Daily Archives: December 5, 2018

Nigeria, Saudi Arabia, Others Should Work Together to Achieve Oil Market Stability – – Kachikwu

  INTERVIEW The Minister of Petroleum, Industry and Mineral Resources of the Kingdom of Saudi Arabia, Khalid Al-Falih visited Nigeria last week and held talks with Nigeria, to forge a common alliance on the forthcoming OPEC meeting in Vienna. Nigeria’s Minister of State for Petroleum Resources, Mr. Ibe Kachikwu and his Saudi counterpart spoke with […]

Lower oil prices may weaken naira to N380/$1 – Analysts

Should oil prices continue to decline and fall below Nigeria’s Medium Term Expenditure Framework (MTEF) benchmark of $60 per barrel, the impact on the country’s economy could include the naira depreciating to $380/$, analysts at Financial Derivatives Company (FDC) have predicted. The experts also forecast that such a steep drop in oil prices will negatively […]

$69m crude oil shipment: Court fixes Feb. 13 to continue hearing in FG’s suit against Chevron, Total

Lagos – A Federal High Court Lagos, on Tuesday, adjourned until Feb.13, 2019, a 69 million dollars suit filed by the Federal Government (FG) of Nigeria, against Chevron Petroleum Nigeria Ltd, seeking to recover oil revenue.   The FG filed the suit against Chevron Nigeria Ltd, and Chevron Petroleum Nigeria Ltd, as first and second […]

Local content faces new threat as oil price hovers at $59 per barrel

Stakeholders in Nigeria’s oil and gas industry were pleased in October, when crude oil price rose from $70.00 to $85.00 per barrel for a reason. The rise in the price of oil was expected to boost investment, and by extension, local content development in the industry through improved funding of projects. The improved funding was […]