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” […]
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 […]
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 […]
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 […]
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 Conference […]
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 […]
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 […]
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 […]
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 […]
PENGASSAN will continue to reiterate our commitment to the adoption and implementation of policies that promote gender equality in the oil and gas industry, our union and Nigeria as a whole. To this end, we will continue to support programmes that improve not only our members’ welfare, but also ensure more protective measures for our […]
President Muhammadu Buhari has disclosed that the Federal Government will judiciously use the extra income from the rising crude oil sales infrastructures and in the interest of the country. According to the President, “Income accruing to the country from rising oil prices in the international market will be spent on infrastructural development”. A statement by […]
Oil markets can see light at the end of the tunnel in 2018. A year of production cuts by the Organisation of Petroleum Exporting Countries, OPEC, and its allies has reduced global stockpiles and revived prices. A barrel of Brent crude is now worth almost a fifth more in value than it was 12 months […]
The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Agip Oil Company (NAOC) Joint Venture is set to boost the Federal Government power generation aspiration by 480 megawatts (MW) through the completion of its Okpai Phase II Independent Power Project (IPP) by 2019. This was disclosed in Abuja on Thursday during the inauguration of the […]
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Thursday announced that oil search would soon begin in the nation’s inland basins. Baru made the revelation in a statement by Mr Ndu Ughamadu, NNPC Group Public Affairs Manager, in Abuja. He said the exercise was in fulfillment of the […]
Angela Onwuzoo As part of efforts to sanitise markets in Nigeria of fake drugs and other regulated products, the National Agency for Food and Drug Administration and Control (NAFDAC), has impounded fake and adulterated products worth over N20m at the Relief and Police Officers Wives Association (POWA) Markets, all in Onitsha, the business hub of […]