OIL & GAS

Power: Egbin Decries N388bn NBET Debt, Idle Capacity

Power: Egbin decries N388bn NBET debt, idle capacity

Egbin Power Plc, the biggest power station in Nigeria, has said it is owed N388bn by the Nigerian Bulk Electricity Trading Plc for electricity generated and fed into the national grid. The company disclosed this on Tuesday during an oversight …

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Oil Price Dips To $74.18, Russia Rallies OPEC On Market Stability

Oil price dips to $74.18, Russia rallies OPEC on market stability

Brent, the oil against which Nigeria’s crude is priced, dropped marginally on Tuesday, shedding 32 cents to close at $74.18 per barrel as of 4pm Nigerian time. Industry figures showed that the commodity dipped in price by 0.43 per cent …

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Nigeria targets 10,000MW of electricity from $3bn interventions

Nigeria targets 10,000MW of electricity from $3bn interventions

The Federal Government, yesterday in Abuja, said 10 Gigawatts (10,000MW) of electricity is feasible from an investment of $3 billion being made in the power sector. The prevailing situation of the nation’s power sector has rendered most of the previous …

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NEITI Board Vows To Intensify Oil Revenue Drive

NEITI board vows to intensify oil revenue drive

The transparency of the Federal Government in the oil, gas and mining industries is irrevocable, the President, Major General Muhammadu Buhari (retd.), stated on Thursday. Buhari stated this as the newly inaugurated 15-member Governing Board of the Nigeria Extractive Industries …

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Cooking Gas Price Soars To N500/Kg, Retailers, Consumers Lament

Cooking gas price soars to N500/kg, retailers, consumers lament

The price of Liquefied Petroleum Gas, also known as cooking gas, has skyrocketed to a record high of N500 per kilogramme, forcing some Nigerians to turn to alternatives such as charcoal, kerosene and firewood amid high unemployment and poverty levels …

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Oil price rises to $72 after hitting record low

Oil price rises to $72 after hitting record low

Oil prices rose on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due to rising COVID-19 infections. Brent …

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Nigeria lost N53.26bn to gas flaring in two months – NNPC

Nigeria lost N53.26bn to gas flaring in two months – NNPC

Nigeria lost an estimated N53.26bn in the first two months of this year as international oil companies and local players flared a total of 33.04 billion standard cubic feet of natural gas. The oil companies wasted 17.53 billion scf of …

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OPEC Agreement: Nigeria To Raise Oil Production

OPEC agreement: Nigeria to raise oil production

Nigeria is to ramp up crude oil production following the agreement reached by members and allies of the Organisation of Petroleum Exporting Countries to increase output. Nigeria is a long time member of OPEC, collaborating with the organisation for more …

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Port Harcourt refinery’ll deliver refined products September 2022 – NNPC

Port Harcourt refinery’ll deliver refined products September 2022 – NNPC

The $1.5bn rehabilitation of the Port Harcourt Refining Company has commenced in full and part of the facility will start delivering refined products by September next year, the Nigerian National Petroleum Corporation has said. NNPC officially signed the contract with …

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Power Generation Falls Below 4,000MW Amid Gas, Trasmission Problems

Nigeria targets 10,000MW of electricity from $3bn interventions

Power generation in Nigeria dropped below the 4,000 megawatts mark on Tuesday amid the Eid-el-Kabir celebration. The total generation in the country stood at 3,958.7MW as of 6am on Tuesday, down from 4,270.7MW on Monday, according to data obtained from …

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Nigeria’s Sweet Crude Bullish At $75 Despite Oil Prices Crashing To $69

Nigeria’s sweet crude bullish at $75 despite oil prices crashing to $69

The decision by the Organisation of Oil Exporting Countries (OPEC) to pump 400,000 barrels per day of crude oil into the market on a monthly basis from August, yesterday pushed oil price to a record low of $69 per barrel, …

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China Connects 1,980km Oil Pipeline From Niger To Benin Republic

Pipeline vandalism reduced by 37.21% in January – NNPC

Nigeria may have lost out on a multi-billion dollar oil pipeline contract following the decision of Chinese investor to move the project to neighbouring Niger Republic after it reportedly first tried to site it in Africa’s most populous country. The …

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PIB: Marketers, TUC Disagree With Senate On Fuel Imports

PIB: Marketers, TUC disagree with Senate on fuel imports

Fuel marketers and the Trade Union Congress of Nigeria, on Tuesday, expressed their opposition to a provision in the Senate version of the Petroleum Industry Bill that allowed only active refinery licence holders to import petroleum products into the country. …

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Petrol Subsidy Ends After Buhari Signs PIB – Minister

Petrol subsidy ends after Buhari signs PIB – Minister

The assent of the Petroleum Industry Bill by the President, Major General Muhammadu Buhari (retd.), will put an end to petrol subsidy in Nigeria, the Minister of State for Petroleum Resources, Chief Timipre Sylva, announced on Monday. Sylva announced this …

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