The Organisation of Petroleum Exporting Countries (OPEC), has agreed to allow Nigeria supply crude oil to the global market, in continuation of the exemption from the oil production cuts agreed on by members and non-members. The decision was made at the meeting of the joint ministerial monitoring committee of OPEC and non-OPEC countries which held […]
Continue Reading
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has said the oil firm does not “see a penny” from the sale of crude oil. Baru asserted the above in response to reports, especially from the Nigeria Extractive Industries Transparency Initiative (NEITI). In its March 2017 policy brief, NEITI said by […]
Continue Reading
Oil prices rose on Wednesday after U.S. crude inventories declined for the eighth straight week and a storm approached the Gulf Coast with the potential to disrupt oil and refined products output. Brent crude futures climbed 58 cents to 52.45 dollars a barrel by 12:12 p.m. while United States West Texas Intermediate crude futures were […]
Continue Reading
The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the cost of producing one barrel crude oil to $23 from $78 as at August 2015, has therefore been able to save about $3 billion annually. According to a statement signed by Ndu Ughamadu, the corporation’s spokesman, this fact was disclosed at the inauguration […]
Continue Reading
The Nigerian National Petroleum Corporation (NNPC) said Indonesia has indicated its interest in increasing its purchase of crude oil from Nigeria. The NNPC in a statement signed by Mr Ndu Ughamadu NNPC Group General Manager, Group Public Affairs division in Abuja on Tuesday disclosed that Indonesia currently purchases about 90,000 barrels of crude oil per […]
Continue Reading
Professor Nuhu Obaje, the director of the Ibrahim Badamasi Babaginda University Research Centre, Lapai, on Thursday disclosed that crude oil deposits have been found in Bida basin in Niger State. He said his centre has informed the Nigerian National Petroleum Corporation and the Niger State Government about its finding. Obaje also said his centre has […]
Continue ReadingJohn Oyegun, National Chairman of the All Progressives Congress (APC), says his party did not know the enormity of the country’s economic woes before taking over power in 2015, but it is already laying foundation for a future Nigeria.Oyegun who spoke at a surprise 77th birthday party held for him by staff of the APC national secretariat […]
Continue Reading
Ajjampur R. Ghanashyam, The Indian High Commissioner to Nigeria, has revealed some shady deals carried out by former Minister of Petroleum Resources, Mrs Diezani Allison Madueke in selling crude to India through intermediaries, thereby denying Nigeria’s treasury of the full proceed. India has emerged Nigeria’s top crude buyer, an importation that grosses $15 billion yearly. But […]
Continue Reading