OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today, Nigeria’s Petroleum Minister Timipre Sylva said. “It is not something that you can open a tap for at this point.…
The rising cost of crude oil will increase the cost of Nigeria’s gasoline subsidy by nearly ten times what it had originally budgeted, Nigeria’s President Muhammadu, Buhari said in a recent letter to lawmakers. Nigeria’s Petroleum Motor Spirit subsidy is…
The owners of an oil-production and storage ship had a history of financial problems before the vessel blew up in Nigerian waters two months ago. The Trinity Spirit, which caught fire on Feb. 2, burned for more than 24 hours…
Natural gas trading activity in the United States has picked up considerably amid heightened price volatility and indications of strong demand thanks to the European energy crunch. This is according to trading industry insiders quoted by Reuters in a report…
Barely one week after it was attacked by vandals on March 29, the 24-inch Ogboinbiri/OB-OB gas pipeline has been vandalised and set ablaze, the News Agency of Nigeria (NAN) reports. The breach of the pipeline, operated by Nigerian Agip Oil…
The Managing Director of the Nigerian Petroleum Development Company Ltd. (NPDC) Mr Ali Zarah, has called on staff to imbibe the Health Safety and Environment (HSE) culture to attain zero fatality during operations. The theme of the week is “PIA…
The Chevron Nigeria Limited, operator of the joint venture between the Nigerian National Petroleum Company Limited, NNPC has reiterated its commitment to continue to work with the Nigerian government towards the development of the oil and gas industry and the…
The House of Representatives has begun investigation into crude oil production and revenue by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in order to determine the revenue accrued to the Federation through The investigative hearing on the ‘Revenue Monitoring Exercise’ was…
The House of Representatives has decided to investigate the rise in the cost of diesel and gas to cushion the effects on Nigerians. This follows a motion by a member from Imo State Chike Okafor at the plenary. Okafor, lamented…
Crude oil prices fell yesterday after the Energy Information Administration reported an inventory increase of 2.4 million barrels for the week to April 1. This compared with a draw of 3.4 million barrels for the previous week. A day earlier,…
