Author Archives: steph

Saraki Warns Oil Firms Against Bribing Lawmakers

Senate President Bukola Saraki has cautioned oil companies operating in Nigeria against offering any form of bribe to lawmakers when the consideration of the Fiscal and Host Communities Bills components of the Petroleum Industry Bill (PIB) begins.   He said this when he received the leadership of the International Oil Companies and Oil Producers Trade […]

Nigeria to achieve 90% refining capacity in 2019 — NNPC

  Hope of reducing Nigeria’s  export of its crude oil overseas for refining has been rekindled by the assurance of the Group Managing Director, GMD, Nigerian National Petroleum Corporation, Dr. Maikanti Baru that the nation will achieve at least 90 per cent refining capacity by the end of 2019.       Speaking at the […]

OPL 245 – a Most Popular Oil Block

  The Petroleum Act 1969 (as amended) grants powers to the Ministry of Petroleum, acting through the Department of Petroleum Resources (DPR) to administer the licensing of oil blocks in the country.   These include Oil Prospecting Licence (OPL), Oil Mining Licence (OML) and Oil Exploration Licence (OEL), which allow the awardees, local and foreign, […]

NNPC seals $26.9b upstream deals

  The  Nigerian National PetroleumCorporation (NNPC) has struck $26.9billion deals in the upstream segment, showing investors’renewed confidence in the oil industry, its Group Managing Director, Dr. Maikanti Baru, has said.   Baru spoke as special guest of honour at the Nigeria Oil Industry Award Dinner and Cocktail gala night organised by the Petroleum Technology Association […]

High cost of production to affect Nigeria’s, others’ oil output

  Nigeria and other countries in sub-Saharan Africa may continue to suffer high production cost and reduced output as global oil and gas stakeholders strive to reduce the cost of production per barrel of crude oil, The Nation reports.   According to Sebastian Spio-Garbrah, Chief Africa Frontier Markets Analyst, DaMina Advisors LLP, Ontario, Canada, the […]

PENGASSAN calls for speedy passage of bills

  The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the National Assembly to expedite action on the Petroleum Industry Administration, Petroleum Industry Fiscal and Petroleum Host Community Bills in order to realise the benefits of the intended oil and gas reforms.   In a message by its President, Comrade […]

High oil prices boost IOCs, indigenous firms earning in Q1

  As crude oil prices continue to soar, International Oil Companies (IOCs), and indigenous firms in Nigeria recorded significant profit during the first quarter of 2018.   Sharply climbing oil prices and years of cutting cost when they were low, are rewarding some of the world’s largest oil producers with profits not seen when crude […]