Home / OIL & GAS (page 5)

OIL & GAS

FG revokes 11 oil mining licences as revenue shrinks

N10tn spent on fuel subsidy in 15 years – Marketers

• PDP demands probe of subsidy regime under Buhari The Federal Government has revoked the mining licences of about 11 oil and gas companies operating in the marginal fields.It was learnt that the affected companies include, Movido – Ekeh, Goland ...

Read More »

No buyer has rejected Nigeria’s crude, says NNPC

NNPC increases June selling prices of crude oil

No buyer of Nigerian crude oil has returned or rejected it despite the glut in global crude oil market, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, stated on Monday. Kyari explained that although some vessels carrying Nigerian ...

Read More »

Petrol subsidy gone forever, says NNPC

FG’ll divert N457bn petrol subsidy to other sectors –NNPC

The era of subsidy on petrol is gone forever, the Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, said on Monday. Kyari, who spoke during a live programme on African Independent Television, stated that with the current fluctuations in ...

Read More »

Oil falls to $32 as OPEC+ postpones meeting

Oil falls to $32 as OPEC+ postpones meeting

The international oil benchmark, Brent crude, fell on Monday after Saudi Arabia and Russia postponed a meeting to discuss output cuts that could help to reduce global oversupply as the coronavirus pandemic pummels demand. Brent, against which Nigeria’s crude oil ...

Read More »

Electricity: Gas shortage stalls 10,362MW in three days

Electricity: Gas shortage stalls 10,362MW in three days

Gencos seek govt intervention In three days, April 2 to April 4, gas shortage to thermal power plants stalled the generation of 10,362.5 megawatts of electricity. The generation companies explained that gas shortage greatly hindered the production of electricity in ...

Read More »

Diesel, kerosene prices fail to drop despite oil crash

NNPC reduces petrol depot price to N108

The pump prices of diesel and kerosene in Nigeria have yet to reflect the collapse of global crude oil prices despite the deregulation of the products by the Federal Government. Following the sharp drop in oil prices, the pump price ...

Read More »

New Pump Price: Marketers Seek Loans, DPR Set To Enforce Compliance

FG retains N125/litre petrol price despite crude oil crash

The Oil marketers have called for soft loans from the Federal Government to help cushion  the effects of the new pump price following the unexpected impact of the recent reduction in the price of petrol in the country. The new ...

Read More »

Cooking Gas Vendors Are Exempted From Lagos Lockdown – Marketers

Cooking Gas Vendors Are Exempted From Lagos Lockdown – Marketers

  Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) says sales of Liquefied Petroleum Gas, also known as cooking gas, is exempted from the lockdown in Lagos. NALPGAM made the confirmation in a statement issued by its Executive Secretary, Bassey ...

Read More »

Ignore new fuel price, IPMAN tells marketers

FG retains N125/litre petrol price despite crude oil crash

Following the reduction of pump price of petrol from N125 per litre to N123.50 per litre, the Independent Petroleum Marketers Association in Kano State has directed its members to ignore the directive on new price and sell the product at ...

Read More »

Tanker drivers, others to get 1,000 sanitisers per week –NUPENG

Tanker drivers, others to get 1,000 sanitisers per week –NUPENG

The Nigeria Union of Petroleum and Natural Gas Workers has unveiled  plans to deliver a weekly supply of 1,000 bottles of sanitisers as well as other safety and protective kits to the 120 depots and 300 stopovers for tanker drivers ...

Read More »

NERC suspends electricity tariff increase

NERC suspends electricity tariff increase

The Nigerian Electricity Regulatory Commission has suspended the proposed increase in electricity tariffs initially slated for Wednesday (today). NERC had on January 4, in its December 2019 Minor Review of Multi Year Tariff Order 2015 and Minimum Remittance Order for ...

Read More »

FG reduces petrol price to N123.5 per litre

FG retains N125/litre petrol price despite crude oil crash

The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory ...

Read More »

COVID-19: Oil majors slash 2020 spending by 18%

COVID-19: Oil majors slash 2020 spending by 18%

The world’s biggest oil and gas companies are slashing capital spending this year following a collapse in oil prices driven by a slump in demand because of coronavirus and a price war between the Saudi Arabia and Russia. Cuts already ...

Read More »

COVID-19: Stop loading fuel, NARTO tells tanker drivers

COVID-19: Stop loading fuel, NARTO tells tanker drivers

The national leadership of Nigerian Association of Road Transport Owners said it had directed its employees to withdraw their services from fuel depots as part of efforts to curb the spread of COVID-19. NARTO, in a statement on Wednesday, signed ...

Read More »

NNPC spent N218.18bn on ailing refineries in 2019

NNPC increases June selling prices of crude oil

Nigeria’s refineries under the management of the Nigerian National Petroleum Corporation incurred a total expense of N218.18bn in 2019. The refineries, namely Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company, recorded a cumulative ...

Read More »

Why oil licensing round bids may not hold this year

Why oil licensing round bids may not hold this year

The possibilities of having an oil and gas bid round this year appears to be bleak as the coronavirus pandemic continues to affect global economies and foreign investments. Indeed, the United Nations Conference on Trade and Development (UNCTAD) had projected ...

Read More »

Nigeria slashes crude selling prices to woo buyers

Oil falls to $32 as OPEC+ postpones meeting

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. The country has had to grapple with an unprecedented excess of ...

Read More »

Russia blames Gulf nations for oil price crash

Oil records second monthly drop, unsold cargoes increase

Russia never sought a sharp oil price fall or an end to cooperation with Organisation of Petroleum Exporting Countries, and the Gulf nations are to blame for the crisis on the global oil markets, a senior Russian official has said. ...

Read More »

Nigeria consumed N2.64tn petrol in 13 months, says NNPC

FG’ll offer small oil fields for licensing –NNPC

The Nigerian National Petroleum Corporation said on Sunday that it sold a total of 21.51 billion litres of petrol worth N2.64tn from December 2018 to December 2019. The NNPC said the sale of white products from December 2018 to December ...

Read More »

Oil rises to $28 as Trump considers intervention

Oil rises to $28 as Trump considers intervention

The international oil benchmark, Brent crude, halted its losing streak on Thursday, trading around $28 per barrel as the United States President, Donald Trump, said he might intervene in the price war between Saudi Arabia and Russia. Brent, against which ...

Read More »
× Get News Alert