Category Archives: Uncategorized

IMF warns Nigeria of vulnerability amid slow exit from recession

The International Monetary Fund (IMF) on Wednesday said Nigeria was slowly exiting recession but remains vulnerable because its growth is tied to oil prices with improved revenues restricted to the energy and agriculture sectors.   The assessment, published in a report on Wednesday, came in its Article IV consultation, an annual appraisal of a country’s […]

Nigeria Earned $476.25m from Crude Oil Sales in December

  The Nigerian National Petroleum Corporation (NNPC) Tuesday said it recorded a total export receipt worth $476.25 million from its sale of crude oil for Nigeria in December, 2017.   NNPC said in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, in Abuja that the record of sales was contained in […]

We reduced cost of producing barrel of oil to $20 – NNPC

  The Nigerian National Petroleum Corporation (NNPC) on Monday said that it had been able to reduce the cost of producing a barrel of crude oil to $20. A statement issued by the corporation said “additional measures have been put in place to further reduce the cost to $15 per barrel.” The corporation also announced […]

Alternatives to crude oil threatening Nigeria, others — Osinbajo

  Vice President Yemi Osinbajo, has raised concerns that the development of alternatives to crude oil in Europe and Asia would pose serious challenge for Nigeria and other African countries.       Speaking at the just concluded Nigeria International Petroleum Summit in Abuja, Osinbajo said this discovery of alternatives calls for increased synergies, collaboration […]

Oil deal corruption trial in Italy is ‘wake-up call for industry’

An Italian trial which sees Anglo Dutch firm Shell and Italy’s Eni face corruption charges over a $1.3bn Nigerian oil deal should act as a wake-up call to the oil industry, campaigners have said.   The court case starting on Monday has been brought by Milan prosecutors and centres on alleged bribes paid by the […]

NNPC reels out seven critical gas projects to quicken power generation

  The Nigerian National Petroleum Corporation (NNPC)has identified Seven Critical Gas Development Projects (7CGDP) scheduled to deliver about 3.4billion standard cubic feet of gas per day on an accelerated basis to bridge a projected medium term supply gap by 2020.   Delivering the Oil Industry address at the annual Society of Petroleum Engineers’ Oloibiri lecture […]

EXPLORATION IN NORTHEAST AFTER RELEASE OF UNIMAID LECTURERS

  Barely two weeks after the release of some lecturers prospecting for oil at the Chad Basin, the Nigeria National Petroleum Corporation, NNPC, has concluded arrangement to recommence exploration activities at the basin, Group Managing Director of NNPC,  Maikanti Kacalla Baru, has said.   Oil exploration activities at the Chad Basin was suspended for months […]

Nigeria Bribery Scandal Reflects Cost Of Doing Business In Petrostates

This month, high-ranking officials of two major international oil companies (IOCs) will go on trial in Milan for bribing officials in Nigeria to secure lucrative contracts. The case marks the third major corruption scandal that has touched large oil companies in recent years.   In Brazil, Petrobras contractors overcharged the oil company for work and […]