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Petrobarometer

    REVEALED: FG spent $36.3bn on fuel importation in five years

REVEALED: FG spent $36.3bn on fuel importation in five years

The Central Bank of Nigeria (CBN) says Nigeria spent $36.3 billion on the importation of petroleum products between 2013 and 2017.Speaking on Monday at a public hearing organised by a house of representatives committee, the apex bank said the figure is part of the $119.4 billion spent on importing commodities during the same period.The committee is investigating the state of [...]

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    Group commences legal move to revoke OPL 245 from Shell, Eni

Group commences legal move to revoke OPL 245 from Shell, Eni

The legal battle surrounding one of Nigeria’s most lucrative oil blocks, OPL 245, will shift to Nigeria on Tuesday when a federal high court is billed to hear a case filed by the Human Environmental Development Agenda (HEDA), a civil society group.  [...]

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    INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

INVESTIGATION: Cartels, empty stations and dashed hopes in the quest for kerosene

Driving through the dusty, uneven and untarred roads filled with brick red sand and pot holes as deep as craters, Mosimi, in the Sagamu area of Ogun state, seems like a million miles away. [...]

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    Otedola’s Forte Oil to sell some Nigerian assets

Otedola’s Forte Oil to sell some Nigerian assets

Forte Oil says it has plans to sell some of its Nigerian assets and shut down its operations in Ghana.  [...]

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    Oil workers seek law to compel IOCs to build refineries in Nigeria

Oil workers seek law to compel IOCs to build refineries in Nigeria

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for a legislation that will compel multinational oil companies set aside a percentage of their crude oil production to refine locally. [...]

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    Kachikwu: Oil sector to record $60bn investment in four years

Kachikwu: Oil sector to record $60bn investment in four years

Ibe Kachikwu, minister of state for petroleum resources, says in the next two to four years, the oil sector will see "investments in excess of $60 billion from zero recorded in 2016". [...]

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    SPECIAL SURVEY: Petrol queues have disappeared but where is kerosene?

SPECIAL SURVEY: Petrol queues have disappeared but where is kerosene?

Fuel queues are becoming a thing of the past -- at least for now -- but the most used product among underprivileged Nigerians is hardly available at the official price of N150 per litre. [...]

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    Contractors cautioned over ‘juicy’ OPL 245 agreement

Contractors cautioned over ‘juicy’ OPL 245 agreement

Contractors jostling to partake in the execution of contracts in the field development programmes for the deepwater OPL 245 have been warned of "dangers" ahead. [...]

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    SPECIAL SURVEY: Poor Nigerians paying through the nose for kerosene

SPECIAL SURVEY: Poor Nigerians paying through the nose for kerosene

Kerosene, the most used petroleum product among underprivileged Nigerians, is either unavailable or very expensive wherever it is sold, a special survey by TheCable has shown. [...]

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    Communities kick against move to replace operator of OML 30

Communities kick against move to replace operator of OML 30

There are ongoing protests at oil mining lease (OML) 30, Nigeria’s second largest onshore oil and gas asset, located 35km east of Warri, Delta state.Central to the unrest is the move to replace Salvic Petroleum Resources Limited, operator of the facility.In the last one year, SALVIC had been acting as third-party operator of OML30 on behalf of Heritage Energy Operational Services [...]

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    Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Subsidy stoppage: Prepare for monumental fuel scarcity, NNPC officials warn

Senate directive on Wednesday to the Nigerian National Petroleum Corporation (NNPC) to halt subsidy deduction and to refund N216 billion already expended will trigger shortages of the fuel on a “monumental proportion”, officials of the corporation warned on Thursday. [...]

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    Senate asks NNPC to return N216bn subsidy fund to FG

Senate asks NNPC to return N216bn subsidy fund to FG

The senate has asked the Nigerian National Petroleum Cooperation (NNPC) to stop further payment of oil subsidies.It also asked the cooperation to immediately refund the total sum of N216 billion said to have been used for subsidy payment to the consolidated revenue fund.The senate issued the orders on Wednesday after adopting the recommendations of its committee that investigated the subsidy payment [...]

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    As NNPC sweats in the north, Savannah well hits oil in Niger Rep

As NNPC sweats in the north, Savannah well hits oil in Niger Rep

[...]

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    $15bn investment plan: Security challenges worry Shell

$15bn investment plan: Security challenges worry Shell

In spite of security concerns in the Niger Delta, the Shell Petroleum Development Company (SPDC) will later this year kick start its expenditure plans on oil and gas projects worth $15 billion, The Cable Petrobarometer understands.  [...]

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    Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

Trump berates OPEC for ‘artificially’ high oil prices — and Barkindo responds

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” [...]

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    BudgIT: Nigeria could lose N9tr to gas flaring in 10 years

BudgIT: Nigeria could lose N9tr to gas flaring in 10 years

BudgIT, a civic tech organisation, says Nigeria could lose as much as N9 trillion to gas flaring in the next 10 years if urgent control measures are not put in place by the federal government. [...]

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Exchange Rates

May 24, 2018USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS360495436
KANO360494435
PH361494430
ABUJA360495430
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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