Checking oil-related crimes in Nigeria

  A recent United Nations (UN) report on oil-related crimes revealed that Nigeria lost an estimated $2.8bn or N1.1trillion in revenue in 2018. The report commissioned by the Secretary-General of the UN, Antonio Guterres, on the activities of the United Nations Office for West Africa and the Sahel (UNOWAS), indicated that crude oil thefts and […]

Agip enhance local capacity with geoscience workstations

  To boost Nigeria’s crude oil reserve and enhance local content in the Oil and Gas industry, the Nigerian Agip Exploration Ltd yesterday, presented Geoscience Work stations to three Nigerian Universities.About nine Geoscience workstations equipped with opendTect, software licenses were provided to three universities, including University of Ibadan, University of Port Harcourt and Modibo Adama […]

Nigerian opposition candidate seeks to privatise state oil firm

  Nigeria’s main opposition candidate for president said on Wednesday he would seek to privatise the state oil company and other government assets if elected next month, while removing a costly petrol subsidy, to revive the economy.   Atiku Abubakar, a businessman who served as vice president between 1999 and 2007, has promised to double […]

Report calls for cautious investment in Nigeria’s oil and gas sector

Analysts at Agusto & Co, a credit rating and research company have urged investors in Nigeria’s oil and gas industry to be guarded in their investments in the sector, following the recent rally in oil prices and a somewhat stability in oil production in the country.   The report indicated that though certain favourable conditions […]

NNPC: Nigeria earns $640.35m from oil, gas

The Nigerian National Petroleum Corporation (NNPC) yesterday said Nigeria earned $640.35million from the export of crude oil and gas for the month of October, last year.   NNPC Monthly Financial and Operations Report for October 2018 which contained this, also showed that the total export receipt of $640.35 million recorded during the period was higher […]

NPDC seeks N967bn to develop 416 million barrels of oil

The Nigerian Petroleum Development Company is making efforts to raise $3.15bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13, Okechukwu Nnodim reports   The flagship subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, is interfacing with third-party financiers to raise $3.15bn (N967.1bn […]

Groups petition The Netherlands over case against OPL 245 acquisition

  Four non-governmental organisations have petitioned The Netherlands government over their case against Royal Dutch Shell Plc (RDS) acquisition of the OPL 245 oil and gas field in Nigeria.   The groups, Human and Environmental Development Agenda (HEDA), Global Witness, Re:Common, and The Corner House, noted that RDS “is currently on trial in Milan in […]

40bn barrels not likely soon as investors remain sceptical over PIGB

  A report by the Department of Petroleum Resources, DPR, obtained by Vanguard showed that Nigeria’s oil reserves remain low at 37 billion barrels, despite efforts made by the government and others to achieve 40 billion barrel by 2020.   In an interview with journalists in Lagos, a Ministry of Petroleum Resources official, who preferred […]

NNPC says it is working to crash the price of cooking gas

  The Nigerian National Petroleum Corporation (NNPC), says it is working to crash the price of cooking gas in the country.   It said this would be done through the implementation of effective commercial framework that would halt the export of propane and butane from the country.   The group general manager, Crude Oil Marketing […]