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

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, […]

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 […]