OIL & GAS
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Oil surge pushes daily petrol subsidy to N8.28bn
The sharp rise in global oil prices to record highs has pushed the subsidy cost being incurred by the Federal…
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Oil prices surpass $82 amid disappointing US jobs report
Crude oil prices settled higher on the back of tightened supply balances and a weak United States employment report that…
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Seplat unfolds plan to end gas flaring, gets FG’s endorsement
Federal Government has endorsed plan by Seplat Energy Plc to spearhead transition from fossil fuels to renewable energy and end…
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Fuel queues surface, NUPENG suspends planned strike
The leadership of the Nigeria Union of Petroleum and Natural Gas workers on Sunday announced the suspension of the intended…
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Diesel price jumps to N320/litre, job losses loom
Fuel marketers have increased the price of Automotive Gas Oil, also known as diesel, to N320 per litre as the…
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Nigeria lost N221.64bn in July to oil production stoppages – NNPC
A total of 7,193,520 barrels of crude oil was lost in July this year due to about 39 production shut-in…
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Oil surpasses $81, Nigerian production drops by 130,000 barrels
Oil prices climbed above $81 on Monday as the Organisation of Petroleum Exporting Countries and its allies announced that it…
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NNPC begins construction of 50MW gas plant in Borno
The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, on Thursday said the Maiduguri and Environs Emergency Power Project…
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Nigeria’s oil reserves dropped by 543 million barrels – OPEC
The 2021 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries released on Wednesday showed a drop of 543…
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Petrol landing cost now N278, says MOMAN, crude reaches $80
The Major Oil Marketers Association has said that the landing cost of petrol has risen to N278 just as the…
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FG releases fresh debtors’ list Nov, 77 oil firms owe N2.66tn
Firms fail to remit petroleum profit tax, income tax, education tax, VAT, others The indebtedness of 77 oil and gas…
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Oil nears $80 with slim chances for more revenue due to theft
• Nigeria partly responsible for higher oil prices yet can’t break even• Despite amnesty, N32b security cost, average loss to…
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Nigeria needs $400bn to close energy shortfall, says Buhari
The President of the Federal Republic of Nigeria, Major Gen Muhammadu Buhari (Retd.), has said that Nigeria needs over $400bn…
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FG sets up committee for illegal crude oil recovery
The Federal Government on Thursday set up an inter-ministerial committee on the recovery of the illegally refined petroleum products (crude…
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Daily fuel consumption jumps to 72 million litres, subsidy hits N541.66bn
Petrol consumption in the country jumped from 55.59 million litres a day in April to 72.07 million litres per day in…
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Cooking gas: Marketers lack facilities, says NLNG, price hits N7,000
The management of the Nigeria LNG Limited has said that marketers do not have enough infrastructure to take up its…
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Marketers fail to offtake 450,000MT of cooking gas amid demand, price hike
Despite growing demand for Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, the Nigeria LNG Limited (NLNG) has stated…
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Experts divided over NNPC board as Buhari writes Senate to amend PIA
• Buhari proposes structure amendment to Petroleum Act 2021 • Stakeholders express disappointment, raise concerns over investors’ confidence • ‘Nigeria’s…
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Consumers to pay more for electricity from January 2022
With plans to end the electricity subsidy from next year, Nigerians would have to pay more for the commodity under…
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Nigerians spent N2.33tn on petrol in 13 months – NNPC
The Nigerian National Petroleum Corporation on Monday said that the total revenue generated from the sale of petroleum products for…
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