Oil prices had a rebound later on Wednesday after dropping earlier in the day after the Energy Information Administration (EIA) reported a surprise crude oil draw. Brent crude was up by 0.76% to trade at $85.73 per barrel, the WTI was up…
The Federal Government announced the inauguration of a new governing board for the Nigerian Upstream Regulatory Commission (NURC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which would oversee the regulatory implementation of the PIA and Nigeria’s oil industry.…
The Federal Government is to retain the about 1,500 employees of the defunct Department of Petroleum Resources, Petroleum Products Pricing Regulatory Agency and Petroleum Equalisation Fund. Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Wednesday that no…
A member country of the Organization of Petroleum Community (OPEC) has predicted that oil prices could hit $100 a barrel during the first half of 2022 amid low global commercial stocks. Iraq’s Oil Minister Ihsan Abdul Jabbar Ismaael made this revelation on…
The Organization of Petroleum Exporting Countries, OPEC + compliance with oil cuts fell slightly to 115 per cent in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face challenges…
The Vice President, Professor Yemi Osinbajo has faulted calls and insistence of Development Finance Investment as well as other countries over defunding of gas project. The Vice President said, “We are concerned, amongst other things, first about some of what…
The Asset Management Corporation of Nigeria (AMCON) has appointed itself as receiver/manager over all assets of the Integrated Energy Distribution and Marketing Limited, core investor in Ibadan Electricity Distribution Company (IBEDC). This was confirmed in a public notice, which was…
For the second time this week, Oil prices surge yesterday, gathering momentum from its earlier downward trend. This new trend is caused by falling temperatures in China, the world’s biggest energy consumer as spike concerns about its ability to meet…
The Chief Executive Officer (CEO) of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA), Farouk Ahmed has attributed the rising cost of Liquified Petroleum Gas (LPG), commonly known as cooking gas to poor investment into the gas sector over the…
A fresh devastating oil spill has been reported at a facility operated by the Nigerian Agip Oil Company (NAOC) around Ogboinbiri in the Southern Ijaw Local Government Area of Bayelsa State. The oil leakage, which occurred on October 17 at…
