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

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, […]

News

Oil gains on growing fuel demand, even as infections rise

Ihesiulo Grace 26 June 2020 0

Melbourne – Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and signs of a revival in U.S. crude production. U.S. West Texas Intermediate (WTI) crude futures gained 57 cents, or 1.5 per cent, to $39.29 at 0431 […]

News

Oil hits 18-year low as lockdowns diminish demand

Ihesiulo Grace 30 March 2020 0

Crude oil fell sharply on Monday with U.S. crude briefly dropping below 20 dollars and Brent hitting its lowest level in 18 years on heightened fears that the global coronavirus shutdown could last months and demand for fuel could evaporate further. U.S. West Texas Intermediate (WTI) crude fell 1.14 dollars or 5.3 per cent to […]

Oil & Gas

Oil crashes after Saudi Arabia starts price war amid slumping demand

Ihesiulo Grace 9 March 2020 0

Oil prices plummeted around 30% on Monday after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the coronavirus erodes global demand growth. Prices fell by as much as a third following Saudi Arabia’s move after Russia […]

News

Man bags 6 months imprisonment for stealing eggs, yam, oil

Ihesiulo Grace 5 March 2020 0

Abuja – A Lugbe Grade 1 Area Court, Abuja, on Thursday sentenced a 35-year-old labourer, Yusfu Salisu, to six months imprisonment, for stealing 16 creates of egg, ten liters of groundnut oil and other items. Salisu, who resides at Lugbe Zone 8, Abuja, was arraigned on a two-count charge of house breaking and theft to […]

World

Oil prices fall as alarm over Iran rocket strike fades

Ihesiulo Grace 8 January 2020 0

 Oil futures fell on Wednesday from peaks hit in frenzied early trading after a rocket attack by Iran on American forces in Iraq raised the spectre of a spiralling Middle East conflict and disruption to crude flows. Prices gave up most of their early gains as oil production facilities remain unaffected by attacks. READ ALSO: […]

Business

Oil starts 2020 higher on trade optimism

Ihesiulo Grace 2 January 2020 0

London – Oil prices rose to begin the new year on Thursday buoyed by signs of improving trade relations between the United States and China which eased demand concerns and rising tensions in the Middle East. Brent crude futures rose 25 cents to 66.25 dollars a barrel by 0958 GMT, while U.S. West Texas Intermediate […]

Business

Nigeria earned $21bn from oil, gas sector in 2017 – NEITI

Ihesiulo Grace 28 November 2019 0

Abuja – The Nigeria Extractive Industries Transparency Initiatives (NEITI), says Nigeria earned 21 billion  dollars from the oil and gas sector in 2017. NEITI disclosed this in its 2017 oil and gas industry report released in Abuja on Wednesday. It said that the figure showed a 23 per cent increase from the 2016 figures of […]

Business Energy

FG to unveil beneficial ownership register in oil, gas sector soon

Ihesiulo Grace 27 November 2019 0

Abuja – Mr Waziri Adio, the Executive Secretary Nigeria Extractive Industries Transparency Initiative (NEITI) says the Federal Government will soon unveil the beneficial ownership register for the oil and gas industry. Adio, who disclosed this to newsmen in Abuja on Tuesday said the register would be unveiled on Dec. 12. The beneficial ownership register is […]

News

Oil drops amid new concern over prospects for U.S.-China trade deal

Ihesiulo Grace 21 November 2019 0

Oil prices edged lower on Thursday as fresh tensions between the United States and China over ongoing protests in Hong Kong fueled concern that a long hoped-for deal to end a trade war between the world’s top two economies may be further delayed. Trade experts have warned the first phase of a deal could slide […]

Business

Larger portion of Nigeria’s oil, gas wealth yet untapped — Total boss

Ihesiulo Grace 19 November 2019 0

Lagos – Mr Ahmadu Kida-Musa, Deputy Managing Director, Deep Water District of Total Exploration and Production Nig. Ltd., says there are still billions of barrels of oil and trillions cubic feet of gas yet to be discovered in Nigeria. Kida-Musa said that Nigeria had not fully explored its oil fields even in the “so called” […]

Business

Côte d’Ivoire seeks investment in oil and gas sector

Ihesiulo Grace 13 November 2019 0

CAPE TOWN, – Côte d’Ivoire used the showcase of Africa Oil Week (Africa-OilWeek.com) to launch its latest offering in the oil and gas sector. The African nation, also known as the world’s largest producer and exporter of cocoa, released five blocks that they were seeking expressions of interest in. “Today I have the on behalf […]

News

Edo govt, Army, NSCDC close ranks against infractions in oil, gas sector

Ihesiulo Grace 11 November 2019 0

The Edo State Government has strengthened ties with the Nigerian Army and the Nigeria Security and Civil Defence Corps (NSCDC) to go after individuals and groups involved in illegal activities in the oil and gas sector in the state. Commissioner for Minerals, Oil and Gas, Hon. Joseph Ikpea warned individuals and groups involved in such […]

Business

Gas, future oil of Nigeria, says Presidential aide

Ihesiulo Grace 25 October 2019 0

Abuja – Ajuri Ngelale, Senior Special Assistant to President Muhammadu Buhari on Public Affairs says gas is the new oil and future of Nigeria. Ngelale said this in an interview with News Agency of Nigeria (NAN) in Abuja while speaking on government’s effort at combating Climate Change issues, particularly gas flaring in the country. “President […]

Business

Oil discovery in Gongola Basin will attract foreign investment, generate employment, says NAPE

Ihesiulo Grace 17 October 2019 0

Lagos – The Nigerian Association of Petroleum Explorationists (NAPE) has lauded the oil discovery in Gongola Basin, saying it is significant to oil and gas industry, for national development. Mr Ajibola Oyebamiji, the NAPE President, gave the commendation at a news conference on Thursday in Lagos ahead of the association’s forthcoming 37th Annual International

News

S/Africa to reduce dependence on oil imports

Ihesiulo Grace 11 October 2019 0

Cape Town – South African delegates attending the Africa Oil & Power (AOP), conference on Friday stressed the need to reduce the country’s dependence on oil imports. The Chairman of PetroSA, South Africa’s National Oil Company, Nhlanhla Gumede, said to achieve the set goal, there were various approaches the country could take, including owning alternative […]

Politics

Start works on oil, gas museum at Oloibiri , Senate tells FG

Ihesiulo Grace 8 October 2019 0

The Senate on Tuesday, urged the Federal Government to direct the Petroleum Technology Development Fund (PTDF) and concerned contractors to begin immediate construction of the oil, gas and research centre at Oloibiri in Bayelsa. The call is sequel to a motion by Sen. Degi Biobarakuma (PDP Bayelsa) and co -sponsored by 28 other Senators. The […]

Business

More money for Nigeria as oil price hits 2019 high

Ihesiulo Grace 3 April 2019

Motolani Oseni, Lagos Oil price hit a 2019 high, above 69 dollars a barrel on Tuesday, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may reduce. The United States is considering more sanctions against Iran, whose […]

Business

Non-oil revenue collection below proportion Budget figure of N467bn- Analysts

Ihesiulo Grace 8 March 2019 0

A group of analysts at FBNQuest have said Federal government non-oil revenue collection stood below proportion budget figure of N467 billion for 2018 budget. The Lagos based research firm noted that the Central Bank of Nigeria (CBN)’s latest monthly report for November noted that the federally-collected revenue still runs well behind budget. According to FBNQuest […]