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Manufacturers Decry High Cost Of Gas, Seek Price Review

The Manufacturers Association of Nigeria (MAN) has charged the Ministry of Petroleum Resources to address the challenges being encountered by manufacturers on rising price of gas and called for immediate review of the price. The President of the organized private sector group, Engr. Mansur Ahmed, Ahmed made the call at an interactive forum on gas […]

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Oil Prices Hit Six-Month High As U.S Tightens Sanctions On Iran

Oil prices in the international oil market rose to near six-month highs on Tuesday as the United States tightened sanctions on Iran, thereby sending shares of energy companies higher and boosting currencies of several major crude producers. For instance, Brent crude oil futures rose 0.7 per cent to $74.57 per barrel by 0630 GMT, their highest since […]

Economy News Extra Latest News Oil & Gas

DPR Threatens To Sanction Marketers Over Fuel Hoarding

The Ibadan Field Office of the Department of Petroleum Resources (DPR) on Monday threatened to sanction oil marketers engaging in fuel hoarding in order to ensure availability of products. Giving this hint while interacting with journalists on fuel situation in the state, the Controller Operations, DPR Ibadan Field Office, Mr Oluyemi Olaonipekun, promised that the […]

Economy News Extra Latest News Oil & Gas

Nigeria Imported 5.32Bn Litres Of Petrol In Q4, 2018 – NBS

The National Bureau of Statistics (NBS) on Friday reported that total volume of petrol imported to supplement local refining output in the fourth quarter of last year stood at 5.32 billion litres. The official statistics producing and reporting agency in its ‘Petroleum Products Imports and Consumption (Truck Out) Statistics’ report disclosed further that 1.3 billion […]

Economy News Extra Investments/Capital Market Latest News Oil & Gas

Oando Plc To Fresh Raise Capital To Boost Growth, Offset Debt

Oando Plc, a major player in the downstream and upstream sectors of Nigeria’s hydrocarbon resources industry, is set to raise fresh funds over the next two years and repay debt associated with its acquisition of Conoco Phillips’ Nigerian assets. The company a few years ago transformed from a fuel retailer to oil producer and now […]

Economy News Extra Investments/Capital Market Latest News Oil & Gas

Exxon Mobil Opens Divestment Talks On Nigeria’s Oil, Gas Fields

Exxon Mobil, the U.S Texas-based company and one of Nigeria’s major upstream operating companies, has opened talks on the sale of a suite of oil and gas fields in Nigeria as it focuses on new developments in U.S. shale and Guyana. A news report by Reuters on Tuesday indicated that already the company was exploring […]

Economy News Extra Investments/Capital Market Latest News Oil & Gas

Over $48Bn CAPEX Opportunities Exist In Nigeria’s Oil Sector – Baru

The Nigerian National Petroleum Corporation (NNPC) on Thursday, disclosed that currently over  $48 billion investment opportunities existed in the Nigerian petroleum industry and called on foreign investors to tap into the returns-assuring investment opportunities. The corporation’s Group Managing Director, Dr Maikanti Baru, was quoted in a statement by the state-owned oil company as disclosing this […]

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Oil Prices Dip On Improved U.S. Crude Output

International oil prices dipped on Friday following United States’ report that its crude output had hit a record 12 million barrels per day (bpd), thereby undermining efforts by Organisation of Petroleum Exporting Countries’ (OPEC’s) efforts to withhold supply and tighten global markets. On Friday, Brent crude futures sold at 66.87 dollars per barrel at 0326 […]

Latest News Oil & Gas Taxation

FG Orders IOCs To Offset $20Bn Arrears Of Taxes, Royalties

The Federal Government has ordered foreign oil and gas companies operating in the nation’s hydro-carbon resources industry to offset all forms of tax arrears, estimated to be over $20 billion immediately. A news report by Reuters linked the directive to a letter sent to the companies earlier this year by the Nigerian National Petroleum Corporation […]