A full-time member of the faculty at the Lagos Business School and former member of the Central Bank of Nigeria’s Monetary Policy Committee, Dr Doyin Salami, has described Nigeria as an oil-dependent country and not an oil-rich country. He said this while speaking on ‘Charting 2019: The economic outlook’, at the Business Breakfast meeting organised […]
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About 3, 200 workers in the Nigeria’s oil and gas industry including managers and top officials in the public stratum are presently being faced with sack threats even as the cut in workers emoluments and salaries by the International Oil Companies (IOCs) hits $81,000 a year. Global oil and gas recruitment firm, Hays, which revealed […]
Read More A number of international Oil Companies (IOCs) have been forced to scrap and postpone projects worth $380 billion in Nigeria and other countries since 2014 to survive the oil price crash, which on Thursday dipped further to $29.73, the weakest since February 2004. Authoritative voice in global oil and gas dynamics, Wood Mackenzie, declared on […]
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AFTER watching the price of crude oil collapse by more than 65% to a 12-year low, there are signs that some members of the OPEC may have had enough, CNN money report. Nigeria’s top oil official, who is also the outgoing OPEC President, Emmanuel Kachikwu said the cartel is considering an emergency meeting, perhaps as […]
Read More Minister of State for Petroleum Dr. Emmanuel Ibe Kachukwu has raised Nigerians’ hope about the dwindling oil revenue, with the news that the United States will now buy some crude from Nigeria. “Post the President’s visit, there has been an overture from them to say they want to buy limited quantity of Nigerian oil to […]
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Nigeria may be in for harder times than previously envisaged as the International Monetary Fund has predicted that crude oil prices may slump to as low as $20 per barrel in 2016. In the ‘IMF Executive Board Concludes 2015 Article IV Consultation with Iran’ report, the body highlighted that the price of crude oil could […]
Read More Nigeria government Thursday, stated that the country no longer have the resources to fund the country’s oil and gas industry, and is therefore, considering and developing new models of financing for the industry in the days ahead. Speaking during a town hall meeting in Abuja, the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, […]
Read More The Southwark Crown Court in London on Tuesday said the President Goodluck Jonathan-led government was culpable in the corruption scandal surrounding the sale of the Nigerian offshore oil block, Oil Prospecting Licence 245. The block, which is said to hold probable reserves of 9.23 billion barrels of oil, was sold to Shell and Eni for […]
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