Nigeria recorded crude oil and gas export sale of $434.85million in January 2020, an increase of 94.30 per cent pitched against the December 2019 figures, the Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report, released today, in Abuja has stated. The statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. […]
The Oil and Gas Industry Intervention Initiative on the COVID-19 has donated six ambulances, medical equipment including nose masks, surgical gloves and ventilators, among others, to the six states in the Southwest, to fight Coronavirus. The donation was made yesterday at the National Petroleum Investment Management Services (NAPIMS), Ikoyi, Lagos. The Oil and Gas Industry […]
President, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Ndukaku Ohaeri, has advocated the need for the ownership structure of the refineries, saying the development is the best way to add value to the economy. Specifically, he advocated the need to align the ownership change of the assets as in the Nigeria Liqufied […]
The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the […]
A new gas supply agreement among the Nigerian National Petroleum Corporation (NNPC), the Transmission Company of Nigeria (TCN), power Generation Companies (Gencos) and other major stakeholders may see the federal government sustaining the current peak performance by the sector, THISDAY learnt at the weekend. Since the deal, which saw the NNPC paying about N220 billion […]
The Federal Government has agreed to implement the resolution of members of the Organisation of Petroleum Exporting Countries (OPEC) which last Thursday undertook to slash crude oil production quota of participating countries to reverse the free fall in the international prices of oil. Minister of State, Petroleum, Mr Timipre Sylva, in a statement Sunday on […]
The restlessness of some International Oil Companies (IOCs) on the new fiscal and regulations guiding Nigeria’s oil and gas sector is borne out of the desires of the firms to maximise profits, the Executive Secretary Nigeria Content Development and Monitoring Board (NCDMB), Simbi Wabote has said. Wabote explained that the desire of the IOCs is […]
Nigeria joined 22 other countries comprising the Organisation of Petroleum Exporting Countries (OPEC) and its allies to collectively cut 9.7 million barrels a day of crude oil from global markets. The unprecedented agreement, sealed on Sunday, was designed to address a mounting oil glut resulting from the coronavirus pandemic’s drastic erosion of oil demand. Saudi Arabia, […]
Nigeria expressed optimism that crude oil prices may rebound by $15 per barrel (about 50% higher than the about $30/b current price) in a short-term outlook, following the oil output cut agreement reached by OPEC, OPEC+ producers and G20 stakeholders on Sunday. Saudi Arabia on Monday projected that effective global oil supply cuts may reach […]
Nigeria may earn about $10.61bn from crude oil sales between May and December this year following latest decision by members and non-members of the Organisation of Petroleum Exporting Countries to cut production. Also, the country will earn about $22.74bn from crude oil between January 2021 and April 2022 going by the volume of crude oil […]
