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Judges in Lagos have blocked Nigeria’s efforts to revoke two oilfield licences, court documents seen by Reuters showed, a move that could compromise a full licensing round for marginal fields which the government is aiming to launch as…
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Oil rose past $36 a barrel as investors eyed a potential extension of record production curbs by OPEC+ while physical markets showed renewed signs of tightness. Futures in New York rose around 2.7% as Russia and several producers in the…
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The Nigerian National Petroleum Corporation (NNPC) lost over N20 billion due to 74 pipelines breaches by suspected crude oil thieves in January and February this year, the national oil company has said. Information obtained from the…
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The Federal Government has paid N168 billion outstanding subsidy debt to oil marketers, as part of measures targeted at stimulating activities in the downstream sector of the petroleum industry. Investigation by Vanguard indicated that the…
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Senate on Monday described cost of crude oil production per barrel as the most expensive globally. This follows presentation of $21 as the current cost of crude oil production per barrel at an interactive session on Medium Term Expenditure…
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•To generate N2.365bn from application fees Nigeria’s precarious economic situation may lighten up pretty soon as the Department of Petroleum Resources (DPR) yesterday announced the commencement of marginal fields bid rounds…
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Nigeria currently makes a $3 profit for every barrel of crude oil it sells! This shocking revelation came yesterday when the leadership of Nigerian National Petroleum Corporation NNPC) was invited by the National Assembly to explain the…
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The Nigerian Government on Monday ordered banks in the country to resume normal working hours. Buhari also announced that curfew in the country is now from 10pm to 4am. However, after a briefing of the presidential task force (PTF)…
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The Petroleum Products Pricing Regulatory Agency (PPPRA ) has announced the reduction of the pump price of the Premium Motor Spirit (PMS) to N121.50 from N123 per litre. The PPPRA in its memo titled “A.4/9/017/C.2/IV/701 31“, also…
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Since it was reported that Royal Dutch Shell is mulling to offer staff voluntary severance as part of measures to cut costs following the slump of oil price caused by collapse in demand as COVID-19 pandemic ravages the world, workers of…
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