Energy

Crude oil prices drop to $65, Nigeria’s budget not threatened

Ihesiulo Grace 9 February 2018 0

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,

Politics

Dogara gives antidote to incessant fuel scarcity

Ihesiulo Grace 7 February 2018 0

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 […]

Business Politics

Reps probes loss N7.6trn crude oil revenue loss to international oil coys

Ihesiulo Grace 19 January 2018 0

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 […]

Business News

FG to spend N15bn on mining in 2018 – Fayemi

Ihesiulo Grace 19 October 2017 0

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 […]

Headlines News Politics

Nigeria Realises N118tn In 53 Years From Crude Oil – NBS

Ihesiulo Grace 6 October 2017 0

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 […]

Headlines News

NNPC begins oil search in Sokoto Basin

Ihesiulo Grace 21 September 2017 0

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 […]

Headlines News

1,750 tonnes of crude oil, illegal refineries destroyed by JTF -Spokesman

Ihesiulo Grace 25 February 2017 0

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 […]

Business News

Collaboration’ll reduce cost of doing business

Ihesiulo Grace 24 February 2017 0

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

Business

Crude oil export sale: Nigeria earns over $100m in December 2016

Ihesiulo Grace 20 February 2017 0

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

News

Local firms seek participation in transportation of crude oil

Ihesiulo Grace 23 November 2016 0

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 […]

Business Headlines News Oil & Gas

Supreme Court Stops Sale of Oil Blocks

Ihesiulo Grace 19 May 2015 0

A legal halt was on Monday ordered to the planned sale of three oil blocks by the Supreme Court, a day the country learnt of a fresh huge crude find. A five-man panel of the Supreme Court ordered that the status quo ante bellum be maintained in plans by Chevron Nigeria Limited to sell Oil […]

Business Oil & Gas

Nigeria May Lose $10bn from Crude Sales in 2015 – OPTS

Ihesiulo Grace 28 April 2015 0

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 […]

Business Oil & Gas

Iran: Crude Prices Gain 5% as Brent’S Slow down Continues

Ihesiulo Grace 7 April 2015 0

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 […]

Opinion

2015 and America’s Breakup Theory

Ihesiulo Grace 2 April 2015 0

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 […]

Oil & Gas

Production Difficulties Slash Monthly Revenue by N14.62bn

Ihesiulo Grace 24 March 2015 0

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 […]

Economy Oil & Gas

FG Confident of PIB Passage before May 29

Ihesiulo Grace 23 March 2015 0

The Federal Government has expressed confidence that the Petroleum Industry Bill, (PIB), before the National Assembly will be passed before the end of the current political dispensation which terminates by May 29. Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke who was represented by Group Managing Director, Nigerian National Petroleum Corporation, NNPC, Mr.

Oil & Gas

Natural Gas, Crude Oil Production Falls in February

Ihesiulo Grace 21 March 2015 0

The domestic production of both natural gas and crude oil fell in February on a year-on-year basis. Natural gas production in the country fell 8.1 per cent for the month of February 2015 while crude oil production fell 1.9 per cent, according to the data released by the Ministry for Petroleum and Natural Gas. The […]