Category: Oil & Gas

By Tsvetana Paraskova OPEC and its Russia-led non-OPEC allies are struggling to fully deliver on the oil production increase of 1 million bpd promised in June, Reuters reported on Friday, quoting an internal OPEC document that it has seen. OPEC and allies agreed in June to relax compliance rates with the cuts to 100 percent…

The management of National Oracle Magazine has withdrawn a suits it filled against a foremost indigenous crude oil exploration company, the Aiteo group, where it compelled some government agencies to disclose all information and documents pertaining the business activities of the organisation. Leadership newspaper has reported. The media house, had sought an Order of Mandamus…

By Nick Cunningham China’s stock market fell sharply on Thursday, dragged down by a range of concerns that should offer a warning to the broader global economy. The Shanghai Composite Index fell nearly 3 percent on Thursday, falling to its lowest point in nearly four years. The problems in China are dragging down markets across…

The Bauchi State governor, Mohammed Abubakar, has unveiled that the Excess Crude Account hit $2.09 billion as at October 16. The News Agency of Nigeria (NAN) has reported. Abubakar told journalists on Thursday after the National Economic Council (NEC) meeting which held in Abuja. He explained that the Minister of Finance, Zainab Ahmed, gave the…

President Muhammadu Buhari says the Federal government will support the N1.5 billion Digital Library and Event Center project of the Petroleum and Gas Senior Staff Association of Nigeria (PENGASSAN). The president gave the assurance at the 40th Anniversary of PENGASSAN in Abuja, on Thursday. He was represented by the Minister of state for Petroleum Resources,…

The Nigerian National Petroleum Corporation (NNPC) yesterday, denies culpability in the pipeline fire incident that occurred last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the incident was not as…

THE prosecution in the trial of former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Andrew Yakubu closed its case yesterday after calling seven witnesses. Yakubu is being tried before a Federal High Court in Abuja on a six-count charge brought against him by the Economic and Financial Crimes Commission (EFCC). According…

The Board of Directors of the African Development Bank Group have approved a Naira investment equivalent to $10 million in Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF). According to a statement released this week, this investment aims to meet the country’s infrastructure investment needs, including in the power and energy infrastructure sectors. NIDF is…

Damilola Shittu – Abuja Three oil producing states of the Niger Delta, on Wednesday, got a landmark judgment at the Supreme Court of Nigeria against the multinational oil firms operating in the country. The three states namely Rivers, Bayelsa and Akwa Ibom, had approached the Supreme Court for interpretation of Section 16(1) of the Deep…

The Senate has mandated its committees on Petroleum Downstream and Police Affairs to probe alleged role of security operatives in the pipeline explosion in Abia State, where 150 villagers were allegedly killed. The News Agency of Nigeria (NAN) has reported. This followed a motion by Senator Theodore Orji (PDP-Abia) at plenary on Wednesday. Orji lamented…