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 […]
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 […]
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 […]
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 […]
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 […]
…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 […]
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, […]
*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 […]
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 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, […]
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 […]
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 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 […]
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 […]
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: […]
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 […]
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 […]
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 […]
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 […]
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” […]