NNPC makes profit for the first time – Buhari
President Muhammadu Buhari has disclosed that the Nigerian National Petroleum Corporation, NNPC, has made a profit for the first time in its 44-year history. He said on Thursday that the national oil company generated an income of N287 billion ($698 million) after tax in 2020, according to Reuters report. Buhari, who also the Minister Petroleum […]
MOSOP rejects NPDC as operator of OML11
The Movement for the Survival of Ogoni People, MOSOP, has kicked against the Nigerian Petroleum Development Company, NPDC – a subsidiary of the Nigerian National Petroleum Corporation, NNPC – as operator of Oil Mining Lease, OML, 11. MOSOP Steering Committee, rising from its meeting in Port Harcourt, condemned the visit by NPDC officials to Ogoni […]
NNPC, Kaduna govt sign MoU on gas utilisation, expansion
Nigeria’s domestic gas penetration aspirations have received a major boost as the Nigerian National Petroleum Corporation, NNPC, and the Kaduna State Government have signed a Memorandum of Understanding, MoU, for utilization and expansion of gas supply in the state. Speaking at the MoU Execution Ceremony, which held Thursday at the Sir Kashim Ibrahim House in […]
NNPC releases 2022/2023 oil price benchmark
The Nigerian National Petroleum Corporation, NNPC has released a forecast on oil prices for 2022 and 2023. Group Managing Director, NNPC, Mele Kyari in a statement on Wednesday while providing a base crude oil price scenario in the medium term, stated that the Corporation had pegged the commodity at $57/barrel for 2022, and $61/barrel for […]
Exxon’s Imperial Oil outlines plan to produce plant-based renewable fuel
Imperial Oil Ltd, one of Canada’s biggest oil producers and refiners, on Wednesday outlined a plan to process vegetable oil into renewable diesel at its 191,000-barrel-per-day Strathcona refinery. The project, which still requires final approval, is part of majority-owner Exxon Mobil’s goal of producing more than 40,000 barrels per day of low-emissions fuels by 2025. […]
Oil steadies near $71 after two-day rally
Oil prices steadied near $71 a barrel on Wednesday, taking a breather after a strong rally in recent days as Mexico was set to resume crude production following a major outage. Brent crude was up 22 cents, or 0.3%, to $71.27 a barrel by 1331 GMT. U.S. West Texas Intermediate (WTI) crude was flat at […]
OML 11: Ogoni pledge cooperation with NPDC on oil production
The leaders of Ogoniland in Rivers State under the auspices of the Ogoni Liberation Initiative have pledged to cooperate with the Nigerian Petroleum Development Company (NPDC) in the exploration and production of oil and gas resources in its territory. The Ogoni leaders made the pledge Tuesday at the Ogoni Liberation Day which held in Bori […]
Oil rises as COVID-19 vaccine clearance stokes demand hopes
Oil prices rose on Tuesday after the U.S. drug regulator granted full approval to the Pfizer Inc/BioNTech SE COVID-19 vaccine, stoking investor hopes that higher fuel demand would follow a potential rise in U.S. coronavirus vaccination rates. Brent crude oil futures were up 46 cents, or 0.7%, to $69.21 a barrel by 0648 GMT, while […]
Saudi Arabia’s June oil exports rise 123% to over $16 billion
The value of Saudi Arabia’s oil exports in June increased 123% to 61.5 billion riyals ($16.4 billion) from a year earlier while non-oil exports rose by around 41%, official data showed on Tuesday. Overall exports increased by nearly 92% in June compared to a year earlier when international trade was curbed by lockdowns and travel […]
Nigerian LNG vessel arrives in Turkey
Nigeria’s LNG carrier, LNG Abuja II, reached Turkey on Aug. 23, according to the latest ship tracking data. The vessel, which has a capacity of 170,000 cubic meters, left Nigeria’s port of Bonny on Aug. 9 and arrived at its final destination, the Marmara Ereğlisi LNG Terminal on Aug. 23 at 03.41 local time. The […]