News

Osinbajo urges stakeholders to find cheaper means of oil production

Ihesiulo Grace 14 January 2021 0

Vice President Yemi Osinbajo has urged stakeholders in the petroleum industry to find and agree on cheaper means of producing oil in the country. Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said that the vice president spoke at a virtual meeting on the Petroleum

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Nigeria to recoup $1.5bn from neglected oil production sharing contract

Ihesiulo Grace 16 October 2019 0

.As Senate passes amended PSC Act bill 16 years after With the passage of a bill amending the sharing formula of excess proceeds from oil production in the joint venture agreement between Nigeria and international oil companies, the country stand the chance of earning at least N1.5 billion annually starting from 2020. Jukun/Tiv crisis: Stakeholders […]

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Nigeria, Libya get exemption from OPEC production cut

Ihesiulo Grace 2 December 2017 0

The 173rd meeting of the Organization of the Petroleum Exporting Countries (OPEC) has ended in Vienna, Austria and extended its current production agreement entered with participating Non OPEC oil producers for another 9 months and the Declaration of Cooperation amended to take effect for the whole year of 2018 from January to December 2018. The […]

Energy

Oil production cut may not affect Nigeria at OPEC meeting

Ihesiulo Grace 30 November 2017 0

Nigeria’s crude oil production is still below the production quota by OPEC, which makes it impossible to be part of the cut agreement for next year, Minister of Petroleum Resources, Emmanuel Ibe Kachikwu has said. Speaking shortly before the commencement of the 173rd meeting of the Organisation of Petroleum Exporting Countries, today in Vienna, Kachikwu […]

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OPEC agrees with Kachikwu, endorses Nigeria’s exemption from oil quotas

Ihesiulo Grace 22 September 2017 0

The meeting of the Joint Ministerial Monitoring Committee of OPEC and Non OPEC Countries in Vienna on Friday endorsed Nigeria’s position that the exemption granted it at last year’s conference be sustained until the country stabilises its crude oil production. Dr. Emmanuel Ibe Kachikwu, Nigeria’s Minister of State for Petroleum Resources, who led Nigeria’s delegation

Business

Seplat declares N5.9 billion Loss in Q1’17

Ihesiulo Grace 2 May 2017 0

Seplat Petroleum Development Company Plc has released Unaudited Interim Financial Statements for the three months ended 31 March 2017. The company reported a loss after tax of N5.9 billion. The loss is a 31percent increase from loss after tax of N4.5 billion declared for the first quarter of 2016. Seplat also reported a revenue decline […]

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Nigeria’s oil production to hit 2.1m/bpd January – Kachikwu

Ihesiulo Grace 9 December 2016 0

Petroleum Minister, Ibe Kachikwu, has said Nigeria’s oil production will reach an all-time record of 2.1 million barrels per day in January, 2017. Speaking on the oil production of Nigeria in an interview in Abu Dhabi on Thursday, the minister said the country has moved from production low of 1.4 million barrels per day, early […]