Nigeria’s Oil Supply Faces Glut
Plenty supply of light and medium grades from the North Sea and the Mediterranean are limiting buying interest for Nigerian crude , thus making it  to face a glut. This is coming as Angola launches big oil block. A glut of Nigerian cargoes reckoned to be near 50 cargoes... Read more
Hike in Crude Oil Price: Marketers Shun Petrol Import
Petroleum marketers have told the Federal Government  that they would be abdicating their role of importing  petroleum products.   At the meeting they had with the Minister of State for Petroleum , Dr Ibe Kachikwu  yesterday in Abuja , they hinged  their decision on the rising price of crude... Read more
Fuel Scarcity Blamed on Crude Price Increase, Subsidy Removal
Petroleum marketers have attributed the fuel scarcity witnessed in different parts of the country during the Christmas festival to the increase  in the price of crude in international market and the removal of subsidy. This is as the Minister of Petroleum Resources, Dr. Ibe Kachikwu has said that no... Read more
Fuel Crisis: APC – Led  Govt Challenged on Lasting Solution
The   ruling All Progressives Congress (APC) has been  told  to find a lasting solution  to the recurring incidence of fuel scarcity be devilling the country.   National chairman of  The Action Democratic Party (ADP)  Yabagi Sani who threw the challenge to the party  in a statement described as shameful... Read more
Nigeria Gets OPEC’s Approval from Oil Production Cuts
Nigeria’s exemption from oil production cuts has been approved by the Organisation of Petroleum Exporting Countries (OPEC) and Non-OPEC countries. A statement by the Director, Press Relations, Ministry of Petroleum Resources, Mr Idang Alibi, said the endorsement was given by at a meeting of OPEC’s Joint Ministerial Monitoring Committee... Read more
NNPC Cautions Motorists against Panic Buying
• Says Jetty Fire Will Not Affect Supply Motorists and other consumers of petroleum products nationwide have been advised against engaging in any form of panic buying of petrol as the fire incident which occurred at Apapa loading jetty of the Nigerian National Petroleum Corporation (NNPC), at the early... Read more
Nigeria Targets 40 b Barrels Oil Reserves by 2020
The Nigerian National Petroleum Corporation (NNPC) moves towards the realization to grow the nation’s crude oil reserves to 40 billion barrels by the year 2020 sequel to a tripartite agreement in Abuja. The NNPC signed the agreement between FIRST Exploration & Production Joint Venture on one hand and Schlumberger... Read more
At Last ,Senate Passes PIGB Bill
The Nigerian Senate on Thursday finally passed The Petroleum Industry Governance Bill about 17 years of considering the Bill. During the day’s plenary, the bill was read the third time before the chamber. While considering clauses of the bill, the lawmakers disagreed on who would have the responsibility to... Read more
NNPC Set to Resume Oil Prospecting in Lake Chad
The Nigerian National Petroleum Corporation (NNPC) is set to resume oil prospecting in the Lake Chad Basin of Borno state. The Group Managing Director of NNPC, Dr Maikanti Baru, made the promise when he visited Gov. Kashim Shettima at the Government House in Maiduguri on Monday. Baru was represented... Read more
NNPC Moves to Boost Gas Supply by 285% in 2020
The Nigerian National Petroleum Corporation (NNPC) and its partners have evolved a scheme to grow gas supply for domestic consumption by 285% from 1.3billion standard cubic feet per day to 5bscf/d by 2020. This was disclosed at the 7 Critical Gas Development Projects (7CGDP) stakeholders’ meeting on Tuesday at... Read more