INDUSTRY NEWS
GLOBAL INDUSTRY INSIGHTS Your roundup of world news in the Oil & Gas industry
NIGERIA AIMS TO INCREASE OIL PRODUCTION TO 2.6 MILLION BPD BY 2026
Nigeria’s Upstream Petroleum Regulatory Commission has said it is aiming for a significant oil production boost, targeting 2.6 million barrels per day (bpd) by 2026, up from 2023 levels of 1.6 million bpd. Despite challenges such as crude theft
and pipeline vandalism, President Bola Tinubu’s government secured $13.5 billion in short-term investments from major oil companies like TotalEnergies, Shell, and Exxon Mobil. To counter theft, the commission plans
to direct oil asset development to less vulnerable areas and support alternative evacuation routes. The NUPRC also aims to reduce
Africa is home to some of the world’s major oil- producing countries
production costs to $20 per barrel, enticing more investment and fostering increased oil production.
GAS EXPORTS TO EUROPE DOWN Russian energy giant Gazprom
RUSSIAN PIPELINE
experienced a 55.6% decrease in natural gas supplies to Europe, delivering 28.3 billion cubic meters (bcm) in 2023, as per Reuters calculations based on data from Entsog and Gazprom’s daily transit reports via Ukraine. Average daily pipeline exports
dropped to 77.6 million cubic meters (mcm) from 174.8mcm in 2022. In 2018-2019, at their highest,
annual gas flows from Russia to Europe reached 175-180bcm. The decline is attributed to
ongoing political tensions related to the conflict in Ukraine, affecting Russia’s gas exports to its primary market.
6
www.engineerlive.com
Russia’s gas exports
to Europe have fallen sharply due to the political fallout from the conflict in Ukraine
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