The Joint Ministerial Monitoring Committee of the Organisation of Petroleum Exporting CountriesOPEC+ group recommended that no changes be made to oil production quotas. The decision was not a surprise, with Putin and MBS having discussed OPEC+ cooperation just days earlier. Uncertainties around Chinese demand and Russian supply in the coming months left OPEC+ with few options other than to wait Read More
A group under the aegis of PMB Oil & Gas Progress has warned New York-based Sahara Reporters to desist from spreading fake news on the Nigerian National Petroleum Company Limited (NNPCL). A statement by the group’s National Coordinator, Malam Tirmizi Imam in Abuja on Tuesday. In apparent response to the online news platform’s latest story claiming that “Medical doctors in Read More
The non-oil exports in Nigeria is presently undergoing transformation with the launching of Export for Survival Initiative by Dr. Ezra Yakusak; the new helmsman of Nigerian Export Promotion Council, NEPC, the agency statutorily responsible for the promotion, development and diversification of exports in Nigeria.What started like an idea is gradually yielding practical result in form of increased exports and contribution Read More
The Central Bank of Nigeria (CBN), says in the last three quarters of 2022, $4,987 billion have been repatriated into Nigeria from non-oil exporters, higher than the $4,190 billion repatriated in the whole of 2021. The CBN Governor, Godwin Emefiele, who disclosed this during a keynote address at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit, held at Read More
The Presidential candidate of the Peoples Democratic Party (PDP), and former Vice President, Atiku Abubakar campaign organisation has sympathized with Nigerians over the persistent fuel scarcity. Atiku campaign organisation in a statement by one of it’s spokesperson, Kola Olognondiyan, Sunday, lamented that the persistent fuel scarcity has continued to make life very difficult for Nigerians. The former National Publicity Secretary Read More
Like dream like dream, like play like play, prospecting for oil in the desert North-east states of Bauchi and Gombe has become a stark reality. Tuesday, November 22, 2022, was the day President Muhammadu Buhari officially flagged off oil activities at Kolmani River site, better referred to as Kolmani Integrated Development Project. Kolmani field is located in Barambu village in Read More
The recent call by the Speaker of the House of Representatives, Femi Gbajabiamila, on President Muhammadu Buhari to treat the stealing of Nigeria’s crude oil as treasonable felony attracting death penalty could not have come at a better time. This is predicated on the fact that Nigeria’s socio-economic survival is almost wholly dependent on crude oil, which theft is adversely Read More
The Nigeria Liquified Natural Gas, Limited (NLNG) is hopeful that it will receive more gas supply from its suppliers following successes recorded in renewed effort by the Nigerian National Petroleum Company Limited (NNPC) to combat crude oil theft. The NLNG, said the effort is yielding results with improvement in key crude oil transportation pipelines. The NLNG spokesperson, Andy Odeh, confirmed Read More
As part of its efforts towards facilitating the distribution of petroleum products across the country and in support of the federal government’s reforms in the nation’s oil industry, leading financial institution, Fidelity Bank Plc, recently joined President Muhammadu Buhari and a host of dignitaries to commission the Pinnacle Oil and Gas Terminal in Lekki, Lagos. Situated in the Lekki free Read More
The Nigerian Export Promotion Council (NEPC) on Wednesday reaffirmed its key mandate to realizing the economic objectives of the present administration which is targeted at diversifying the economy from a monolithic to a robust economy driven by the non-oil export sector. The Executive Director of NEPC/CEO, Dr Ezra Yakusak who gave the assurance in Abuja during the media retreat for Read More
In continuation of its bid to help Nigerian businesses compete favourably in international markets, leading financial institution, Fidelity Bank Plc, has announced plans to host the maiden edition of the Fidelity International Trade and Creative Connect (FITCC). Scheduled to hold on Tuesday, 15 and Wednesday, 16 November 2022 in London, United Kingdom, FITCC will host leading businesses, entrepreneurs, investors and Read More
Nigeria is currently Africa’s super power with the largest resources both in human and material parameters. It covers an area of 923,769 square kilometers with youthful population almost 2/3 of her population, a colossal human capital which an investor would like to exploit to boost their productivity in a progressive economy. Nigeria depends majorly on the oil natural resources, which Read More
Nigeria is facing serious financial crisis with government revenue dwindling on daily basis. The high rate of debt running into trillions of naira incurred by government which exceeds its revenue states the obvious. Though, the price of crude oil has risen in the international market, the country is yet to benefit from the largesse due to the twin evil of Read More
Oil fell on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+’s first output target cut since 2020. New COVID-19 lockdowns in China have added to worries that high inflation and rate hikes will hit demand. The European Central Bank is widely expected to lift rates Read More
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes. Brent crude futures for October settlement fell $2.45, or 2.33%, to $102.64 a barrel by 1022 GMT, after climbing 4.1% on Monday, the biggest increase in more than a month. The October contract Read More
Oil prices jumped about $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices in the case of returning Iranian crude and with the prospect of a drop in U.S. inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said Read More
Nigerian Export Promotion Council (NEPC) Executive Director/CEO, Ezra Yakusak, has reported that Nigeria’s non-oil sector export proceeds has recorded massive growth as the country exported products worth $2.593 billion in the first half of 2022. Yakusak, said this while briefing newsmen in Abuja on the performances of NEPC from January to June 2022. This non oil sector performance represents 62.37 Read More
Shell Petroleum Development Company (SPDC) has said Nigeria still struggles with foreign earnings because of low output induced by crude oil theft adding that with low output comes low income in foreign exchange. Country Head, Corporate Relations of SPDC, Igo Weli who disclosed this during interaction with the media warned that unless urgent action was taken to halt the ceaseless Read More
Stakeholders in the oil and gas industry have called on the federal government to extend the Nigerian Content Law to other sectors of the economy. According to them, adopting a bespoke approach which would consider the peculiarities of the various sectors intended to be covered would further open up the economy and create the much needed industrialization the country craves Read More
Members from K-Dere, Kpor, Goi and Mogho communities in the Niger Delta have raised concern over the devastating impact of oil pollution in the communities, saying “oil has taken away our livelihoods”. Speaking during Health of Mother Earth Foundation (HOMEF) learning and sharing session on the usefulness of community monitoring, organizing and advocacy in Ogoni region recently, Chief Godwin from Read More
The Minister of Finance, budget and national planning, Zainab Ahmed, said President Muhammadu Buhari’s administration withdrew $35.6 million from the excess crude account for security. Ahmed disclosed that the significant amount was withdrawn despite the administration not adding any funds in the last four years into the excess crude account, which was created in 2004. It was reported that the Read More
President Muhammadu Buhari has urged Africa’s oil and gas producers to rise up to the challenge posed by global energy transition and climate change. The President, who made the call at the meeting of African Petroleum Producers Oragnisation (APPO) meeting for CEOs of oil and gas companies of APPO members Wednesday in Abuja, also urged the continent’s policy makers to Read More
The 7th Annual Edition of the Zenith Bank International Trade Seminar will be held on Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos, and virtually. The seminar, themed “Unlocking Opportunities in Nigeria’s Non-Oil Export Business”, is part of Zenith Bank’s efforts to support the Central Bank of Nigeria (CBN) initiatives to grow the country’s non-oil export sector. Read More
Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown. Brent crude futures were down by $4.78, or 4.5%, at $102.32 a barrel by 1112 GMT, having earlier sunk as low as $101.48. U.S. West Texas Intermediate crude was down $4.91, or 4.7%, at $99.18 Read More
Nigeria is struggling to produce 1.21 million barrels per day in contrast to its 1.4 million barrels handed to it by the Organisation of the Petroleum Exporting Countries (OPEC). Group Chief Executive Officer of Oando Plc, Wale Tinubu, who disclosed this at the 2022 Nigerian Oil and Gas (NOG) conference and exhibition, said 20 per cent of the country’s oil Read More
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