their livestock.

The mountain is kept by the conservation efforts of many organisations and groups like Gashaka Gumti National Park and the Nigeria Park Services, Africa Nature Investors (ANI), Amansale Community, Serti Community, Nguroje Community, and Tour Operators (TVP Adventures and Nature Connects).

Truly, Nigeria is a beautiful country that remains unexplored by its citizens and even tourists.

By Temi Iwalaiye, Pulse Nigeria

Petrol landing cost falls in Nigeria as local pump price increases

In a statement, the Nigeria Labour Congress (NLC) expressed concerns that the pump price of petrol in Nigeria continues to exceed market values, raising questions about the fairness of pricing for consumers.

This marks a significant 20.23% decrease from ₦1,219 per litre recorded in August 2024, according to data from the Major Energies Marketers Association of Nigeria.

The decline is attributed to fluctuations in both the Naira-dollar exchange rate and the international price of crude oil.

As of the end of trading on Friday, the Naira stood at ₦1,678.87 to the dollar, with Brent crude priced at $73.63 per barrel.

This contrasts with the rates in August, when crude was priced at $80.72 per barrel, and the Naira exchange rate was ₦1,611 per dollar.

Despite the lower landing cost, petrol remains expensive at the pump in Nigeria. The retail price of petrol ranges from ₦1,060 to ₦1,200 per litre at various stations, including those operated by the Nigerian National Petroleum Company Limited.

The price of petrol had already surged from ₦617 per litre in August 2024 to over ₦1,060 per litre by November 2024.

The Dangote Refinery has recently announced ex-depot prices of ₦960 and ₦990 per litre for petrol delivered by ships and trucks, respectively.

In a statement, the Nigeria Labour Congress (NLC) expressed concerns that the pump price of petrol in Nigeria continues to exceed market values, raising questions about the fairness of pricing for consumers.

By Segun Adeyemi, Pulse Nigeria