Nigerian oil sector receives $68.6m foreign investments in 6 months
The Nigerian oil and gas industry attracted $68.57 million foreign investments in six months, from January to June 2021, accounting for 2.46 per cent of total foreign capital imported into the country within the period. According to data released by the National Bureau of Statistics (NBS), total capital imported into the Nigerian economy in the […]
Oil firms flare N93bn gas in four months
Despite rising prices of Liquefied Petroleum Gas, LPG, also known as cooking gas, Nigeria lost $228.2 million to gas flaring in eight states of the federation, between January and April 2021, according to data released by the National Oil Spill Detection and Response Agency, using current exchange rate of N409.61 to a United States’ dollar, […]
Nigeria’s gas output grows by 4.12% in one month
Nigeria’s total gas output grew by 4.12 per cent to 189.996 billion standard cubic feet (BCF) in the month of July 2021, compared to 179.59 BCF recorded in June 2021, according to gas production and utilization data released by the Nigerian National Petroleum Corporation (NNPC). The total gas output for July 2021, the NNPC said, […]
Group hails judiciary over OML11 ruling against Shell.
The Conscience of Ogoni People has commended the Nigerian Judiciary on the judgement against the renewal of OML11 license for the Shell Petroleum Development Company of Nigeria Limited, SPDC. This is as the Court of Appeal recently set aside an earlier judgement of the Federal High Court which ordered the Federal Government to renew SPDC’s […]
OPEC+ could reconsider output increase – Kuwaiti oil minister
The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 […]
Nigerians will see effects of PIA in three years – Senate Committee
Nigerians will begin to see the effect of the Petroleum Industry Act, PIA, in three to four years time, the Senate Committee on Petroleum Resources (Upstream) has said. Chairman of the Committee, Sen. Albert Bassey Akpan, who stated this, explained that the Act has put in place a mechanism that will attract the international community […]
U.S. oil and gas rig count rises for 13th month in a row -Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for a fourth week, resulting in the 13th monthly increase in a row, even as a major storm approaches the Gulf of Mexico. The combined oil and gas rig count, an early indicator of future output, rose five in the week to Aug. 27 […]
Commercialisation of Natural Gas Resources to Boost Economy, Says Kyari
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has said that the corporation was committed to the commercialization of Nigeria’s abundant natural gas resources to support balanced economic growth and job creation across the country. Kyari spoke in Kaduna at the signing of a Memorandum of Understanding (MoU) between […]
Nigeria’s oil industry at risk as security threats increase
A new wave of security threats in Nigeria poses a major challenge to Africa’s largest oil producer and a key supplier of light sweet crude grades to Europe, industry officials and analysts have warned. Concerns have been raised after a growing wave of kidnappings and attacks on workers in the country’s oil industry this year. […]
Nigeria’s state oil company considers IPO amid higher 2020 profit
Nigeria’s state oil company is considering an initial share sale after posting its first profit in 44-year existence. Legislation signed by President Muhammadu Buhari this month enables the Nigerian National Petroleum Corporation (NNPC) to offer shares to the public, managing director Mele Kyari said at a briefing Thursday in the capital, Abuja. A listing would […]