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OPEC+ has decided to keep its production plans in place, according to OPEC. The previous—and current—plan is for the group to add 400,000 barrels per day in output for its members in October. Future plans include an additional 400,000 barrels per day added back into the production quotas each month until the entire production cut is…
September 1, 2021
Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), has decried the haphazard cleanup of oil spills in Ikarama community located in Okordia Clan of Yenagoa local government area of Bayelsa State. ERA/FoEN while lamenting the adverse impact of the oil spills in the area revealed that despite the cleanup claims, crude oil was found at the…
August 25, 2021
Following ongoing moves to implement the Petroleum Industry Act (PIA) expected to fully deregulate the downstream oil sector, the Petroleum Products Pricing Regulatory Agency, (PPPRA) has said petrol price would be adjusted in a way that it would not cause hardship on consumers. The Executive Secretary, PPPRA, Mr Abdulkadir Saidu, who said this in a…
August 23, 2021
The international oil benchmark, Brent crude, dipped to its lowest since May on Thursday. The prices went on a free fall because of demand fears and the decision of the United States Federal Reserve to suspend its bond-buying programme. The decline is coming with the recent spread of the delta variant of the COVID-19 and…
August 20, 2021
$11.17bn For Coastal Rail Projects The Federal Executive Council (FEC), on Wednesday has approved the sum of $1.4 billion for the rehabilitation of Warri and Kaduna refineries. The FEC also approved the sum of $11.17bn for rail projects that will link the coastal cities across the country by rail. These projects were approved during the FEC meeting…
August 4, 2021
...To 1.829 million bpd The price of brent crude -- international oil benchmark -- dropped by $1.2 to $72.39 per barrel early Monday, less than 24 hours after the Organisation of Petroleum Exporting Countries, (OPEC) and non-OPEC Ministers agreed to increase oil production at a virtual meeting, Sunday. At the 19th OPEC and non-OPEC Ministerial…
July 19, 2021
The Nigerian National Petroleum Corporation (NNPC) started its week with assurance that Nigeria remains on track on the global demand for cleaner energy. Emphasizing on this, the Vice President, Prof. Yemi Osinbajo, at the just concluded 2021 Nigeria Oil and Gas Strategic Conference and Exhibitions (NOG) in Abuja, says the Federal Government is working conscientiously…
July 19, 2021
Chief Executive Officer, Proton Energy, Mr Oti Ikomi has backed the federal government's plan to concession the Transmission Company of Nigeria (TCN) to allow for more efficiency. According to the energy expert, the concession of TCN would transform its operations. The TCN which is currently government-owned was among the 18 companies unbundled from the defunct…
July 17, 2021
Insists On 5% To Oil Host Communities The House of Representatives on Thursday has stepped down the adoption of the conference report on the age-long Petroleum Industry Bill (PIB), for the third reading and final passage. This followed a disagreement with the Senate on the conference report by both chambers. The New Diplomat earlier reported that…
July 15, 2021
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OPEC+ has decided to keep its production plans in place, according to OPEC. The previous—and current—plan is for the group to add 400,000 barrels per day in output for its members in October. Future plans include an additional 400,000 barrels per day added back into the production quotas each month until the entire production cut is…
September 1, 2021
Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), has decried the haphazard cleanup of oil spills in Ikarama community located in Okordia Clan of Yenagoa local government area of Bayelsa State. ERA/FoEN while lamenting the adverse impact of the oil spills in the area revealed that despite the cleanup claims, crude oil was found at the…
August 25, 2021
Following ongoing moves to implement the Petroleum Industry Act (PIA) expected to fully deregulate the downstream oil sector, the Petroleum Products Pricing Regulatory Agency, (PPPRA) has said petrol price would be adjusted in a way that it would not cause hardship on consumers. The Executive Secretary, PPPRA, Mr Abdulkadir Saidu, who said this in a…
August 23, 2021
The international oil benchmark, Brent crude, dipped to its lowest since May on Thursday. The prices went on a free fall because of demand fears and the decision of the United States Federal Reserve to suspend its bond-buying programme. The decline is coming with the recent spread of the delta variant of the COVID-19 and…
August 20, 2021
$11.17bn For Coastal Rail Projects The Federal Executive Council (FEC), on Wednesday has approved the sum of $1.4 billion for the rehabilitation of Warri and Kaduna refineries. The FEC also approved the sum of $11.17bn for rail projects that will link the coastal cities across the country by rail. These projects were approved during the FEC meeting…
August 4, 2021
...To 1.829 million bpd The price of brent crude -- international oil benchmark -- dropped by $1.2 to $72.39 per barrel early Monday, less than 24 hours after the Organisation of Petroleum Exporting Countries, (OPEC) and non-OPEC Ministers agreed to increase oil production at a virtual meeting, Sunday. At the 19th OPEC and non-OPEC Ministerial…
July 19, 2021
The Nigerian National Petroleum Corporation (NNPC) started its week with assurance that Nigeria remains on track on the global demand for cleaner energy. Emphasizing on this, the Vice President, Prof. Yemi Osinbajo, at the just concluded 2021 Nigeria Oil and Gas Strategic Conference and Exhibitions (NOG) in Abuja, says the Federal Government is working conscientiously…
July 19, 2021
Chief Executive Officer, Proton Energy, Mr Oti Ikomi has backed the federal government's plan to concession the Transmission Company of Nigeria (TCN) to allow for more efficiency. According to the energy expert, the concession of TCN would transform its operations. The TCN which is currently government-owned was among the 18 companies unbundled from the defunct…
July 17, 2021
Insists On 5% To Oil Host Communities The House of Representatives on Thursday has stepped down the adoption of the conference report on the age-long Petroleum Industry Bill (PIB), for the third reading and final passage. This followed a disagreement with the Senate on the conference report by both chambers. The New Diplomat earlier reported that…
July 15, 2021
