Imo state government has concluded plans to plant not less than one million trees within the state to help reclaim the environment. The Commissioner for Environment in the state, Dr Ikay Njoku, disclosed this during an interaction with our correspondent in Owerri. Njoku, who assured that the tree planting exercise would help to mitigate climate change, also disclosed that the Read More
The House of Representatives Committee on Petroleum Resources (Upstream), has insisted that the Nigeria National Petroleum Corporation (NNPC) Agip and other Joint Venture (JV) partners must appear before it next week over a $30 million and more debt owed a contractor, DE COON Services Limited. Chairman of the committee, Hon. Musa Adar made the announcement over the weekend in a Read More
The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May, 2020. The corporation, in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that details of the report contained in the May 2020 NNPC Read More
Nigeria recorded crude oil and gas export sale of $434.85million in January, 2020, an increase of 94.30 per cent pitched against the December 2019 figures, the Nigerian National Petroleum Corporation’s (NNPC) Monthly Financial and Operations Report, released on Monday in Abuja has stated. The statement by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, said the Read More
Crude oil prices have plunged to $17.8 per barrel, the lowest in eighteen years globally. Details loading…
The Executive Secretary, Nigerian Content Development and Monitoring Board, Mr Simbi Wabote, says the number of expatriates working in the Nigerian oil and gas sector has been reduced by 80 per cent. Wabote disclosed this on Monday in Abuja at the NCDMB’s third-quarter engagement with the media, which focused on the major achievements of the board. “From 2010 till date, Read More
Oil prices tumbled nearly four per cent to afresh seven-month low, extending recent heavy losses following an unexpected build in U.S. crude supplies and fears of lower crude demand due to deepening U.S.-China trade tensions. Brent crude futures LCOc1 were down $2.17, or 3.7 per cent, at$56.77 a barrel by 9:44 a.m. CDT (1444 GMT), setting a fresh seven-month low. Read More
The Nigeria-Morocco Gas Pipeline (NMGP) project would open new vistas for Nigeria’s gas aspirations, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mallam Mele Kyari, has said. Mallam Kyari stated this at a stakeholders’ engagement involving the corporation, its Moroccan partner on the Gas Project, the Morocco National Office for Hydrocarbons & Mines (ONHYM), and the executives Read More
Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the U.S.-China trade war capped gains. Brent crude futures LCOc1 were up 23 cents at $63.62 per barrel at 0922 GMT, equivalent to a weekly rise of around 1.8 per cent. They Read More
Oil price hit a 2019 high, above 69 dollars a barrel on Tuesday, on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may reduce. The United States is considering more sanctions against Iran, whose oil exports have been halved by existing measures, Read More
A new report by the Secretary General of the United Nations on the activities of the United Nations Office for West Africa and the Sahel, UNIWAS, has said that Nigeria lost an estimated $2.8 billion in revenue due to oil related crimes in 2018. The report, which was released in New York on Monday, covered from July 1, 2018 to Read More
Facts emerged on Thursday that Nigeria is currently owing International Oil Companies $5.1 billion in the Joint Venture Cash Call business arrangement. Also, the Nigerian National Petroleum Corporation (NNPC) denied any form of mismanagement or stealing from the $3.2billion allegedly withdrawn from the Nigeria Liquefied Natural Gas (NLNG) account from 2015 till date. The $5.1billion debt incurred by Nigeria in Read More
Contrary to assurance of 2019, Minster of state, Petroleum, Ibe Kachikwu has revealed that plans by Nigerian government to fix Nigeria’s moribund refineries and make them work in utmost capacity will not materialise until 2020. The Petroleum Minister had said that Nigeria’s refinery capacity will reach expected 1.1 million barrels per day in 2020. Kachikwu `who spoke in Lagos on Read More
Accountant-General of the Federation, Ahmed Idris, has stated that the balance in Excess Crude Account (ECA) as at April 23, stood at $1,829,862,047.42. A statement signed by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, stated that Idris made this known at this month’s National Economic Council (NEC) meeting presided by the Vice President, Yemi Read More
The Nigerian Content Development and Monitoring Board (NCDMB) is set to sponsor about Five hundred students from the Nine States of the Niger Delta region to participate in the inaugural career talk show on oil and Gas development in the country. The show, opened to secondary schools in the Niger Delta region and sponsored by the Nigerian Content Development and Read More
National Vice Chairman, South South Zone of the ruling All Progressives Congress (APC), Ntufam Hilliard Eta has said that the federal government will not resuscitate the rested issue of onshore /offshore oil dichotomy in the ongoing scrutiny and consideration of the report on Restructuring as submitted by the Mallam Nasir El – Rufai led committee recently. Eta in a statement Read More
President Muhammadu Buhari Monday had separate close-door meetings with three northern governors at the Presidential Villa in Abuja. The governors are Ibrahim Gaidam of Yobe state, Aminu Waziri Tambuwal of Sokoto state and Abubakar Badaru of Jigawa state. Speaking to State House correspondents after the meeting, Ibrahim Gaidam of Yobe state said he briefed the President on the situation of Read More
By Moses John Abuja Th ere are indications that the federal government would begin exportation of refi ned petroleum product in the next three years, bringing an end to the importation regime. Specifi cally, the country said it would at least, generate 10 GW of operational electricity capacity by 2020; and achieve self-suffi ciency in rice in 2018 and and Read More
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