The further rise in global crude oil prices has pushed the daily subsidy on Premium Motor Spirit, also known as petrol, to N6.07bn. Petrol subsidy, which was removed in March 2020, re-emerged earlier this year as the government has left…
The Department of Petroleum Resources (DPR) has assured indigenous oil and gas trainers of more collaboration towards sustainable human capacity development, for the benefit of stakeholders in the Nigerian oil and gas value-chain. Mr Sarki Auwalu, Director, DPR, gave the…
The Federal Government has told South-South states that multinational oil companies would not relocate their Headquarters to the Niger Delta because peace cannot be guaranteed. The government said if the place remained insecure, investment would continue to be elusive as…
By Sola Olajide The Federal Government on Thursday inaugurated an Alternative Dispute Resolution Center (ADRC) to quicken the resolution of disputes in the oil and gas industry in Lagos. It also inaugurated a six-member Advisory Council and a 20-member Body…
Nigeria and several other members of the Organisation of the Petroleum Exporting Countries exceeded their oil production quotas in March, according to S&P Global Platts. Nigeria, which had also recently improved its compliance, saw a steady rise in its March…
Oil producing states in the country received a total of N454.35 billion from the Federation Account in 2020, under the 13 per cent Derivation Principle, according to data obtained from the Central Bank of Nigeria (CBN). The oil producing states…
The upturn in the price of the international oil benchmark, Brent crude, has pushed Nigeria’s oil revenue above the estimate in the 2021 budget. Brent, against which the country’s crude oil is priced, has been trading more than $20 higher…
The production policies of the non-member countries of the Organisation of Petroleum Exporting Countries (OPEC+) and pandemic’s path will continue to drive global oil prices in the year and result in global oil demand declining marginally in the first quarter…
