Daily Archives: April 8, 2019

Excess crude account depletes amid oil price volatility

Programme Coordinator of the Nigeria Natural Resource Charter (NNRC), Tengi George-Ikoli, has expressed fears that the dip in oil prices could send the country back to recession going by the depletion of the Excess Crude Account (ECA). Recalling the calls for transparency and accountability on the running of the account, she, however, noted that the […]

Shell Emerges Nigeria’s Most Impactful Local Content Company

Shell Companies in Nigeria have emerged the International Oil Company with the most impactful Local Content Initiatives in the upstream category at the 2019 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) held recently in Yenagoa, Bayelsa State.   Shell beat other competitors ,Total and Exxon Mobil to the second and third positions, […]

OPEC lauds Nigeria, 8 African nations for helping to stabilize oil market

The Organisation of Petroleum Exporting Countries (OPEC) has said that more than one-third of the 24 countries currently working together under a negotiated framework to cut down oil outputs and inventories, to stabilise prices in the global market were from Africa.   It explained that these countries included Algeria; Angola; the Republic of the Congo; […]

Kaduna to support $2.8b AKK pipeline project

NNPC Eyes 5bscf/D Increase In Domestic Gas, Support Agric Sector The Kaduna State Government would join forces with the Nigerian National Petroleum Corporation (NNPC) to ensure the success of the $2.8 billion Abuja-Kaduna-Kano (AKK) gas pipeline project.   Kaduna State Governor, Nasir el-Rufai, declared his support while receiving the Group Managing Director of NNPC, Maikanti […]

Nigeria’s cost of oil production down to $23 per barrel – FG

The minister of state for petroleum resources Emmanuel Ibe Kachikwu has said that inspite of numerous challenges facing the oil and gas industry, government has managed to reduce significantly the cost of oil production which is now around $23 per barrel.   Speaking yesterday at the opening ceremony of the second edition of the Nigerian […]