Home / OIL & GAS

OIL & GAS

Mobil Oil delists as Nigerian Exchange loses N39 billion

Mobil Oil delists as Nigerian Exchange loses N39 billion

Trading on the Nigerian Exchange (NGX) Ltd. closed mixed on Friday with the market capitalisation dropping by N39 billion while the index rose by 0.21 per cent. Specifically, the market capitalisation which opened at N20.470 trillion lost N39 billion or ...

Read More »

Crude nears $70, raises fear of federation account depletion

Crude nears $70, raises fear of federation account depletion

The international oil benchmark, Brent Crude, was less than 30 cents from hitting $70 amid market optimism on the United States and Europe reopening. The benchmark had gained $0.83, to trade at $69.71 as of 2:44 pm on Wednesday, Nigerian ...

Read More »

Distribution of CBN four million meters begins soon – FG

Distribution of CBN four million meters begins soon – FG

The Federal Government on Wednesday said the distribution of the four million free electricity prepaid meters pledged by the Central Bank of Nigeria would soon begin across the country. The Minister of Power, Mamman Saleh, said this while answering questions ...

Read More »

Modular refineries: Revoke, re-issue licences, Reps urge NNPC

Modular refineries: Revoke, re-issue licences, Reps urge NNPC

The House of Representatives has urged the Nigerian National Petroleum Corporation to review the status of the licences issued to indigenous companies to run modular refineries. It asked the corporation to revoke and re-issue them to competent and reliable operators. ...

Read More »

Labour kicks as NERC insists on power tariff review

Labour kicks as NERC insists on power tariff review

The Nigerian Electricity Regulatory Commission is going ahead with plans to review power tariffs in July this year despite widespread resentments by the organised labour, consumer groups and other individuals. NERC had announced on April 26, 2021 that another tariff ...

Read More »

Oil hits six-week high $68.47 as dollar weakens

Oil hits six-week high $68.47 as dollar weakens

The international oil benchmark, Brent crude, reached its highest in six weeks on Thursday as strong US economic data, a weak dollar and overall expected recovery in demand outweighed worries about the impact of increased COVID-19 cases in Brazil and ...

Read More »

N15.71bn petroleum products lost to vandalism in 2020 – NNPC

N15.71bn petroleum products lost to vandalism in 2020 – NNPC

Amid continued pipeline vandalism in the country, petroleum products worth N15.71bn were lost last year, according to the Nigerian National Petroleum Corporation. Data obtained from the NNPC showed that petroleum products worth N1.71bn were lost in January; N1.83bn in February; ...

Read More »

COVID-19 resurgence, threat to oil demand recovery – OPEC

COVID-19 resurgence, threat to oil demand recovery – OPEC

The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said. It disclosed this at the 16th OPEC and non-OPEC ministerial meeting of the ...

Read More »

Oil drops to $65 as India’s COVID-19 cases surge

Crude nears $70, raises fear of federation account depletion

The global oil benchmark, Brent crude, declined on Monday as the Organisation of the Petroleum Exporting Countries and its allies indicated that it was watching surging COVID-19 cases in India, the world’s third-biggest oil importer. Brent crude, against which Nigeria’s ...

Read More »

12 power plants suffer gas shortage, 1,610MW idle

12 power plants suffer gas shortage, 1,610MW idle

Twelve power plants in Nigeria could not generate 1,609.9 megawatts of their total installed capacity on Sunday as a result of gas constraints. The total unutilised electricity generation capacity in the country stood at 2,242.1MW as of 6am on Sunday, ...

Read More »

NDPHC, Disco sign agreement on 250MW stranded power

NDPHC, Disco sign agreement on 250MW stranded power

The Niger Delta Power Holding Company has signed a framework agreement with Benin Electricity Distribution Company to deliver additional 250 megawatts from stranded power to customers within the franchise area. NDPHC announced this in a statement issued in Abuja on ...

Read More »

Reps query govt, agency reports on gas flaring

Reps Summon NNPC, CBN, FIRS, EFCC, Probe Illicit Financial Flows

The House of Representatives has resolved to investigate the amount of gas so far flared in Nigeria to address the discrepancies in the figures being released by both government and oil companies. At the plenary on Thursday, the House specifically ...

Read More »

Nigeria businesses lose $29bn annually to poor electricity – World Bank

12 power plants suffer gas shortage, 1,610MW idle

The World Bank on Wednesday said businesses in Nigeria lose about $29bn annually as a result of the country’s unreliable electricity. It also observed that Nigeria had the largest number of people without access to electricity in the world, as ...

Read More »

Petrol landing cost hits N216, daily subsidy now N4.64bn

Petrol landing cost hits N216, daily subsidy now N4.64bn

The landing cost of Premium Motor Spirit (petrol) imported into Nigeria has jumped to N216.31 per litre on the back of the recent increase in global oil prices and the depreciation of the naira against the dollar. The Petroleum Products ...

Read More »

Higher oil prices push up external reserves by $409m

Oil hits six-week high $68.47 as dollar weakens

The country’s external reserves returned to a growth path as it gained $409m in two weeks, latest figures from the Central Bank of Nigeria disclosed on Monday. According to the CBN’s figures on movement of reserves, the figure which stood ...

Read More »

Fuel subsidy rises to N500bn, NNPC rules out price hike

Fuel subsidy rises to N500bn, NNPC rules out price hike

With the Federal Government leaving the pump price of Premium Motor Spirit (petrol) unchanged in the first five months of this year despite the increase in global oil prices, subsidy on the product is estimated to gulp N500bn in the ...

Read More »

NNPC, marketers meet over petrol smuggling, others

N15.71bn petroleum products lost to vandalism in 2020 – NNPC

Officials of the Nigerian National Petroleum Corporation are currently meeting with oil marketers over issues bordering on the rise in the smuggling of petrol from Nigeria to neighbouring countries. Participants at the meeting, which include members of the Major Oil ...

Read More »

No petrol price increase in May, says NNPC

No petrol price increase in May, says NNPC

The Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Monday announced that there would be no increase in the ex-depot price of Premium Motor Spirit, popularly called petrol, in May. NNPC has maintained an ex-depot price ...

Read More »

Oil, gas export revenue fell by $2.23bn in 2020 – NNPC

Oil, gas export revenue fell by $2.23bn in 2020 – NNPC

Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in the previous year as the COVID-19 pandemic triggered a sharp decline in prices and demand for the commodity. Oil and gas account ...

Read More »

Nigeria’s exact crude oil production volume unknown – NEITI

Nigeria’s exact crude oil production volume unknown – NEITI

The exact volume of crude oil produced in Nigeria, especially at the deep offshore fields, is not known by anyone, the Nigeria Extractive Industries Transparency Initiative said on Thursday. Executive Secretary, NEITI, Orji Ogbonnaya-Orji, disclosed this in Abuja during a ...

Read More »
× Get News Alert