News

Industry exerts bemoan challenges in Nigeria’s oil industry

DailyTimesNGR DailyTimesNGR 9 January 2025 0

…as Don says nation benefit only 5% of crude export revenue By Tunde Opalana Multi- sectoral experts on Thursday converged in Abuja to dissect challenges and prospects in the nation’s oil sector while proffering solutions as a way forward. Policy analysts, conservationists, environmental

Headlines

SABOTAGE: How foreign interests are impeding productivity in Nigeria’s oil industry

DailyTimesNGR DailyTimesNGR 11 August 2024 0

..Disguise as NGOs preaching ‘energy transition commitment’ BY HARUNA SALAMI There appears to be hidden forces orchestrating inefficiency in Nigeria’s huge oil industry to the detriment of the larger society indeed. Apart from the recent revelation at the National Assembly earlier in the week, this fact may have been buttressed by the revelation from the […]

News

Sustenance of increase oil production output our target – Lokpobri

DailyTimesNGR DailyTimesNGR 23 May 2024 0

By Tunde Opalana The Honourable Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobri on Thursday disclosed that Nigeria’s oil production output has to increased to 1.7 million barrel per day while promising improved production. He said the achievement was consequent of achieving conducive environment in the oil sector and determination of the

Headlines

Bid for17 oil blocs not for politicians but investors— Minister

DailyTimesNGR DailyTimesNGR 9 May 2024 0

The 17 oil blocs put forward for sale under the 2024 licensing bid round by the Federal Government are not for politicians, but investors with financial capacity and technical competence. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the revelation during a conference organised by the Petroleum Technology Association of Nigeria […]

News

Can CBD Oil Relieve Aches and Pains?

Ihesiulo Grace 28 March 2024 0

Pain is one of the most common and excruciating symptoms stemming from various medical conditions. Depending on the intensity. It can partially or completely hamper the ability to undertake all the routine chores and challenges every day. Managing pain can be difficult sometimes due to certain reasons such as potential side effects of conventional painkillers […]

Business

Brent crude oil trades above $85 for a third straight session

DailyTimesNGR DailyTimesNGR 19 March 2024 0

Oil futures rose on Monday, finding support as continued attacks by Ukraine on Russian energy facilities were estimated to have idled a significant chunk of Russia’s refining capacity. West Texas Intermediate crude for April delivery edged up by 28 cents, or 0.4%, to $81.32 a barrel on the New York Mercantile Exchange. May Brent crude […]

News

Oil theft: N/Delta Group passes vote of confidence on Navy, CNS, Ogalla

DailyTimesNGR DailyTimesNGR 5 January 2024 0

Foremost pro-democracy and development group, known as Niger-Delta Development Initiative (NDDI), has given pastmark to the effort of the Nigerian Navy in its effort to get rid of oil bunkers and illegal oil merchants in the South South region. The group specifically acknowledged the bravery of the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla […]

Business

Africa’s 2024 oil production output bleak- Report

DailyTimesNGR DailyTimesNGR 26 November 2023 0

BY CHUKWUEMEKE IWELUNMO With the Organization of Petroleum Exporting Countries(OPEC), considering making further voluntary production cut to stabilize the global oil market a new report has predicted bleak production in Africa in 2024. The African Energy Chamber(AEC), in its report at the weekend, dropped the forecast without supporting evidence when it said that Africa’s

Headlines

Oil marketers groan over weak naira as NNPCL forecloses rise in pump price

DailyTimesNGR DailyTimesNGR 7 October 2023 0

BY MOTOLANI OSENI & TEMITOPE ADEBAYO As landing cost of petrol soars and reports of possible partial return of subsidy heightens, the Major Oil Marketers Association of Nigeria (MOMAN) has called for accelerated adoption of alternative energy sources, and cautioned against return of subsidy in any guise. The association insisted that the short-term intervention must

Headlines

Nigeria’s accommodating foreign policy on global climate politics

DailyTimesNGR DailyTimesNGR 8 September 2023 0

BY MONICA MADUEKWE In stark contrast to the Western position of 2021, stood that of the Organization of the Petroleum Exporting Countries (OPEC). Referring to the OPEC World Oil Outlook 2021, the then Secretary General emphasized the significance of investment to ensure energy supply security, noting that an investment of $11.8 trillion is necessary until […]

Business

Petrol prices hike: Marketers blame unstable international crude oil prices , FX rate movements

Ihesiulo Grace 21 July 2023 0

By Motolani Oseni The Major Oil Marketers Association of Nigeria (MOMAN) has said that fluctuating international crude oil prices and exchange rate movements are causes of higher domestic petrol prices, accounting for about 80 per cent not of the cost structure of petrol or PMS retail price. According to the marketers’ association, this reflects the […]

Headlines

Naval personnel destroy illegal oil bunkering vessel, seize arms, ammunition

Ihesiulo Grace 18 July 2023 0

BY AMOS OKIOMA Nigerian Navy ship, NNS Soroh, yesterday deactivated a local wooden boat used to convey illegal crude oil products in Bayelsa State, recovering in the process some quantity of arms and ammunition. Recovered were two AK-47 rifles, six AK-47 magazines, 133 rounds of 7.62mm ammunition. Commander NNS Soroh, Commodore Olushina Ojebode, who assumed […]

Politics

Reps wants crude oil lifting contracts limited to quoted companies

Ihesiulo Grace 17 July 2023 0

By Tom Okpe The House of Representatives has taken steps to limit crude oil lifting contracts to companies quoted on the Nigerian Exchange Group. Consequently, the House resolved to constitute an Ad-hoc Committee to investigate and identify Oil and Gas Companies favoured to lift Nigeria’s Crude Oil and put in place effective mechanisms to which […]

Business

Nigeria’s Oil production drops below 1mb/d – Report

Ihesiulo Grace 9 June 2023 0

By Godwin Anyebe The Petroleum Exporting Countries says Nigeria’s crude oil production has dropped below 1 million barrels per day. OPEC’s Monthly Oil Market Report for May puts the country’s oil output for May at 999, 000 barrels per day, which was below its 1.73 million barrels per day target. According to the report, production […]

Headlines

Pollution: British MP slams oil firms in Bayelsa, suggests $12bn on remediation

Ihesiulo Grace 17 May 2023 0

By Amos Okioma Oil pollution in Bayelsa State was on the international focus on Tuesday as the report of the state’s Oil and Environmental Commission (BSOEC) was launched at the House of Lords in London. The 211-page report titled: “An Environmental Genocide: Counting the Human Cost of Oil in Bayelsa, Nigeria,” is a detailed documentation […]

Headlines

29 days to Buhari’s exit: N’Delta militants resume hostilities, bomb oil facilities

Ihesiulo Grace 1 May 2023 0

…issue more threats BY NOSA AKENZUA A militants group, “Delta Strike Force (DSF)” in Delta State specialising in bombing and vandalization of oil installations in the Niger Delta region has laid claim to the massive attacks on oil facilities in Agbarha-Otor and Afiesere and their neighbouring communities in Ughelli North Local Government Area of Delta […]

Headlines

Mini oil bid round will boost energy sufficiency – FG

Ihesiulo Grace 17 January 2023 0

The Federal Government has assured that Nigeria’s mini-bid round will boost global energy sufficiency in the long run. Mr Gbenga Komolafe, the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), said this at a pre-bid conference in Lagos on Monday. He said this year’s mini bid rounds, the first in the last 15 years, […]

Headlines

Nigeria’s oil production rebounds, hits 1.35m brrl/d

Ihesiulo Grace 6 January 2023 0

*As NNPC debunks exporting 17.87m barrels of oil without documentation By Motolani Osen Following the approval of increase in oil supplies by the Organisation of Petroleum Exporting Countries (OPEC) by 150,000 barrels a day, Nigeria has effectively unlocked the entire gain as the nation’s oil output rose to 1.35 million barrel per day, representing the […]

News

Military, DSS deny thieves access to oil products worth N1.2bn in 2 weeks, says DHQ

Ihesiulo Grace 9 September 2022 0

By Andrew Orolua The Defence Headquarters has said that petroleum products worth of a total sum of N1, 235,624,462.45 were denied oil thieves in the past two weeks. Director of Defence Media Operations, DMO, Major General Musa Danmadami made this disclosure in Abuja on Thursday during the bi-weekly media briefing on the operational activities of […]

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, […]