News

CDS vows to implement Presidential directive of 2.2 million barrel of crude oil production per day

DailyTimesNGR DailyTimesNGR 5 February 2025 0

BY ANDREW OROLUA The Chief of Defence Staff, General Christopher Gwabin Musa on Tuesday February 4, 2025 met with critical stake holders in the oil and gas sector and vowed to implement Presidential directive for achieving 2.2 million barrel of crude oil production per day. The meeting

Business

Brent crude may hit $93/pbrrl as sanctions threaten supply

DailyTimesNGR DailyTimesNGR 2 February 2025 0

Brent crude price could temporarily surge to $93 per barrel if sanctions successfully curb oil exports from Iran and Russia by a combined 1 million barrels per day (bpd), says Goldman Sachs. In a note shared by Zerohedge on X, the bank outlined a scenario where Iran faces persistent supply disruptions while Russia experiences temporary […]

News

Civil rights group calls for investigation of Matrix Oil over importation of blended crude, violation of sanctions on Russian oil

DailyTimesNGR DailyTimesNGR 27 August 2024 0

The Centre for Accountability and Transparency (CAAT) has called for an investigation into Matrix Oil’s importation of blended crude oil, alleging violation of international sanctions on Russian oil. Speaking at a press conference, convener Okwa Dan claims Matrix Oil’s actions have caused economic sabotage, environmental pollution, and health risks to

Money

Nigeria risks legal breach with mandatory crude allocation to local refineries, warns IPPG

DailyTimesNGR DailyTimesNGR 22 August 2024 0

The Federal Government has been informed that it is close to violating existing laws by issuing mandatory sale of crude oil to Dangote Refinery and its local counterparts in Naira. An umbrella Association of indigenous oil and gas-producing firms, the Independent Petroleum Producers Group (IPPG), while expressing its members’ rejection of the directive by President […]

Headlines

Crude Oil production surge boosts Nigeria’s earnings to N15.4trn

DailyTimesNGR DailyTimesNGR 12 June 2024 0

BY MOTOLANI OSENI A rise in crude oil production has significantly increased revenue generation for the Nigerian Federal Government in the first quarter of this year to N15.4 trillion. According to the National Bureau of Statistics (NBS), Nigeria’s crude oil production saw a recovery in Q1 2024, boosting export potential by 50.2 per cent to […]

News

Crude Oil Theft: CSO Applauds NSCDC Boss For Prioritizing Personnel Training

Ihesiulo Grace 3 February 2024 0

… commends recent arrest vessel laden with 3,000 tons of stolen crude A civil society organization STAND UP NIGERIA has applauded the Commandant General of the Nigerian Security and Civil Defense Corps Dr. Ahmed Abubakar Audi for prioritizing training of its personnel to achieving success in its constitutional duties especially in protection of national assets. […]

Politics

HoR ready to probe I50,000mts stolen crude Oil, burnt vessel

Ihesiulo Grace 19 July 2023 0

By Tom Okpe The House of Representatives has resolved to set up an Ad-hoc Committee, to investigate what becomes of 150,000 metric tonnes of stolen crude oil ladened in the recently burnt Vessel MT TURA in Escravos River, Warri, Rivers State. The House therefore, urged the security agencies of the Federal Government to desist from […]

Politics

Protests rock NASS against House Ad-hoc committee on sale of stolen crude oil in China

Ihesiulo Grace 12 April 2023 0

By Haruna Salami The George Uboh Whistleblowers Network on Tuesday protested to the National Assembly against Hon. Mark Gbillah-led Ad-hoc Committee on the sale of 48 million barrels of stolen crude oil sold in China. The protesters said Hon. Mark Gbillah-led Ad hoc Committee on the sale of 48M barrels of stolen crude oil sold […]

Business

Crude oil price down to $79/brrl amid global economy concerns

Ihesiulo Grace 5 January 2023 0

Crude oil fell sharply after slumping in the previous session, weighed down by demand concerns stemming from the state of the global economy and rising COVID cases in China. Brent futures fell $3.04 to $79.06 a barrel for a 3.7 per cent loss, while US crude dropped $2.91, or 3.8 per cent, to $74.02. Both […]

Headlines

HoR ready to unravel $2.4bn illegal sale of 48m barrels of crude oil

Ihesiulo Grace 30 December 2022 0

By Tom Okpe The House of Representatives has vowed to unravel circumstances leading to loss of over $2.4 billion revenue from alleged illegal sale of 48 million barrels of crude oil exported in 2015. The House ad-hoc committee investigating the matter gave this indication at its inaugural meeting at the National Assembly Complex in Abuja […]

Headlines

HoR to probe loss of $2.4bn illegal sale of 48m barrels crude

Ihesiulo Grace 21 December 2022 0

.Again, summons Emefiele over cash withdrawal limit By Tom Okpe The House of Representatives has resolved to constitute and ad-hoc committee to investigate alleged loss of over $2.4 billion revenue from illegal sale of 48 million barrels of crude oil exported in 2015 and external sale of commodity exports from 2014 till date. The committee […]

News

Crude oil hits two year high at over $70 per barrel

Ihesiulo Grace 8 March 2021 0

Crude oil price opened the week on Monday trading at $70 per barrel more than two percent it traded on Friday following reports of attacks on Saudi Arabian facilities. This is the first time since 2019; the price of oil has went past the $70 mark. The last time was in May 2019 according to […]

News

No increase in fuel price in February, says NNPC

Ihesiulo Grace 18 February 2021 0

Doosuur Iwambe,Abuja In spite of the rise in the price of crude oil in the international market, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in February, 2021. This was disclosed in a press release by the Group General Manager, Group Public Affairs […]

News

Panic in Bayelsa community as crude oil mysteriously erupts from ground

Ihesiulo Grace 15 February 2021 0

AHERHOKE OKIOMA,YENAGOA There is was a mixed feeling of fear and excitement in a non crude oil producing community, Otuabula 2, in Ogbia Local Government Council of Bayelsa State when crude oil was discovered to have spurted from the ground. Whether the crude oil was forced out of the ground by human or natural causes […]

Business News

NNPC records $120.49m crude oil receipt in September

Ihesiulo Grace 17 January 2021 0

Doosuur Iwambe,Abuja The Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt for crude oil and gas valued at $120.49 million for the month of September 2020. A press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru, stated that the figure is contained in the […]

Featured Headlines

Revenue Dilemma: Will Nigeria legalise Cannabis?

Ihesiulo Grace 1 June 2020 0

…Medicinal cannabis market worth $3.7bn annually …It’s illegal to possess cannabis for now – NDLEA …Religious leaders wary of drug abuse and side effects By Philip Clement It is no longer news that the current slump in crude oil prices, Nigeria’s huge exchange earner, is currently rattling the economic team of the Federal Government. This […]

Featured Headlines

COVID-19: FG to further slash oil price to $20 per barrel

Ihesiulo Grace 6 May 2020 0

…As Buhari okays import duty waivers for pharmaceuticals, medical equipment …Waivers must be temporal to avoid rendering local pharmaceutical firms useless- Mailafia The excruciating impact of Coronavirus in the global oil economy is currently dealing a blow to Nigeria’s economy as the Federal Government has proposed to further review crude oil price

Featured Headlines

No cause for apprehension over US $0 oil price, NNPC assures

Ihesiulo Grace 22 April 2020 0

…Says it has no capacity to impact Nigeria’s oil production The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has told Nigerians not to be apprehensive over the slump in the US crude oil below $0 per barrel. According to the NNPC boss, the development has no capacity to impact Nigeria’s […]

News

US oil prices turn negative as demand dries up

Ihesiulo Grace 21 April 2020 0

That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up as lockdowns across the world have kept people inside. As a result, oil firms have resorted to renting tankers to store the surplus […]

News

U.S. crude oil nosedives, touches lowest price in 3 decades

Ihesiulo Grace 20 April 2020 0

Washington – United States crude oil prices fell sharply, plummeting to their lowest levels since 1986, as a collapse in demand because of the coronavirus and the resulting economic shutdowns comes atop shortages in storage capacity. West Texas Intermediate, the U.S. benchmark, dropped to nearly 10 dollars a barrel, a 45-per-cent decline, before ticking up […]