Motolani Oseni Due to the poor performance of Nigeria’s local refineries, not less than N11trillion has been paid for outstanding subsidy claims in the last six years. Chairman, Senate committee on petroleum downstream, Kabir Marafa, on Thursday disclosed that the Senate approved the payment of N129 billion as outstanding subsidy claims to 67 petroleum marketers. […]
Motolani Oseni The Chairman, Seplat Petroleum Development Company Plc, Dr A.B.C Orijako has said the company is committed to profitability and attractive yield for shareholders who invested on its shares on The Nigerian Stock Exchange (NSE). Addressing shareholders at the company’s Annual General Meeting in Lagos on Thursday, the Chairman said last year operational and […]
The Nigerian National Petroleum Corporation (NNPC) Group Managing Director, Dr. Maikanti Baru, has commended Saudi Arabia recent decision to cut its daily crude oil production by one million barrels per day from December this year. The Group Managing Director (GMD), NNPC, made this disclosure in a statement signed by the Group General Manager Public Affairs, […]
The Authorities of Shell Petroleum Development Company (SPDC) has raised the alarm over the loss of 3, 204, 000 barrels of crude oil to thieves in 2017. Shell Information Director, Mr. Martins Moho who spoke to our reporter in Asaba on Wednesday, said “activities of third party interferences have continued to deal deadly blows on […]
• Latest oil price surge first since Nov 2014 • Tension in Middle East triggers oil increase Following simmering Mideast tensions and keen United States demand, global oil price for the first time in three years, surged to $75 a barrel on Thursday. Agence France Presse (AFP) also reports that as of close of Thursday […]
Crude oil prices yesterday were close to their lowest levels this year with soaring United States, US, output undermining Organization of Petroleum Exporting Countries, OPEC’s efforts to tighten markets and prop up prices. Oil pipeline Brent crude price was at $65.28 per barrel down 23 cents, or 0.4 percent, from the previous close. However, with […]
Speaker of the House of Representatives, Hon Yakubu Dogara, has advocated for local refining of crude oil to make fuel available and easily accessible to all Nigerians, saying every other measure to put an end to the recurring problem of fuel scarcity will work temporarily which he described as embarrassing. The Speaker made his position […]
The House of Representatives on Thursday, resolved to probe the loss of $21 billion (about N7.6 trillion) crude oil revenue to oil multinationals operating in the country following the persistent fuel scarcity in parts of the country. The investigation will be carried out by an ad hoc committee to be constituted by the Speaker, House […]
In a bid at boost the dwindling revenue from crude oil, the Federal Government has earmarked N15bn for the exploration of solid minerals across the country comes next year. This is, according to the Minister of Mines and Steel Development, Dr. Kayode Fayemi, who made this known during the opening session of the second edition […]
The National Bureau of Statistics says Nigeria has realised more than N 118 tn from crude production and refining from 1961. The NBS report , which has additional data from the Nigerian National Petroleum Corporation, collated its statistics from 1961 till 2014 . “The petroleum statistics on crude oil production and oil refining reflects that […]
The Nigerian National Petroleum Cooperation says it has started the process that will lead to the exploration of oil and gas in the Sokoto Inland Sedimentary Basin. The Group Managing Director, NNPC, Dr. Maikanti Baru, stated this when he received the Governor of Sokoto State, Aminu Tambuwal, who paid a working visit to the NNPC […]
Operation Delta Safe in Niger delta, says it destroyed three illegal oil refineries in Delta and Rivers states. The troops also said during the raid which took place on Friday, the outfit impounded 11 metal tanks, five dug pits with about 1,750 tonnes of substances suspected to be crude oil and 170 tonnes of illegally […]
The Managing Director, National Engineering Technical Company (NETCO), SikyAliyu, stated that collaboration among service companies in the country will help to bring down the cost of doing business. It can reduce cost of doing business if investors start establishing companies and also will bring about employment generation. Aliyu stated this at the recent West African […]
Nigeria has recorded an earning of over $100 million from crude export in December 2016 alone. According to the Nigerian National Petroleum Corporation (NNPC’s) newly released report for December 2016, obtained by Daily Times, crude oil export sales contributed $100.37 million (or 51.36 percent) of the dollar transactions compared with $96.31 contribution in the previous […]
Some operators in the petroleum industry on Tuesday said the non-participation of indigenous vessel owners in transportation of crude oil had created a setback for the economy. They told the News Agency of Nigeria (NAN) in separate interviews in Lagos that the problem was denying indigenous firms the necessary capital to build-up capacity, while encouraging […]
Nigeria’s oil and gas revenue will likely drop by 10 billion dollars in 2015, if crude oil price average 53 dollars per barrel compared to 77.5 dollars in 2014, the Oil Producer Trade Section (OPTS) has warned. Mrs Elizabeth Proust, Chairman OPTS and Managing Director of Total Upstream companies in Nigeria, gave the warning on […]
Oil prices jumped as much as five per cent on Monday as traders reassessed how quickly Iran could increase exports after a preliminary nuclear deal and anticipated that a months-long rise in U.S. inventories may be slowing. Brent crude tumbled nearly four per cent on Thursday after Iran and six world powers announced a framework […]
We are now in 2015 and I dare say that there will be nothing so special or tragic about the year, notwithstanding the feelings of imminent doom for Nigeria in certain quarters. There is what may be a premeditated conspiracy that has thrown up a great deal of speculations and predictions which seem to support […]
The crude oil price which has been falling has continued to lower the country’s monthly revenue prospects as gross receipts for February dropped by N14.62 billion to N401.46 billion compared to N416.09 billion the previous month. However, total distributive revenue of N522.05 billion was shared among the three tiers of government for February compared to […]