Category: Oil & Gas
OPEC cuts oil production by 1.2m barrels to offset price
The Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers yesterday agreed to cut about 1.2 million barrels of oil to address falling oil price, which is currently facing a record low of $63 a barrel. The deal made possible by the cartel and allied oil-producing nations including Russia would see the15-member OPEC…
NNPC, NCDMB to grow Nigerian content to 70%
The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB) have committed to growing Local Content in the Oil and Gas Industry from the current 40 per cent to 70 per cent by 2027 as part of strategies to sustain economic development in country. NNPC Group Managing Director, Dr Maikanti…
WAPCo set to supply gas to Togo
Axxela Limited, a Nigerian gas and power portfolio company, has signed a Gas Transportation Agreement with the West African Gas Pipeline Company Limited to transport over 15 million standard cubic feet per day of natural gas via the West African Gas Pipeline to Lome, Togo. The Punch has reported. The Chief Executive Officer, Axxela, Bolaji…
FG, oil marketers agree on fuel subsidy payment
Damilola Shittu – Abuja The Federal Government and petroleum marketers on Thursday agreed on how the outstanding fuel subsidy claims would be settled by the government. The agreement was reached after a meeting held at the headquarters of the Ministry of Finance. A statement from the Media Adviser to the Minister of Finance, Mr Paul…
I’ll sign PIB into law, Buhari tells oil workers
Damilola Shittu – Abuja President Muhammadu Buhari has assured workers in the oil and gas industry of his commitment to ensuring a conducive working environment for them, saying he will accelerate the process of signing into the law the Petroleum Industries Bill once it is passed into law by the National Assembly. The President, who…
Give FG more time to pay subsidy arrears, Senate urges oil marketers
Damilola Shittu – Abuja The Senate on Thursday asked oil marketers to give the Federal Government more time, to resolve the issue of unpaid subsidy. After deliberating on the letter sent to the Senate by independent oil, marketers, the legislative chamber said, the government would need more time to look into their demands. On the…
OPEC meets as Trump calls for oil taps to be kept on
Organisation of Petroleum Exporting Countries (OPEC) members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as US President Donald Trump urged them to keep the faucets open. Oil ministers from 20 or so countries busily criss-crossed the Austrian capital on Wednesday for preparatory negotiations ahead of…
NNPC woos investors on 10bn barrels assets
Damilola Shittu – Abuja A multi-billion dollar investment opportunity in the nation’s deep-offshore frontiers was unveiled on Wednesday, at the 10th World Energy Capital Assembly in London, United Kingdom. It was part of the drive by the Nigerian National Petroleum Corporation (NNPC) to raise Nigeria’s crude oil reserve. Delivering an address at the panel session…
No plan for mass retirement of staff –NNPC
The Nigerian National Petroleum Corporation (NNPC) has reiterated that it has no plan to carry out mass retirement of staff. The corporation’s spokesman, Mr Ndu Ughamadu, disclosed this in a statement in Abuja on Wednesday. He said that Group Managing Director of the corporation, Dr Maikanti Baru, gave the assurance at a programme – CS…
Oil rises two per cent on US, China trade truce
Oil prices jumped on Monday after the United States and China agreed a 90-day truce in a trade dispute, Canada’s Alberta province ordered a production cut, and as exporter group Organisation of Petroleum Exporting Countries (OPEC) looked set to reduce supply. US light crude oil last traded $1.31, or 2.6 per cent, higher at $52.24….