By BENJAMIN ORISEMEKE, Abuja – Nigeria’s trade balance grew to N1.9 trillion, the worst since NBS started tracking trade performance 12 years ago. In its Foreign trade in goods statistics report for February 2022, the National Bureau of Statistics (NBS) stated that imports stood at N20.8 trillion as at...
oil and gas
By BENJAMIN ORISEMEKE, Abuja – Minister of State Petroleum Resources Chief Timipre Sylva said Nigeria will remain at the vanguard of the crusade for a multifaceted energy transition timetable that will attract more investments for Africa while taking cognizance of the current global energy transition in the direction of...
An Oil and Gas Expert, Mr Charlse Majomi, has called for a concerted drive and clearer fiscal terms to incentivise investments for increased upstream production of crude oil. Majomi, in an interview with the News Agency of Nigeria (NAN), in Abuja on Sunday said the Petroleum Industry Act (PIA)...
Mrs Patience Key, the immediate past Chairman of Nigerians in Diaspora Organisation Americas (NIDOA), USA, says the Russo-Ukraine conflict will affect Nigeria, being an oil producing country. Key told the News Agency of Nigeria (NAN) in New York on Sunday that the crisis would affect Africa’s economy and also...
By BENJAMIN ORISEMEKE, Abuja – OPEC said on Tuesday that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year. Oil prices shot above $139 a barrel this...
By BENJAMIN ORISEMEKE, Abuja – Italian energy group Eni said it would lift a force majeure on exports of Nigerian Brass River crude oil this week after it completed repairs to a pipeline damaged by a blast. The group had cut oil and gas exports from its Brass Export...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it is upgrading and deploying the National Production Monitoring System (NPMS) facility toward curbing crude oil theft in Nigeria. A statement issued on Wednesday in Lagos by Mr Paul Osu, said Mr Gbenga Komolafe, Chief Executive, NUPRC, spoke recently in Abuja...
The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production declined to an average of 1.417 million barrels per day in February 2022. OPEC made this known in its Oil Market Report for March 2022, which was obtained by the News Agency of Nigeria ( NAN)...
Introduction The war in Russia and Ukraine is contributing to the fuel scarcity in Nigeria. This is a crisis the Government of Nigeria is living in denial to admit and tell the truth about. The current fuel scarcity may have started with the importation of adulterated petrol but the...
President Muhammadu Buhari has endorsed a plan to conclusively end the fuel scarcity in the country, a presidency official has said. The official, who disclosed this on Sunday in Abuja, said the plan would ensure that incidence of fuel scarcity does not occur again. He said that in a...
By BENJAMIN ORISEMEKE, Abuja – Global oil prices fell on Wednesday by the most in nearly two years after OPEC member, the United Arab Emirates said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine. Brent crude...
Chief Timipre Sylva, Minister of State for Petroleum Resources, has attributed the inability of Nigeria to meet the Organisation of Petroleum Exporting Countries (OPEC) quota to lack of investments in oil and gas sector. Nigeria’s OPEC quota is pegged at 1.8 million barrels per day (bpd) but in the...
By JOY ADARA, Abuja – Nigerian National Petroleum Company Limited (NNPCL), formerly Nigerian National Corporation (NNPC) has expressed interest to participate in the acquisition of the power plants put up for sale by the Federal Government through the Nigeria Integrated Power Plants (NIPPs). Managing Director of NNPCL, Mallam Mele...
The Nigerian National Petroleum Corporation Ltd (NNPC) on Wednesday sealed a deal with partners on gas aggregation to increase local production of fertiliser in the country. The Gas Aggregation Agreement was signed in Abuja on the sideline of the ongoing fifth Nigeria International Energy Summit (NIES 2022) with the...
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says Nigeria’s proven natural gas reserve has risen to 209.5 Trillion Cubic Feet (TCF) as at Jan. 1, 2022. Mr Farouk Ahmed, Chief Executive, NMDPRA, said this on Wednesday at the 2022 Nigeria International Energy Summit (NIES) in Abuja. The...
The Federal Government says the Petroleum Industry Act (PIA) has addressed the relationship with host communities with the creation of the Host Community Development Trust Fund (HCDTF). Sylva said this at the PIA session of the ongoing fifth Nigeria International Energy Summit (NIES 2022) on Tuesday in Abuja. He...
The Nigerian National Petroleum Company Limited (NNPC Ltd.) gave Nigerians especially those in the Niger Delta cheering news that it had achieved a 30 per cent reduction in gas flares across its operational areas over the last five years. The Group Managing Director/Chief Executive Officer, NNPC Ltd., Malam Mele...
Whatever the consequences for Russia of the new sanctions that President Joe Biden announced on Tuesday, the invasion of Ukraine and ensuing global stand-off will further darken the outlook for the U.S. economy. Russian President Vladimir Putin’s decision to employ a so-called salami military tactic by sending troops into...
OLA MUDOPE, Lagos – Nigeria’s leading energy company, Shell, has reiterated its commitment to supporting efforts to help the country meet its lower carbon emission target. “Apart from this being the right thing to do, it is also good for our business in Nigeria,” Managing Director of Shell Nigeria...
The Senate has confirmed the nominations of five Executive Directors designate of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The confirmation of the nominees followed the consideration and adoption of a report by the Committee on Downstream Petroleum Sector at plenary on Tuesday. Those confirmed include: Francis...