The Cross River State command of the Nigeria Security and Civil Defence Corps on Wednesday arrested seven suspected oil thieves with over 200 drums of adulterated crude worth over N10m. The Punch has reported. The state Commandant of the NSCDC, Mr Stephen Lar, at the Jebbs area in Calabar South, said the arrest was made…
The Nigeria Security and Civil Defence Corps (NSCDC), Edo State Command, has intercepted a truck laden with 45,000 litres of suspected illegally-refined petroleum products. The State Commandant of the NSCDCM, Mr Makinde Ayinla, made the disclosure to the News Agency of Nigeria (NAN) in Benin on Tuesday. Ayinla said that the truck was intercepted at…
By Julianne Geiger The American Petroleum Institute (API) reported a huge build of 9.88 million barrels of United States crude oil inventories for the week ending October 19, compared to analyst expectations that this week would see a hefty build in crude oil inventories of 3.694 million barrels. Last week, API reported a surprise draw…
A deep research into the unemployment rate in Nigeria which has reached a sky-high level reveals that incessant power failure was one of the major problems confronting the nation’s economy. This drift has led to the gradual collapse of manufacturing industries in Nigeria. It is worrisome that Nigeria has not had it so good in…
Damilola Shittu with Agency Report President of the Senate, Bukola Saraki, said the National Assembly will continue to mount necessary pressure to get presidential assent to the Petroleum Industry Governance Bill. Saraki spoke at a dinner organised as part of activities at the ongoing 24th Nigerian Economic Summit in Abuja on Monday. The News Agency…
By Energy WorthThe Ambassador of Norway to Nigeria, Jens-Petter Kjemprud, has expressed the readiness of his country to deepen its ties in Nigeria, especially in the oil and gas sector. Speaking at a stakeholder’s meeting to promote investment opportunities and incentives for Nigerian investors in Norway on Thursday, the diplomat advised the Federal Government to…
By Nick Cunningham Saudi Arabia and Russia could formalize a strategic partnership that would last indefinitely, potentially marking a new era for the oil market. In a wide-ranging interview with TASS, Saudi oil minister Khalid al-Falih said that he hopes to setup an official OPEC+ governing body, including a Secretariat, likely to be based in…
The Federal Government has commenced moves to deploy underutilised power assets to deliver incremental power to industrial centres and needy communities in the country by generating additional 4.2 gigawatts of power to the national grid in the next 12-18months. A statement by the Strategy and Communications Adviser to the Minister of Industry, Trade and Investment,…
By Oke Peter The Organised Private Sector (OPS) under the auspices of Lagos Chamber of Commerce and Industry (LCCI) said Dangote Oil Refining and Petrochemicals will transform the downstream oil sector of the petroleum industry. Beyond that, the group said the economic benefits of the oil refinery, when completed would have far reaching positive effects…
Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once U.S. sanctions against Iran’s crude exports are implemented next month. According to the News Agency of Nigeria (NAN), Benchma Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or…
