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FG Loses N1.474trn Over Terminal Shutdowns In 10 Months

Yahaya Umar Production of 50.788 million barrels of crude oil valued at N1.474trn was stalled between January and October last year due to community interference and other challenges forcing oil terminals to shut down production 222 times within the period.

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Oil, Gas GDP Declines By N3.25trn In Two Years

Yahaya Umar 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

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Anambra, Kogi Join Oil Producing States, Await 13% Derivation Fund

Dickson Pat Anambra and Kogi States may have finally joined the league of Oil Producing States in Nigeria as their oil wells have been recognised by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC). The development is sequel to a

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New PIB Empowers Revocation Of licences Of Oil Firms Over Neglect Of Host Communities

Cyril Ogar  The new Petroleum Industry Bill (PIB) before the National Assembly is proposing the revocation of licences for oil and gas companies who neglect their obligations to the host communities. The bill revealed that the power to revoke the

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NNPC intensifies oil search in North-East, mounts GPS

The Nigerian National Petroleum Corporation confirmed on Saturday that it was intensifying its search for crude oil in the North-East geopolitical zone. The agency also disclosed that it had succeeded in mounting a Global Positioning System monument at the Kolmani

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Police confirm kidnap of 15 oil workers in Rivers

Gunmen have kidnapped 15 oil workers on a road near Nigeria’s oil hub of Port Harcourt, police said on Saturday, in the latest unrest in the restive region. “Fifteen oil workers, including their driver, were abducted yesterday (Friday) by unknown

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Kenya to join oil producing nations, 2017

[views] Following President Kenyatta’s directive to expedite the exploration of oil wells, British energy group, Tullow Oil, has confirmed that it will start exploring for oil in Kenya in March, 2017. “Tullow has made good progress and will be ready to

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Avengers deny agreeing to dialogue with FG

Niger Delta Avengers, on Wednesday, denied agreeing to enter into dialogue with the federal government for a possible ceasefire in the region. The militant group which has claimed responsibility for major attacks on oil facilities in the region in recent

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Niger to join list of oil producing states

Niger state is keen on being one of the oil producing states in Nigeria, as the state’s government has called on President Muhammadu Buhari to include it as one of those penciled for oil exploration in the north. Niger state

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Brent oil falls below $50 as Nigeria ups production

AFP Oil prices retreated in Asia Tuesday, with Brent easing below $50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks. Bloomberg News reported Tuesday that Africa’s biggest oil producer pumped an average

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