OIL AND GAS

FG To Revoke Dormant Mining Titles, Formalise Illegal Mining

FG To Revoke Dormant Mining Titles, Formalise Illegal Mining

Mr Kayode Fayemi, the Minister of Solid Minerals Development, has promised to revoke all dormant mining licences this week. Fayemi announced this during a one day working visit to Kurupka site in Chanchaga Local Government...
Over 300,000 Barrels Shut- In, As Shell Declares Force Majeure On Forcados

Over 300,000 Barrels Shut- In, As Shell Declares Force Majeure On Forcados

Over 300,000 barrels of crude oil and substantial volume of gas for domestic use have been shut –in as Shell Petroleum Development Company of Nigeria Limited (SPDC) has declared force majeure on Forcados crude...
OIL SUBSIDY REMOVAL SAVINGS

Savings From Fuel Subsidy Removal Soars to N647million Daily

Federal government is saving N647.2 million daily from the suspension of subsidy on Premium Motor Spirit, also known as petrol. At the current price of N86.50 per litre in petrol stations, the country is making...
NIGERIA'S OIL PRICE FALL

Minister to Meet With Oil Sector Stakeholders Over Plummet in Oil Prices

Following the issues affecting the oil and gas sector of the economy, the Ministry of Labour and Employment has convened a stakeholders forum scheduled to hold in Abuja on Thursday. The Minister, Sen. Chris...
NIGERIA'S OIL PRODUCTION OUTPUT

“Nigeria’s Oil Production Output Leaps in January, Remains Below Budget Target” – OPEC

The Organization of Petroleum Exporting Countries, OPEC, on Wednesday February 10, said Nigeria witnessed an increase in crude oil production in the first month of 2016 while production decreased in the country’s closest African...
NASS Working on New Version of Petroleum Industry Bill

NASS Working on New Version of Petroleum Industry Bill – Dogara

The Speaker, House of Representatives, Mr Yakubu Dogara, says National Assembly (NASS) is working on its own version of Petroleum Industry Bill (PIB) to reform the nation’s oil and gas sector. He expressed optimism...
CURRENT OIL PRICE

NNPC says oil benchmark to stabilise by April

The Nigerian National Petroleum Corporation (NNPC), said 38 dollars per barrel oil benchmark is feasible by April as projections suggest that prices will go above the benchmark then. The Group Executive Director, Finance, NNPC, Isiaka...

NNPC Spent $4.13billion on Funding JV Cash Calls in 2015

The monthly report on the operations and finances of the Nigerian National Petroleum Corporation, NNPC, for December 2015 has shown that the corporation spent a total of $4.13 billion on funding its cash-calls obligations...
OIL PRICES

4 ships arrive Lagos ports with petrol

Four ships are waiting to discharge petrol products at Apapa and Tin-Can Island Ports in Lagos. The Nigerian Ports Authority (NPA) stated this in its daily publication - `Shipping Position’, a copy of which was...

NNPC loses N267bn

The Nigerian National Petroleum Corporation (NNPC) has announced a loss of N267.14 billion in its activities in 2015. This is contained in the corporation’s Monthly Financial and Operation Report released on Wednesday in Abuja. It said...
How to regulate the petroleum downstream sector

Oil Price Poised For Second Weekly Rise On Russia-led Supply Cut Talk

Global benchmark Brent crude futures soared on Friday, moving nearly eight per cent higher so far this week and set for a second weekly gain. Oil price surged by hopes of a deal among oil-producing...

Oil Price Jumps Toward $34 on Potential Production Cuts

Oil price leaped on Thursday, January 28, after a Russian official said Saudi Arabia had proposed that oil-producing countries cut output by up to 5 percent each amid a massive supply glut in the...

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