The Director of the Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, has disclosed that the department generated N2.24 trillion as at August this year, representing 70 percent of its earlier N3.2 trillion revenue target. Auwalu, who disclosed this when he led a team of DPR management on a courtesy visit to the Executive Secretary […]
The Organisation of Petroleum Exporting Countries (OPEC) has predicted a sluggish international oil market with world oil demand prospects looking promising as the COVID-19 Delta variant will distort performance of the oil sector in the last quarter of this year. OPEC made this disclosure in its just published Oil Market Report for September 2021 In […]
President Muhammadu Buhari has approved Anambra State as an oil producing state, thereby qualifying it for sharing in the 13 percent derivation revenue for minerals-producing states in the country. The approval was conveyed via a letter signed by the president’s Chief of Staff, Professor Ibrahim Gambari, to Governor Willie Obiano of Anambra State in response […]
The Nigerian National Petroleum Corporation (NNPC) has published its audited financial statements which showed that the group’s assets’ value rose by 18.7percent amid devastating impacts of the COVID-19 pandemic on broad sectors of Nigeria’s economy. The publication of the corporation’s financial statement for the 2020 year on its website was in compliance with Federal Government’s […]
President Muhammadu Buhari on Tuesday expressed Nigeria’s appreciation to the Kingdom of Saudi Arabia for conceding oil production quota to Nigeria in the past. Buhari, gave the commendation when he hosted Saudi Arabian Minister of Foreign Affairs, Prince Faisal Bin Farhan Al-Saud, at the State House, Abuja. A statement issued by the President’s Media Adviser, […]
The Central Bank of Nigeria (CBN) has reported that oil and gas and power companies’ indebtedness to Nigerian banks increased from N5.94 trillion at the end of last year to N6.14 trillion by the end of June this year, representing about N1.20 trillion rise. The latest data obtained from the apex bank on the affected […]
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, on Monday inaugurated a technical committee to review the just enacted Petroleum Industry Act (PIA) 2021 and its implications for the statutory responsibilities of the ministry. Before the latest action, the ministry earlier indicated a move to push for the amendment of the newly passed […]
Initial hopes of the investing public that the proposed successor company of the Nigerian National Petroleum Corporation (NNPC) would go public in line with amended 2021 Petroleum Industry Act appear to have been dashed on Monday as the corporation’s Group Managing Director, Mallam Mele Kyari, said that company may not be ready for an Initial […]
Gombe State Governor, Inuwa Yahaya, on Thursday urged President Muhammadu Buhari to do everything within his powers to fast-track the current crude oil surveys in the Northern part of the country. Yahaya, who gave the charge while chatting with State House correspondents at the Villa, pointed out that discovery and exploration of crude oil in […]
The Senate on Wednesday accused Government Owned Enterprises of worsening the current dwindling revenue situation of the country and accused them of engaging in spending spree instead of remitting the appropriate funds into the federation account. The Chairman of the Senate Committee on Finance, Senator Solomon Olamilekan Adeola, made the allegation on Wednesday at a […]