The Organisation of Petroleum Exporting Countries (OPEC) on Monday inaugurated its 2022 World Oil Outlook (WOO). The WOO was inaugurated at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022 in the United Arab Emirates (UAE). ADIPEC is the global energy industry’s most influential meeting place which convenes...
oil and gas
The House of Representatives ad hoc committee investigating the structure and accountability of the Joint Venture (JV) businesses and production sharing contracts (PSCS) of the Nigerian Petroleum Corporation (NNPC) has accused oil companies of tax evasion. Rep. Abubakar Fulata, the Chairman of the committee said this in Abuja on...
The United Arab Emirates’ energy minister said on Monday that OPEC+ is keen on providing the world with the oil supply it needs. He said that the alliance of top producers would always be in a position to balance markets. OPEC+, which groups the producer bloc with allies including...
There are recorded events in the recent past that have proved beyond reasonable doubt that the nation Nigeria may not need gun boats to solve its problems particularly, in the oil rich Niger Delta region, notorious for crude oil theft and pipeline vandalism. Essentially, evidence has emerged and points...
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has cautioned Nigerians against panic buying of Liquefied Petroleum Gas (LPG), cooking gas, as a result of the force majeure declared by Nigeria Liquefied Natural Gas Ltd. (NLNG). Its president, Mr Oladapo Olatunbosun, made the appeal in a statement on...
For the bleeding economy to resurrect, there must be a battle for a man who has proven moral and sacred emblem of integrity, selflessness, true to self, focus and determination without fear of the unknown bullets of tomorrow. Yes, someone must be an example for others to follow. The...
The Liquified Petroleum Gas Retailers (LPGAR) says the shutting down of the Nigeria Liquefied and Natural Gas (NLNG) processing plant may lead to increase in cooking gas price. Mr Umudu Michael, National Chairman, LPGAR, branch of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), told the News Agency...
Angola and Libya have for the second consecutive month maintained their lead over Nigeria as Africa’s highest crude oil producers, according to a report by the Organisation of the Petroleum Exporting Countries (OPEC). OPEC said this in its Oil Market Report for October, which was obtained by the News...
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...
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...