Despite higher crude prices and allocation, as the Organisation of Petroleum Exporting Countries (OPEC) and its allies adjust monthly quota, Nigeria’s oil production remains below its monthly quota, according to the latest S&P Global Platts survey. According to the survey, Nigeria dropped to 1.37 million barrels a day in October, 261,000 bpd below its OPEC+ […]
Continue Reading
As Mr Mele Kyari marks his first year in office today, July 8 at the helm of affairs of the Nigerian National Petroleum Corporation, NNPC, players in the oil and gas industry are showering his leadership with plaudits. His leadership has been marked by a string of peaceful resolutions that have oiled the bond in […]
Continue Reading
Management of the Nigerian National Petroleum Corporation (NNPC), says it has directed all its partners and suppliers to bring down their cost to between 30 and 40 per cent to ensure production efficiency. NNPC’s Group Managing Director, Malam Melem Kyari, made the disclosure when he featured as a guest on a live Television programme on […]
Continue Reading
Set to take position as OPEC meets The Federal Government yesterday, affirmed its resolve to deregulate the downstream sector, stating that the country would no longer resort to subsidy or under-recovery if oil prices regain momentum. If the government follows through the plan, Nigerians would begin to pay cost-reflective rates for petrol, using PPPRA’s monthly […]
Continue Reading
The Federal Government’s monthly plan to implement and re-activate a pricing template for Premium Motor Spirit (PMS), otherwise known as petrol set in May 11, 2016, might disrupt the current stability enjoyed in the downstream sector, as the inability of marketers to immediately align with set prices could result in product scarcity and resumption of […]
Continue Reading
Last Thursday, Nigerian-born Dr Mathew Aneke won the 2019 Nigeria Prize for Science, alongside a Chinese researcher, Wang Meihong, for their works on carbon capture, utilization, and biomass gasification and energy storage for power generation. Aneke, an indigene of Enugu State and a Chartered Energy Engineer, who works at the University of Sheffield’s Department of […]
Continue Reading
Italian oil major Eni said Wednesday that Nigerian subsidiary Agip has found lots of gas and oil in an onshore facility in the Niger delta, raising potential output in Africa’s leading oil exporter. The Eni-operated NAOC, which is majority-owned by the Nigerian National Petroleum Corporation (NNPC), with minority stakes held by Oando and Eni, made […]
Continue Reading
A tricycle specially designed for fuel smuggling is parked close to the Nigerian-Benin border post in Seme-Kpodji, Republic of Benin on April 6, 2019. Photo: Tonye Bakare Investigations have shown that daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to […]
Continue Reading
Stability in the Niger Delta region and other factors have pushed Nigeria’s crude oil production to 2.3 million barrel per day (bpd) from last year’s 2.1 million bpd figure, the Nigerian National Petroleum Corporation (NNPC) has disclosed. Speaking during a courtesy visit by the Nigeria Union of Journalists (NUJ) yesterday in Abuja, NNPC Group Managing […]
Continue Reading
Nation’s production below budget benchmark Organisation of Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary declines from sanctions-hit Venezuela. Last month, total OPEC-14 preliminary crude oil production averaged 30.02 million barrels […]
Continue Reading
