Oil producing communities’ people along the Trans-Forcado pipelines and Escravos Warri Refinery corridors have commended the Federal Government on the award of the contract of protecting the Nation’s critical assets in the oil-rich communities of Delta State to Ocean Marine Solution Limited (OMSL), a Nigerian company. Ocean Marine Solutions Limited is one of Nigeria foremost […]
The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Farouk Ahmed, has assured fuel consumer that the lingering fuel scarcity will end today (Thursday) with the arrival of 300 million litres into the country through six vessels ordered by the NNPC. Ahmed also hinted that this is even as […]
The Organisation of Petroleum Exporting Countries (OPEC) has approved 1,718,000 barrels per day (bpd) quota for Nigeria. Also, the oil cartel revised Angola’s daily production to 1,435,000 bpd while Saudi Arabia and Russia topped the list with 10.331 million bpd quota. The oil cartel’s latest quota adjustments showed that oil producing countries’ production had been […]
The Nigerian National Petroleum Company Limited (NNPC) has disclosed that it spent N100 billion on refineries’ rehabilitation in 2021. The state-owned oil entity made this disclosure in its report on the funding performance for 2021 financial year. Although the report did not list the refineries that gulped the amount, industry analysts believe that all the […]
Oil prices continued to surge on Monday as Brent crude, global oil benchmark, hit $91.31 per barrel, ahead of an OPEC+ meeting on Wednesday. A market survey on Monday morning indicated that Brent crude rose $1.28, or 1.4%, to $91.31 a barrel, after adding 69 cents on Friday compared to the US West Texas Intermediate […]
The Nigerian National Petroleum Company Limited (NNPC) on Wednesday presented a projected N3 trillion subsidy cost for 2022 financial year to the Federal Executive Council (FEC) for approval following the Federal Government’s decision to sustain fuel subsidy payment for the next 18 months. At the FEC meeting presided over by President Muhammadu Buhari, the […]
Minister of State for Petroleum Resources, Timipre Sylva, on Tuesday clarified that the Federal Government would extend the fuel subsidy regime to July 2023, pending when amendments in the Petroleum Industry Act will be forwarded to the National Assembly and subsequently signed by the President The minister gave this hint while interacting with State House […]
To address the current challenges constraining optimal output from Africa’s oil-producing countries and ensure sustainable growth of the hydrocarbon resources industry, an industry expert, Mr. Kola Karim, has charged banks in the continent to commit more funds to critical value chains in the sector. Karim, who gave the charge during an interview with African Energy […]
Nigeria’s House of Representatives on Tuesday approved the sum of N17.127 trillion budget for 2022 fiscal year. The passage of the budget followed the consideration and adoption of clauses in the Bill’s report presented by the Chairman of the House Appropriation Committee, Hon. Muktar Betara. The figures represented about N736 billion more than the N16.391 […]
The Centre for the Study of the Economies of Africa (CSEA), a think tank research firm focusing on activities in Africa’s economies, has urged the Federal Government to strengthen security in the oil producing areas as a step towards improving productivity and halting the dwindling revenues from the nation’s hydrocarbon resources industry. The think tank […]