The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply. Last year, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low of 1.4 million barrels per day from about 2.2 million bpd. […]
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Acting President, Prof. Yemi Osinbajo, on Friday said the government had to redefine a post-oil era in Nigeria, noting that the country must adjust to realities. Osinbajo said this while delivering his speech at the Course 25 Graduation, National Defence College, Abuja. The Acting President spoke on a topic, ‘The Battle has changed’. Osinbajo said […]
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Exportation of crude oil and production; hit a fresh disruption with the shutdown of the Trans Niger Pipeline, one of two major pipelines transporting the Bonny Light crude grade for export, report showed. The TNP, which is operated by Shell Petroleum Development Company of Nigeria Limited, was shut by the oil major after a fire at Kpor […]
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The Nigerian National Petroleum Corporation (NNPC) on Wednesday released names of 39 bidders for the sale and purchase of Nigerian crude for 2017/2018. Announcing the results on its Website, the Group General Manager, Crude Oil Marketing Division NNPC, Mr Mele Kyari, said the contract would run for one year effective from Jan. 1 for consecutive […]
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Oil prices fell as much as 2 percent on Monday on news of the impending restart of Britain’s Buzzard oilfield, and U.S. crude slid below $50 per barrel, which triggered technical selling. Earlier, oil was pressured by news that Iraq wanted to be exempt from a production cut by the Organization of the Petroleum Exporting […]
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The Center of Excellence of the Nation will soon begin to share in the 13 per cent revenue derivation paid to oil producing states. Lagos joined the club of oil producers months ago, with the efforts of an indigenous oil company, Folawiyo Oil. At a press briefing by several officials of the state government today, Commissioner […]
Read More Oil prices fell slightly at the weekend, remaining near the previous day’s highs, on the prospect of talks by exporters about ways to prop up a market grappling with a supply overhang. Brent crude futures were down 19 cents a barrel higher at $45.84 per barrel by 1000 GMT (0600 ET), from a three-week high […]
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The Nation, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. According to report by Vanguard, the money is part of the N96.212trillion the country earned in 58years of crude oil sales. Of this princely sum, which accounts for about 80 per cent of the country’s revenue, […]
Read More The global oil benchmark, Brent crude, extended its gains on Tuesday, trading above the $50 per barrel mark for the first time since October last year. In a report by Punchng, The further rise in Brent comes as expectations the United States’ crude draws underpinned a market already worried about potential supply shortages from attacks […]
Read More The Federal Government’s anticipated revenue have further been constrained by the renewed attacks on oil facilities by Niger Delta militants. In Southern Ijaw Local Government Area of Bayelsa State this week, there was an attack. A section of the Tebidaba-Brass pipeline along Azuzuama- Ikienghenbiri creek in Bayelsa State that belongs to Nigerian Agip Oil Company […]
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The Federal Government will commence drilling activities for crude oil in the Chad Basin from the third quarter of this year, the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has said According to him, the commitment of the Federal Government and the NNPC […]
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[su_dropcap]N[/su_dropcap]igeria saw its share of China’s crude oil imports shrink by 7.5 per cent last year as the world’s largest energy consumer reduced its import of Nigerian crude to 10.56 million barrels. China’s crude import from Nigeria stood at 11.41 million barrels in 2014, data obtained on Monday from the Nigerian National Petroleum Corporation showed. The […]
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