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Oil, gas revenue dropped by N425.52bn in Q1 –Minister

Oil, gas revenue dropped by N425.52bn in Q1 –Minister

The country’s revenue from oil and gas dropped by N425.52bn in the first quarter of 2020 to N940.91bn, Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Friday. She disclosed this in her presentation at the National Economic ...

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UK court dismisses Nigeria’s $1bn bribery suit against Shell, Eni

UK court dismisses Nigeria’s $1bn bribery suit against Shell, Eni

A court in the United Kingdom has dismissed a $1bn bribery suit instituted against oil giants – Royal Dutch Shell and Eni by – the Federal Government of Nigeria, Bloomberg reports. The judge, Christopher Butcher, delivered the ruling at a virtual hearing ...

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N10tn spent on fuel subsidy in 15 years – Marketers

N10tn spent on fuel subsidy in 15 years – Marketers

The Federal Government has spent about N10n subsidising petroleum products in the last 15 years, the Major Oil Marketers Association of Nigeria has said. MOMAN and other stakeholders, including the Depot and Petroleum Products Marketers Association of Nigeria and the ...

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Include ownership details in oil bid requirements — CSOs

Include ownership details in oil bid requirements — CSOs

Civil society organisations have asked the Federal Government to include the beneficial ownership details of bidders among the key requirements needed from those interested in the marginal oil licensing rounds. According to them, the disclosure of beneficial owners will promote ...

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Nigeria’s LNG export revenue threatened as demand plunges

Price crash: NNPC targets $10 oil production cost

The crash in demand for liquefied natural gas in Europe has posed a threat to the Federal Government’s revenue from the exports of the commodity. The Nigeria LNG Limited, which was established to harness Nigeria’s vast natural gas resources and ...

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PPPRA clears marketers to import petrol

NNPC increases June selling prices of crude oil

Private oil marketers have now joined the Nigerian National Petroleum Corporation in the importation of petrol. It was gathered from the Petroleum Products Pricing Regulatory Agency on Tuesday in Abuja that permits had been given to several marketers to start ...

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Nigeria’s active oil rigs fall by 24% to 16

Nigeria’s active oil rigs fall by 24% to 16

The number of active oil rigs in the country fell by 23.8 per cent to 16 in April amid the coronavirus-induced collapse in prices and demand for crude. Data obtained from Baker Hughes Incorporated and the Organisation of Petroleum Exporting ...

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Too early to rejoice as oil price hits $35

Too early to rejoice as oil price hits $35

Energy experts in Nigeria are uncertain of the sustainability of current increase in the prices of crude oil, as Brent rose to $35.14 per barrel, while Bonny Light traded for $33.92 gaining about $4.11. While the other grades of Nigeria’s ...

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Senate asks FG to suspend electricity tariff increase

Senate asks FG to suspend electricity tariff increase

• Wants power sector privatization reversed • Seeks expansion of move against bandits, others • Urges completion of Ajaokuta Steel projects • Lawmakers amend local content law • Plan agency to boost food security “Our committee needs to investigate the ...

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Fuel pump price may rise in June as oil heads towards $40 per barrel

Oil hits $40, Nigeria cuts production by 216,000bpd

If the Federal Government’s pricing template is anything to go by, Nigerians may have to brace for an increase in the pump price of fuel as oil prices begin to head towards the $40 region, following countries’ eased lockdown measures, ...

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ExxonMobil donates vehicles for COVID-19

ExxonMobil donates vehicles for COVID-19

Mobil Producing Nigeria, an ExxonMobil affiliate, has said it is donating 22 additional vehicles including two ambulances and medical supplies to various state governments and the Nigeria Centre for Disease Control to assist in the country’s fight against the COVID-19 ...

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FG refineries suffer N19bn loss in two months

FG refineries suffer N19bn loss in two months

The refineries owned by the Federal Government recorded a total loss of N18.96bn in the first two months of this year, the Nigerian National Petroleum Corporation has said. Latest data from the NNPC showed that the refineries, which are managed ...

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We have paid FG $13bn for gas purchase – NLNG

We have paid FG $13bn for gas purchase – NLNG

The Nigeria LNG Limited says it has paid over $13bn to the Federal Government for feed-gas purchase since the inception of its operations. The NLNG disclosed this on Twitter on Sunday while marking the 31st anniversary of its establishment. It ...

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Electricity workers’ union threatens strike over president’s sack

Electricity workers’ union threatens strike over president’s sack

Electricity workers under the aegis of Senior Staff Association of Electricity and Allied Companies have threatened to embark on industrial action over what they described as the unlawful sacking of the union’s President, Chris Okonkwo. The union is also alleging ...

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Nigerians to start renting cooking gas cylinders – FG

N10tn spent on fuel subsidy in 15 years – Marketers

The Federal Government on Thursday announced that it was creating micro-distribution centres where users of cooking gas would access the commodity at affordable rates and   rent cylinders. It also disclosed that the Nigerian National Petroleum Corporation and other oil marketers ...

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Oil records second monthly drop, unsold cargoes increase

Oil records second monthly drop, unsold cargoes increase

Brent appreciates marginally to $30.40/barrel Crude oil in the Organisation of Petroleum Exporting Countries reference basket dropped for the second consecutive month in April, shedding 48 per cent of its worth, as cargoes of unsold oil continued to accumulate, OPEC ...

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FG warns oil firms against employing foreigners illegally

FG warns oil firms against employing foreigners illegally

The Federal Government has warned oil and gas firms against the illegal use of manpower supply permits to employ expatriates in the Nigerian oil and gas industry. The Ministry of Interior, the Nigerian Content Development and Monitoring Board and the ...

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NLNG shareholders set 2025 production target for Train 7

NLNG shareholders set 2025 production target for Train 7

• Approve engineering contracts With Train 7 completion date expected in five years, shareholders of the Nigerian LNG Limited, yesterday, approved the award of engineering, procurement and construction (EPC) contracts for it’s the project. Notwithstanding the concerns about the coronavirus ...

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NCDMB, DPR to check abuse of expatriate quota in oil sector

Government moves for $10 oil production cost

All companies seeking to engage expatriates in the Nigerian oil and gas industry must henceforth ensure they obtain the relevant approvals from Nigerian Content Development & Monitoring Board (NCDMB), before applying for Expatriate quota, Temporary Work Permit, or other entry permits ...

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NLNG to begin domestic supply of LNG

PETAN restates need for local content, lauds NLNG’s Train 7 stakeholders

After decades of exporting liquefied natural gas from the country, the Nigeria LNG Limited has said it is engaging market players to begin domestic supply of the commodity. The NLNG, which is jointly owned by the Federal Government and three ...

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