Nigeria: Oil Production – Saudi Arabia Has Been Kind to Us – – Buhari
President Muhammadu Buhari Tuesday said the oil rich Kingdom of Saudi Arabia has been kind to Nigeria. President Buhari said this while receiving the Saudi Arabian Minister of Foreign Affairs, Prince Faisal Bin Farhan Al-Saud, at State House, Abuja. The President said with Nigeria’s large population and infrastructural deficit, the country needed all the revenue […]
Auwalu Hosts Kyari, Says DPR Plans Additional 14bn Barrels, 68TCF of Gas in Reserves
The Department of Petroleum Resources (DPR) is close to ramping up Nigeria’s 36.9 billion barrels crude oil reserves by 14 billion barrels and the country’s gas reserves by an additional 68 trillion Cubic Feet (TCF), Director of the organization, Mr. Sarki Auwalu, stated yesterday. Speaking when he received the Group Managing Director of the Nigerian […]
Oil, gas GDP contribution drops by N3.25tn in two years
The contribution of crude petroleum and natural gas sector, which is a sub-sector under the mining and quarrying sector, to Nigeria’s Gross Domestic Product dropped from N13.45tn in 2018 to N10.2tn in 2020, signifying a N3.25tn or 24.16 per cent decrease. This is according to data from the National Bureau of Statistics for the years […]
NGOs warn against resumption of oil exploration in Ogoniland
A coalition of Non-Governmental Organizations in the Niger Delta have stated that the planned resumption of oil extraction in Ogoniland by the Nigerian Petroleum Development Company (NPDC), a subsidiary of Nigerian National Petroleum Corporation (NNPC), is a journey in futility. The groups, Health of Mother Earth Foundation (HOMEF), We the People, Peoples Advancement Centre and […]
Addax exit opens the way for a new fuel supplier
To avoid a break in the gasoline supply chain after the Swiss firm’s departure, Nouakchott plans to call on other foreign traders. For its part, the contract holder denies this and claims its contract is still running. The Mauritanian state, embroiled in a row with Addax Energy – its exclusive supplier of liquid hydrocarbons (gasoline, […]
Oranta boss Arthur Eze holds fruitful secret meeting with President Obiang
The Nigerian billionaire managed to extract an undertaking from the head of state that his oil blocks would not be taken away despite a lack of significant investment in them. The founder and chairman of Oranto Petroleum, the Nigerian Arthur Eze, travelled to Malabo in the summer, in total secrecy, to meet the president of […]
US oil rig count drops by 19 in August
The US oil rig count decreased by 19 units to 387 rigs in the week ending 6 August, higher by 176 rigs year-on-year. Data from the Organization of the Petroleum Exporting Countries, OPEC’s Monthly Oil Market Report, MOMR for August, the gas rig count reached 103 rigs, higher by 2 units month-on-month, and up by […]
Nigerian oil giant considers IPO after first profit in 44 years
Legislation signed by President Muhammadu Buhari this month enables the Nigerian National Petroleum Corp. to offer shares to the public, Managing Director Mele Kyari said at a briefing Thursday in the capital, Abuja. A listing would draw on the experience of Saudi Aramco, the Saudi Arabian oil giant that listed in 2019, he said. “There […]
NLNG says Train-7 will deepen Nigeria’s domestic LPG market
The Nigerian LNG Limited, NLNG, has expressed optimism that ITS seventh gas plant project, also known as NLNG Train-7, when completed, will deepen the country’s domestic LPG market. NLNG General Manager, External Relations and Sustainable Development, Mrs. Eyono Fatayi-Williams, said that the company plays a significant role in the country’s LPG market, which explained why […]
FG subsidy payment on petrol rises by N150bn in 7 months
Despite having announced an end to petrol subsidy payment in March last year, data from the Nigerian National Petroleum Corporation, NNPC, showed that subsidy payment by the Federal Government rose by a whopping N150 billion in seven months. According to the data from the NNPC, the federal government paid a total of N175.32 billion in […]