OPEC increases Nigeria’s production quota to 1.799mbpd for July
The Organisation of the Petroleum Exporting Countries (OPEC) has raised Nigeria’s oil production quota from the 1.772 million barrels per…
European Union (EU) Forges Ahead with Africa Gas Deals
The European Union (EU) is moving ahead with plans to enhance Africa-EU supply chains. Following the Russia-Ukraine crisis and supply…
Nigeria’s crude oil production rises by 70,000bpd
Nigeria’s crude oil production increased by 70,000 barrels per day in May according to a Reuters Survey released yesterday. The…
Fuel subsidy may hit N6trn in 2022, IMF cautions Nigeria
With Nigeria’s fuel subsidy payout averaging N500 billion monthly, total expenditure on subsidy could hit a record N6 trillion mark…
Brent crude price hits $120 per barrel
For the first time in several months, Brent crude oil reached its highest price yesterday, hitting the $120.50 per barrel…
FG will maximise local content opportunities, says Sylva
The Federal Government has expressed its determination to catalyse investments in the midstream and downstream sectors of the petroleum sector…
Oil sector growth dropped by 26% in Q1 2022 – NBS
Real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022, indicating a decrease of 23.83…
NNPC, Sahara Group invest $300m in gas
The Nigerian National Petroleum Company Limited (NNPC) and leading energy and infrastructure conglomerate, Sahara Group have taken delivery of two…
FG is targeting 90% capacity performance from rehabilitated refineries – NCDMB boss
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, says that about 400,000bpd is expected from the…
FG projects $289bn local refining in five years
The Federal Government has said it is targeting local refining of over 2.555 billion barrels of crude oil worth over…