The Minister of State Petroleum Resources, Chief Timipre Sylva has reiterated Nigeria’s readiness to use gas to help fast track the country’s industrialisation agenda. Speaking at a dinner with the diplomatic community in Abuja, Sylva said that gas was the only single energy source that could help Nigeria diversify...
oil and gas
About 58 illegal oil points have been discovered so far since the operation to end oil theft on the waterways of Delta and Bayelsa states began Ex-militant leader, Government Ekpemupolo also known as Tompolo, said this in a press briefing at Oporoza on Sunday where he also gave an...
President Muhammadu Buhari has pledged that he will address three major requests tabled by Gov. Duoye Diri of Bayelsa, with “promptness and immediacy.” Malam Garba Shehu, the president’s spokesman, in a statement in Abuja, said the president made the pledge while responding to an address by the governor during...
Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6 per cent, to $89.84 a barrel by 1027 GMT and U.S. crude futures...
The Port Harcourt Refining Company (PHRC) is soon to commence rehabilitation of its pipelines in readiness for resumption of production. Mr Sheik Mohammed, the Executive Director, Project, PHRC, made the disclosure on Wednesday during the inauguration of Ekerekana 140 Market Stalls in Okrika Community, constructed by the company. Mohammed,...
The Nigeria National Petroleum Company (NNPC Ltd) is collaborating with the Office of the Vice President on establishment of Gas Funding Company Ltd for injection of 20 million cylinders in the next five years. The NNPC Ltd said the company’s establishment, which involved collaboration of other relevant stakeholders and...
The Federal Government has announced the arrest of 210 suspects in its efforts to combat crude oil theft in the Niger Delta. The Minister of Information and Culture, Alhaji Lai Mohammed gave the figure on Friday in Port-Harcourt after undertaking an aerial assessment of some hotspots along the Right...
Vice President Yemi Osinbajo says African countries account for less than one per cent of cumulative global carbon emissions. Osinbajo disclosed this in his keynote address at the 60th Anniversary Dinner of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) on Thursday...
By CALLISTUS OFFOR, Abuja – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has has reacted to the gas leak incident on the Nigerian Petroleum Development Company’s (NPDC), Well 6, in Sangama community, Bonny LGA of Rivers State. The incident which was reportedly observed on September 3, 2022 at about...
The Crude Oil Refiners Association of Nigeria (CORAN), the umbrella body of indigenous crude oil refiners, has appealed to the Central Bank of Nigeria(CBN) to create crude refinery intervention fund for its members. Its Secretary, Mr Olusegun Ilori, made the appeal in a statement on Wednesday after a visit...
The Organisation of Petroleum Exporting Countries (OPEC) says its upward adjustment of 0.1 million barrel per day (mb/d) to the overall oil production level is only intended for September 2022. OPEC made this known at its report on the 32nd OPEC and non-OPEC Ministerial Meeting held via video conference...
The price of the Organisation of the Petroleum Exporting Countries (OPEC) basket of 13 crude oil samples stood at 104.85 U.S dollars per barrel as at Monday, Aug. 29. This is compared with 103.89 U.S. dollars per barrel of the previous Friday, according to OPEC Secretariat calculations obtained by...
The Nigerian National Petroleum Company (NNPC Ltd.), said that the importation of petroleum products into the country will be stopped by mid-2023. Mele Kyari, Group Chief Executive Officer of NNPC Ltd. disclosed this at the State House Ministerial Briefing organised by the Presidential Communications Team, on Tuesday in Abuja....
The Director of Trade and Exchange Department, Central Bank of Nigeria (CBN), Dr Ozoemena Nnaji, says there is urgent need to diversify the Nigerian economy to spur growth. Nnaji made the call on Saturday, at the 33rd Seminar for Finance Correspondents and Business Editors in Abuja. She said that...
Malam Mele Kyari, Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Ltd. says resolving the security challenge in the Niger Delta will bring back investments to the oil and gas sector. Kyari said the NNPC was working with security agencies and other stakeholders to address the issue of...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) made a giant step towards tackling the disturbing issue of crude oil theft and damage to its operational pipelines and facilities. This giant stride marked the beginning of activities last week as the company introduced the “Crude Theft Monitoring Applications” to...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Friday launched ‘Crude Theft Monitoring Applications’ to curb oil theft and pipeline vandalism. The News Agency of Nigeria (NAN) reports that the launch held in Abuja on the sideline of the signing of renewed Production Sharing Contracts (PSCs) agreements between...
The Minister of State for Petroleum Resources, Dr Timipre Sylva, has said that the country loses 400,000 barrels of crude daily via oil theft. Sylva said this on Monday, when he paid a courtesy visit to Gov. Hope Uzodimma of Imo at the Government House, Owerri. He described the...
By DAVID IORJA, Abuja – In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy...
As the price of crude oil in the International market continues to rise in recent times, Nigeria has not been able to reap appreciable economic benefits. The News Agency of Nigeria (NAN) reports that price of crude oil, the country’s main revenue generating resource, had been on the increase...