Monthly Archives: January 2018

NPDC to Increase daily crude oil production to 500,000 barrels

The Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC), will increase its daily crude oil production to 500,000 barrels per day before 2022. This target was announced by the Group Managing Director of the NNPC, Dr. Maikanti Baru, during the inauguration of the board of directors […]

Amnesty – Militants Give Oil Companies 3 Days to Vacate Oil Communities in Ondo

A coalition of militant groups in Ondo State yesterday gave oil companies operating in the state three days to leave over non-enrollment of their members in the Federal Government Amnesty Programme. General Akinfemi Raymond, the secretary of the coalition, gave the ultimatum in Akure while addressing journalists. The News Agency of Nigeria (NAN) reports that […]

Nigeria Can’t Rely on Rising Oil Prices, Minister Says

  Africa’s top oil producer is learning to ignore crude prices, Nigeria’s Finance Minister Kemi Adeosun said.   “We’ve gotten to a point where we don’t care,” whether prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja. “We’ve been […]

Govs Accuse NNPC of Non-remittance of Full JV Proceeds for Five Years

  The Nigeria Governors’ Forum (NGF) thursday in Abuja accused the Nigerian National Petroleum Corporation (NNPC) of short-changing the country by failing to remit to the entire joint venture proceeds from the sale of crude oil to the Federation Account for a period of five years.   Briefing State House correspondents after a closed-door meeting […]

Petrol scarcity pushes Nigeria’s daily consumption to 55m litres

  According to the Nigerian National Petroleum Corporation (NNPC), Nigeria’s daily petrol consumption has gone up to 55 million litres from the 35 million litres that it used to be due to petrol scarcity in the country and smuggling across its borders, The Punch reports.   The NNPC in a statement also explained that at […]

Oil prices rise to $70 on strong economy amid OPEC cuts

  Oil prices were firm on Wednesday, receiving ongoing support from healthy economic growth as well as from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russia.     Oil pipeline Spot Brent crude oil futures, the international benchmark for oil prices, were at 70 […]