Ad
In five years, Nigeria, Africa’s top oil producer, generated $206.06bn {7.8tr} based on $380/1 in revenue from crude oil exports, the Organization of Petroleum Exporting Countries (OPEC) has revealed. This is even as the country’s oil export revenue fell to $45.11bn in 2019 from $54.51bn in 2018. This figure was contained in the 2020 Annual…
July 14, 2020
The Nigerian National Petroleum Corporation (NNPC) has revealed that subsidizing Premium Motor Spirit, PMS also known as petrol gulped a whopping N101.65bn in the first three months of the year. This was contained in the corporation's Monthly Financial and Operations March 2020 report. The National Oil Corporation, NOC described the subsidy spending as under-recovery. This…
July 14, 2020
Following the sack of 850 refinery and oil workers by the Nigerian National Petroleum Corporation, NNPC, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has condemned the action of the corporation as uncharitable and appalling. In a joint statement, the unions lambasted the…
July 14, 2020
Ahead of a crucial high-staked meeting of the Organization of Petroleum Export Countries and its allies known as OPEC+ this week, Nigeria and Saudi Arabia have reiterated their firm commitment to the agreement on full implementation of the oil cut deal. This development is coming on the heels of a disclosure by the Minister of…
July 14, 2020
An online court hearing into the appeal by the Federal Government of Nigeria to upturn an arbitration award against it worth close to $10 billion has thrown up new 'evidence' that a certain Vera Taiga allegedly received kickbacks from companies related to Process & Industrial Development Limited (P&ID), a British engineering firm based in the…
July 14, 2020
There is fresh hope of an increase in oil price ahead of next week’s Organization of the Petroleum Exporting Countries, OPEC+ Joint Ministerial Monitoring Committee meeting amidst hopes of member countries extending production cuts into August and beyond. This renewed hope is hinged on a report from the International Energy Agency (IEA) that showed a…
July 11, 2020
The Minister of State for Petroleum Resources, Timipre Sylva has said that it was unrealistic for the government to continue with the subsidy regime, especially with the Premium Motor Spirit (PMS) otherwise known as petrol, as it had no economic value. He made this disclosure in a press statement on Thursday, July 9, 2020, in…
July 10, 2020
Following an alleged illegal withdrawal of $1.05 billion from Nigeria Liquefied Natural Gas (NLNG) account by the Nigeria National Petroleum Corporation (NNPC) without its knowledge and appropriation, the House of Representatives has concluded plans to commence an investigation into the matter. To this effect, Speaker of the House, Femi Gbajabiamila mandated the House Committee on…
July 7, 2020
...One Of The Most Attractive Assets In The Niger Delta From Joseph Obukata (The New Diplomat's N/Delta Correspondent) Atlas Petroleum International has announced the resumption of its activities which includes well interventions on OML 109 in the Niger Delta region. The resumption of activities on the OML will enhance production from Atlas' Ejulebe marginal field. The company…
July 7, 2020
Advert
Ad
In five years, Nigeria, Africa’s top oil producer, generated $206.06bn {7.8tr} based on $380/1 in revenue from crude oil exports, the Organization of Petroleum Exporting Countries (OPEC) has revealed. This is even as the country’s oil export revenue fell to $45.11bn in 2019 from $54.51bn in 2018. This figure was contained in the 2020 Annual…
July 14, 2020
The Nigerian National Petroleum Corporation (NNPC) has revealed that subsidizing Premium Motor Spirit, PMS also known as petrol gulped a whopping N101.65bn in the first three months of the year. This was contained in the corporation's Monthly Financial and Operations March 2020 report. The National Oil Corporation, NOC described the subsidy spending as under-recovery. This…
July 14, 2020
Following the sack of 850 refinery and oil workers by the Nigerian National Petroleum Corporation, NNPC, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has condemned the action of the corporation as uncharitable and appalling. In a joint statement, the unions lambasted the…
July 14, 2020
Ahead of a crucial high-staked meeting of the Organization of Petroleum Export Countries and its allies known as OPEC+ this week, Nigeria and Saudi Arabia have reiterated their firm commitment to the agreement on full implementation of the oil cut deal. This development is coming on the heels of a disclosure by the Minister of…
July 14, 2020
An online court hearing into the appeal by the Federal Government of Nigeria to upturn an arbitration award against it worth close to $10 billion has thrown up new 'evidence' that a certain Vera Taiga allegedly received kickbacks from companies related to Process & Industrial Development Limited (P&ID), a British engineering firm based in the…
July 14, 2020
There is fresh hope of an increase in oil price ahead of next week’s Organization of the Petroleum Exporting Countries, OPEC+ Joint Ministerial Monitoring Committee meeting amidst hopes of member countries extending production cuts into August and beyond. This renewed hope is hinged on a report from the International Energy Agency (IEA) that showed a…
July 11, 2020
The Minister of State for Petroleum Resources, Timipre Sylva has said that it was unrealistic for the government to continue with the subsidy regime, especially with the Premium Motor Spirit (PMS) otherwise known as petrol, as it had no economic value. He made this disclosure in a press statement on Thursday, July 9, 2020, in…
July 10, 2020
Following an alleged illegal withdrawal of $1.05 billion from Nigeria Liquefied Natural Gas (NLNG) account by the Nigeria National Petroleum Corporation (NNPC) without its knowledge and appropriation, the House of Representatives has concluded plans to commence an investigation into the matter. To this effect, Speaker of the House, Femi Gbajabiamila mandated the House Committee on…
July 7, 2020
...One Of The Most Attractive Assets In The Niger Delta From Joseph Obukata (The New Diplomat's N/Delta Correspondent) Atlas Petroleum International has announced the resumption of its activities which includes well interventions on OML 109 in the Niger Delta region. The resumption of activities on the OML will enhance production from Atlas' Ejulebe marginal field. The company…
July 7, 2020
