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Nigeria Signs OPEC Production Cut Deal

Nigeria Signs OPEC Production Cut Deal

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 […]

NCDMB dismisses IoCs’ concerns about Nigeria’s fiscal regime

NCDMB dismisses IoCs’ concerns about Nigeria’s fiscal regime

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 […]

OPEC, allies agree on 9.7mpb crude cut

OPEC, allies agree on 9.7mpb crude cut

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: Crude Oil May Sell At $45 Per Barrel – Govt

Nigeria: Crude Oil May Sell At $45 Per Barrel – Govt

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 to earn $10.61bn in eight months from crude production cuts

Nigeria to earn $10.61bn in eight months from crude production cuts

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 […]

Electricity market increases power generation

Electricity market increases power generation

The Management of Transmission Company of Nigeria (TCN) Tuesday said the Nigeria Electricity Supply Industry (NESI) has recorded significant improvement in gas supply for power generation. The firm had on Monday reported that gas shortage was hampering the power generation in the sector. Meanwhile, its General Manager, Public Affair, Mrs. Ndidi Mbah said the sector […]

COVID-19: NNPC, Partners Donate N11bn To Fight Coronavirus

COVID-19: NNPC, Partners Donate N11bn To Fight Coronavirus

he Nigerian National Petroleum Corporation (NNPC), International Oil Companies (IOCs) as well as Independent Oil Companies in the Upstream and Downstream Sectors, have donated N11billion to the Nigeria Centre for Disease Control (NCDC) as part of its support to combat the Coronavirus pandemic in the Country. Group Managing Director of the NNPC, Mallam Mele Kyari, […]

Gas importation continues to thrive in Nigeria despite 200t reserves

Gas importation continues to thrive in Nigeria despite 200t reserves

Even though Nigeria’s gas reserves hover above 200 trillion cubic feet (tcf) with daily production of about eight billion cubic feet (bcf), the continuous importation of over 80 per cent Liquefied Petroleum Gas (LPG) is generating fresh concerns among industry players. Not only is this development a grave danger to the nation’s environment, revenue, the […]

NEPC, PDF II boost Non-oil export

NEPC, PDF II boost Non-oil export

Nigeria has been a mono-economy for many years, relying solely on crude oil as her major source of revenue. Before now, agriculture and mining were the primary drivers of Nigeria’s economy, but these have been abandoned since the 70’s as a result of the discovery of oil. The resultant effect has been a decline in […]

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