Both federal and state governments have continued to pile up new debts even as crude oil price and revenue maintained a general uptrend since 2017. Within the first nine months of the year, total public debts rose by more than N3 trillion to stand at N20.37 trillion, according to the figures issued by Debt Management Office (DMO). [...]
Petrobarometer
The increasing number of filling stations in Nigeria’s border towns is raising suspicion that they are funnels for fuel smuggling to neighbouring countries. [...]
The Nigerian National Petroleum Corporation (NNPC) said on Tuesday it recorded total export receipts of $476.25m in December 2017 from sale of crude oil and gas, showing 137% increase over the $201.11 million revenue earned in the preceding month. [...]
Oil marketers have reached an agreement with the federal government on the payment of an outstanding N650 billion subsidy. [...]
The Nigerian National Petroleum Corporation (NNPC) on Monday said it has brought down the cost of producing crude oil to $20 per barrel. [...]
Ibe Kachikwu, minister of state for petroleum resources, says Nigeria has forever lost the United States as a significant crude export market. [...]
An Italian court has postponed to May 14 the trial of Royal Dutch Shell and Eni executives over alleged corruption in Nigeria.The trial was originally expected to start in a Milan court on Monday but the judge said due to a high number of cases, it would be transferred to another chamber to avoid further delays.The trial will now begin on May 14.The case involves [...]
Following the rising bill incurred on importation of petroleum products to meet domestic demand, senior Nigerian oil workers have called on the federal government to declare a state of emergency on the nation’s refineries to find lasting solution. [...]
The Nigerian National Petroleum Corporation (NNPC) said on Sunday it was subsidising the supply of petrol to the tune of N774 million every day, given the landing cost of the imported fuel and the regulated pump price in the domestic market. [...]
Royal Dutch Shell and Italian oil giant Eni, along with a number of their senior executives, will on Monday face charges of "aggravated international corruption" for their role in a $1.1bn deal for the controversial Nigerian deepwater oil block OPL 245, TheCable Petrobarometer has learnt. [...]
Following a request made by Femi Falana, human rights lawyer, seeking details of some operations of the Nigerian National Petroleum Corporation (NNPC), the corporation said it is not mandated by law to provide such information.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, [...]
The Nigerian National Petroleum Cooperation (NNPC) has denied the request of Femi Falana, lawyer and human rights acvitist, seeking to know how much revenue Nigeria is getting daily from the sale of crude oil.Falana had asked the commission to disclose the revenue realised from the sale of the daily allocation of 445,000 barrels of crude oil from June 1, 2015 [...]
The Nigerian National Petroleum Corporation (NNPC) is set to launch seven critical gas development projects (7CGDP) which will generate an additional 15,000 megawatts of electricity in the country by 2020.The 7CGDPs are scheduled to deliver about 3.4 billion standard cubic feet of gas per day (bscfd), and will be fast tracked in line with a projected short, medium and long [...]
The maiden Nigeria International Petroleum Summit (NIPS) came to an end on Friday with positive reviews from a gathering of major stakeholders in the oil and gas industry both locally and internationally.Eleven sessions held over a period of five days touching virtually all areas, including the opportunities and challenges in the sector, gas revolution, infrastructural development, refining, environmental issues and [...]
Ahead of proposed plan by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members led by Russia to make permanent their cooperative agreement on putting a cap on oil production, Nigeria has urged oil companies operating in the country to start ensure drastic reduction in production cost per barrel.Ibe Kachikwu, minister of state for petroleum resources, said in Abuja [...]
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