The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has contradicted President Bola Tinubu's statement that the subsidy era for petroleum is over, asserting that the Federal Government is still paying subsidy. Osifo, who also...
The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources.....
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Nigeria lost a approximately N4.57 trillion to oil theft activities in the four years between 2015 and 2018, according to estimates by the Nigeria Natural Resource Charter (NNRC)....
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Nigeria’s newest export crude, the medium sweet Egina, is proving popular with European refiners due to its high distillate yields, with output from the Total-operated field close to its full capacity...
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In order to continue its exchange of crude oil for refined fuel, the Nigerian National Petroleum Corporation (NNPC) has contracted about 34 companies to carry out the deal.....
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The price of oil surged back above $80 a barrel in early morning trading Monday after a meeting of OPEC and non-cartel members ended without any pledge to increase supply to the.....
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The Organisation of Petroleum Exporting Countries, said Nigeria’s oil production rose to 1.71 million barrels a day, bpd, in August. The figure according to OPECs monthly oil market report for September released on Wednesday, puts the...
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Oil prices rose on Monday as U.S. drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November....
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Oil prices rose on Friday as concerns over the impact of a trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output supported the market. ....
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After four months, Nigeria’s crude exports rose for the first time in July, reports have said.
This was due to Shells lifting of export restrictions on....
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Oil prices fell on Monday as supplies from Saudi Arabia and Russia rose while economic growth stumbled in Asia amid an escalating trade dispute with the U.S. Benchmark Brent crude oil LCOc1 fell 1.24 dollars a barrel to a low of $77.99 before recovering to $78.40, down 83 cents, …
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Oil prices move close to $80 bpd • Nigeria’s Bonny Light records higher value The Federal Government’s reliance on the International Oil Companies (IOCs) to determine the quantity of oil production is negatively affecting the country’s crude earnings. The Guardian …
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Vice President Yemi Osinbajo has called on African countries to look diversify their economies and look beyond oil-based revenue for future prosperity.
Osinbajo stated this in Abuja on Monday while declaring open the Extraordinary Session of the Council of Ministers of African Petroleum...
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