Oil & Gas

PIB: Sylva tasks host communities on management of three percent equity

Ihesiulo Grace 7 August 2021 0

The Minister of State for Petroleum Resources, Timipre Sylva, has tasked the people of Niger Delta on effective utilisation of the three percent equity provided for development of host communities in the Petroleum Industry Bill (PIB). Sylva stated this when he played host to some leaders and

Oil & Gas

Oil prices rebound 2% on Trump’s health, Norway strike escalation

Ihesiulo Grace 6 October 2020 0

Oil prices rose more than two per cent on Monday, lifted by comments from doctors for United States President Donald Trump, suggesting he could be discharged from hospital as early as yesterday. This is just a few days after his positive coronavirus test sparked widespread alarm. Trump’s health update eased political uncertainty in global markets, […]

Oil & Gas

Shell to build gas pipeline infrastructure in Oyo

Ihesiulo Grace 3 October 2020 0

By Stephen Gbadamosi Oyo State government and Shell Nigeria Gas (SNG) have signed a Memorandum of Understanding (MoU), which will see the company extend its gas pipeline infrastructure to the state. Speaking shortly after signing the MoU, Governor Seyi Makinde stated that the partnership was an indication that the policies and programmes put in place […]

Oil & Gas

Adequate data key to reporting oil sector, NAPE tells journalists

Ihesiulo Grace 2 October 2020 0

By Joy Obakeye The Nigerian Association of Petroleum Explorationists (NAPE) has said with effective use of data as resource, journalists can report a data driven industry like the oil and gas sector. The association explained that data journalism is beyond the usual statistical representative it entails, but a tool to unearth a myriad of information […]

Oil & Gas

Oil prices down after U.S. crude inventories rise against expectations

Ihesiulo Grace 23 September 2020 0

Oil prices fell on Wednesday after an industry group reported a surprise rise in U.S. crude, adding to worries about demand that led to a steep selloff earlier in the week. Brent crude was trading down 30 cents or 0.7 per cent at $41.42 a barrel by 0347 GMT, after gaining 28 cents on Tuesday […]

Oil & Gas

Oil steady as U.S. storm eases but demand recovery fears persist

Ihesiulo Grace 23 September 2020 0

Oil futures were little changed on Tuesday after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength. But worries about fuel demand persisted with flare-ups around the globe in coronavirus cases. Brent crude futures edged three cents 0.1 per cent, lower to $41.41 a barrel at 0637 GMT thus, […]

Business News Oil & Gas

Oil and gas industry no longer attractive to investors — NNPC

Ihesiulo Grace 22 September 2020 0

Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari, says the financial instability in the petroleum industry is to be blamed for the stunted growth in the Nigerian petroleum industry, Daily Times gathered. Kyari spoke when he received the House of Representatives Committee on Petroleum Resources (Upstream). He said international

Oil & Gas

Oil prices slip on potential return of Libyan output

Ihesiulo Grace 21 September 2020 0

Oil prices fell on Monday on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the United States Gulf of Mexico limited losses. Brent crude was down 33 cents or 0.8 per cent at $42.82 a barrel by 0645 GMT, […]

Oil & Gas

FG spends ₦8.9t on subsidy in 10 years -PPPRA

Ihesiulo Grace 21 September 2020 0

The Petroleum Products Pricing Regulatory Agency (PPPRA) says the Federal Government has spent a total of ₦8.94 trillion on oil subsidy between 2006 and 2015. READ ALSO: Deregulation: Govt to subsume PEF, PPPRA – Petroleum minister The agency disclosed this in a document on subsidy payment released in Abuja on Monday. Daily Times Nigeria gathered […]

Oil & Gas

DPR warns IPMAN against exploitation

Ihesiulo Grace 19 September 2020 0

Department of Petroleum Resources (DPR) has warned Independent Petroleum Marketers (IPMAN) in Osun against exploiting motorists in the sale of Premium Motor Spirit (PMS). Mr Olusegun Daboh, the DPR Operations Controller in the state, gave the warning on Friday in Osogbo when he received the newly elected IPMAN Executives. Daboh said the department would continue […]

Oil & Gas

Oil prices rise after OPEC warns members to stick to quotas

Ihesiulo Grace 19 September 2020 0

Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10 per cent, after Saudi Arabia pressed allies to stick to production quotas and banks, including Goldman Sachs, predicted a supply deficit. Brent crude was up 18 cents at $43.48 a barrel by […]

Oil & Gas

Oil prices rise as storm threatens US Gulf Coast

Ihesiulo Grace 15 September 2020 0

Oil prices rose on Monday as a tropical storm in the Gulf of Mexico prompted drillers to evacuate rigs and shut-in production. Although gains were muted by concerns about excess global supplies and falling fuel demand. U.S. West Texas Intermediate (WTI) crude futures were trading up 14 cents or 0.4 per cent at $37.47 a […]

Oil & Gas

Dangote petrol to be sold at international price – FG

Ihesiulo Grace 14 September 2020 0

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said when Dangote Refinery may not reduce the price of petrol because the refinery will be selling at the international price when it kicks off next year. READ ALSO: Dangote Fertilizer crucial to govt agricultural agenda.. Daily Times Nigeria gathered that Ahmed said this […]

Oil & Gas

‘Nigeria will earn N1 trillion yearly from fuel subsidy removal’

Ihesiulo Grace 11 September 2020 0

Minister of State for Petroleum Resources, Mr Timipre Sylva, says the Federal Government’s decision to fully remove subsidy from petrol will earn the country N1 trillion annually and create numerous jobs. Sylva, who said this on Thursday, while speaking with newsmen in Abuja, said that beginning from October, Nigerians “can now convert cars using petroleum […]

News Oil & Gas

No refinery is functioning in Nigeria — NNPC declares

Ihesiulo Grace 10 September 2020 0

Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Mele Kyari, says the four oil refineries in Port Harcourt, Warri, and Kaduna have been shut down, Daily Times gathered. He explained that the reason was because all four refineries were functioning below capacity and it had thus become necessary to stop them from operating all together. […]

Oil & Gas

How 30% petrol is smuggled out of Nigeria – Report

Ihesiulo Grace 9 September 2020 0

The absence of subsidies in neigbouring countries has created the incentive to smuggle about 30 per cent of petrol meant for Nigeria to the neighbouring nations. According to a publication by the Major Oil Marketers Association of Nigeria on Tuesday, Nigeria had been subsidising petrol for neighbouring nations for many years. READ ALSO: More Fuel […]

News Oil & Gas

Petrol price to be set by oil marketers, says PPPRA

Ihesiulo Grace 9 September 2020 0

According to the Petroleum Products Pricing Regulatory Agency (PPPRA), the federal government is no more going to be releasing guiding price bands for the sale of petrol at filling stations; hence, oil marketers are now free to fix prices, Daily Times gathered. On 19th March 2020, the government, through the Petroleum Products Pricing Regulatory Agency […]

Oil & Gas

NIMASA wants NNPC to involve local shipowners in lifting of crude oil

Ihesiulo Grace 8 September 2020 0

By Temitope Adebayo The Nigerian Maritime Administration and Safety Agency (NIMASA) has urged the Nigerian National Petroleum Corporation (NNPC) to involve indigenous shipowners in the affreightment of crude oil in line with the cabotage regime. The director-general, NI- MASA, Dr Bashir Jamoh, disclosed this in Lagos when he received a delegation from the Nigerian National

Oil & Gas

Why FG deregulated PMS prices, by Buhari

Ihesiulo Grace 7 September 2020 0

President Muhammadu Buhari said there will be negative consequences if the government continues with the business of fixing or subsidising the prices of Premium Motor Spirit (PMS) known as petrol. Buhari, represented by Vice President Yemi Osinbajo, gave this explanation on Monday while declaring open a 2-day First Year Ministerial Performance Review Retreat at the […]

Oil & Gas

NNPC obtains $1bn to support NPDC upstream operations

Ihesiulo Grace 7 September 2020 0

By Tunde Shorunke The Nigerian National Petroleum Corporation (NNPC) has said that it has obtained a prepayment funding of US$1billion for Nigerian Petroleum Development Company (NPDC) to support its upstream operations and its subsidiary. This was disclosed in a statement by the Group General Manager, Group Public Affairs Division of the NNPC, Dr Kennie Obateru […]