The last may not have been heard of the negative impact of the low crude oil output on Nigeria’s economy growth, as the country recorded the...
Nigeria is on the verge of signing a $6 billion deal with 10 companies for crude oil exchange for refined products to take off by July...
Security operatives in Nigeria have destroyed more than 15 illegal refinery facilities used by some youths in the Niger Delta area for crude oil refinning. A...
Crude oil shipment from West Africa to Asian countries is expected to reduce by about 4.3 per cent this April, going by data obtained from relevant...
Of the 597.207 million barrels of crude oil exported from Nigeria in 2016, India had the highest demand of 127.1 million barrels (35 per cent), beating...
The Nigerian National Petroleum Corporation (NNPC) has so far raked in about $500 million into government’s coffers from crude oil swap deals introduced in 2016, according...
Libya, the only country exempted with Nigeria from OPEC crude oil cuts has pumped more supply of the products to the international market, a situation that...
Crude oil output from the United States has sent signals that hope of sustainable increase in price of crud oil in the first quota of 2017...
The Federal Goveenment is making plans to construct a 1,000 kilometre pipeline from Niger Republic to the Kaduna Refinery. The pipeline, according to the Group Managing...
Nigeria’s crude oil output has risen to 1.9 million barrels per day (bpd) the Minister of State for Petroleum Resources, Ibe Kachikwu, has said. This is...
On November 1, President Muhammadu Buhari met with the Pan Niger Delta Elders Forum (PANDEF) after several delay and postponements. At the meeting held at the...
There is palpable tension in the Niger Delta region over a higher dimension of renewed hostilities in the oil rich region by militants. This is coming...
The much awaited meeting between OPEC members and non members of the oil producing cartel has led to another bout of oil price loss, making it...
There is no way Nigeria’s foreign reserves will not shrink as long more than 30 percent of the country’s earned foreign currency is used in importing fuel products annually, so says Finance Minister, Kemi Adeosun. She said also that food...
Despite high hope by Nigerians for some reprieve from the hardship caused by the recession, the Minister of Information and Culture, Alhaji Lai Mohammed, has predicted that this year’s Christmas might be celebrated without much relief. According to the Minister, until...
An international oil outfit, Baker Hughes, has noted that Nigeria has consistently shut down its offshore oil rigs from 12 to 8, recording four shutdowns between...
In a bid to regain its lost impact on the international oil market, Nigeria has opted to slash the official selling price of the country’s crude...
States and local governments in the country may be in for more hard times as allocation from the Federation Account dropped by over N80 billion for...
For a nation which economy is already officially in recession due mainly to reduced revenue generation, this is not good news. The Nigerian National Petroleum...
At least $376.5bn was lost as a result of militants’ attacks on gas facilities in Nigeria between June and September 2016. This resulted from a 45 per cent drop in production of the Joint Venture assets and the Nigerian Petroleum Development Company (NNPC) within the period. The NNPC latest monthly...
Oil prices fell Friday despite decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut production by 200,000-700,000 barrels per day (bpd). This is after...
Member-countries of the Organisation of Petroleum Exporting Countries (OPEC) suffered 4 percent loss in price of crude oil at the weekend following heightened disagreement between two major producing countries and arch rivals: Saudi Arabia and Iran. Foreign news cable said the two...
Noticeable tension has gripped officials of the ministries, NNPC and its subsidiaries following the move by the Nigeria House of Representatives to commence probe into an...
Despite the assurance by the CBN Governor, Godwin Emefiele, that Nigeria’s economic woes were getting over, a global rating agency, Standard and Poor (S&P.), at the weekend downgraded the country into what it termed “junk...
A militant group, Niger Delta Greenland Justice Mandate, MDGJM, has blown up another major crude oil delivery pipeline belonging to the Nigerian Petroleum Development Company, NPDC,...
Following reports that Nigeria and Libya may be re-entering the international oil market, prices of crude fell in the early hours of Friday by 0.06...
As Nigeria pushes for economic development, it is important for the federal government to renegotiate the structure of government in the country. The present system that...
Records from the statistics unit of the Organisation of Petroleum Exporting Countries (OPEC) has indicated that Nigeria’s crude oil production suffered further drop in the month of August, compared with increased figures among its categories at the same period. OPEC’s monthly oil market report for September, which was...
The Vice-President, Yemi Osinbajo has revealed that the nation has been losing about 1 million barrels of crude oil per day in the last six months...
A fresh condition has been attached to the ongoing efforts aimed at finding lasting solution to the crisis rocking the oil producing region of the Niger...
The Nigerian National Petroleum Corporation (NNPC) has raised a fresh alarm, drawing attention to activities of militants in the Niger Delta region of the country. It...
The inability of Nigeria to put a total stop to gas flaring has seen the country losing an average of $692.66 million annually from flaring an average of 224. 22 billion standard cubic feet (SCF) of the product. For an economy in recession, this...
The international oil market witnessed a slight price increase of 1.3 per cent Monday at the news that the militant group Niger Delta Avengers (NDA) announced...
Yet again, Nigeria was missing from major programmes by member-countries of the oil cartel, the Organization of Petroleum Exporting Countries (OPEC). This may be attributable...
Despite expectations, solid minerals in Nigeria cannot easily displace oil as a dominant sector of its economy, investigation has revealed. It was projected that in five...
An estimated $2.5 billion will be spent by the Nigerian government, in its latest efforts at discovering crude oil in the Chad Basin. This is a...
President Muhammadu Buhari has also directed the Nigerian National Petroleum Corporation (NNPC) to commence a search for crude oil in the Benue Trough. This is coming...
Nigeria’s economic woes dampened further, as the United States and India, major buyers of its oil announced reduction of their imports by 53 per cent and...
The Nigerian National Petroleum Corporation, NNPC, may have concluded plans to start importing crude oil from Chad and Niger Republic to feed its Kaduna Refinery in...
In a bid to overtake Nigeria as the main hub of the aviation industry in West Africa, Ghana has reduced price of Jet A1 by 20...
In a desperate move to find solution to its economic recession and improve on its drained foreign reserve, Nigeria has made overtures to Spain to buy...
From $40 billion in 2014, Nigeria’s foreign reserve has shrunk to $26 billion, shedding more than 35 percent within a year and may be further depleted. The Federal Government has blamed the situation on poor earnings...
The Ugandan Ministry of Energy and Mineral Development said it has selected three Nigerian firms to explore oil in that country. The firms are WalterSmithPetroman Oil...
Fear that Nigeria may suffer more losses of oil output emerged over the weekend as suspected militants destroyed oil and gas pipeline facilities operated by Shell,...
Nigeria will this week conclude talks with the African Development Bank (AfDB) for a $1 billion loan with which to finance its N6.06 trillion 2016 budget....
Ministerial officials preparing the 2017 budget are having sleepless nights over the fate of the proposal, as instability in the oil sector persists. A similar scene was witnessed during the collation of data for the 2016 budget, which saw the benchmark of price of oil...
President Muhammadu Buhari has given the Nigerian National Petroleum Corporation, NNPC, the marching order to find crude oil in the north eastern part of the country....
The International Energy Association (IEA) has named Nigeria and Middle East as major oil producing countries playing positive role in the market recovery of Organization ofPetroleum...
The agitation for fiscal federalism or as some may prefer to put it, restructuring, is as old, if not older than the current Nigerian democratic experiment....
Nigeria’s dwindling earnings from oil export may have worsened as oil giant, Shell, has announced that it has shut down the Trans Niger Pipeline on Monday...
