The slump in crude oil prices in the global market has fuelled the need for Nigeria to stop crude oil exports and feed local refineries to boost the exports of refined products and supplies of fuel to industries, THISDAY has learnt. Following the dwindling oil revenue, analysts have also urged policymakers to target taxes…
The Nigerian National Petroleum Corporation (NNPC) has said the country might have to halt the production of oil if the prices of oil continued to fall consistently. Brent, the benchmark against which Nigeria’s oil grades are priced, plunged by $6.34 to $19.23 per barrel on Tuesday amidst falling demand and an unprecedented glut in the…
Despite the historic OPEC+ production cut deal, available oil storage capacity around the world is running thin as global oil demand continues to crumble amid lockdowns and travel restrictions in many countries. OPEC and its Russia-led allies promised to remove 9.7 million bpd from the market starting in May. But oil storage capacity may be full as…
In addition to earlier measures by the Nigerian Content Development and Monitoring Board (NCDMB) to spur business continuity, particularly in the oil and gas sector, NCDMB has again rolled out fresh palliatives for beneficiaries of loans under the Nigerian Content Intervention (NCI) Fund. The palliatives include a huge reduction of the interest rate (from 8…
By Precious Okolobo A revolution began in Nigeria exactly 10 years today. There was no noise, just an applause. The date was April 22 2010; the venue was State House, Abuja and the event was the signing of the Nigerian Content Act into law. Actually, the seeds of the revolution were planted way back in…
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Elder Chinedu Okoronkwo and its National Executive commitee commiserate with, the President and Commander in Chief of the Federal Republic of Nigeria, Muhammadu Buhari (GCFR), on the passing on to glory of his Chief of Staff, Mallam Abba Kyari OON, who died on…
Exec Sec Congratulates Staff on the 10th Year Anniversary – urges staff to brace for post-COVID-19 changes The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has felicitated with management and staff of the Board and the entire oil and gas industry on the 10 years anniversary…
We take a look at the current state of licensing round set to take place across the continent in 2020-2021. Recent analysis from Rystad Energy predicts that over 50% of global upstream licensing rounds for 2020 will be cancelled or delayed, reflecting the dual effect of COVID-19 and oil price volatility. With this in…
One of the world’s energy giant, Total, has made it known that it was working with the government of Mozambique to manage COVID-19 cases at its $20 billion Liquefied Natural Gas (LNG) project site in the north of the country. The multinational oil company disclosed that the first case was detected in April. Total said…
The Director/CEO, Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, condoles with President and Commander in Chief of the Federal Republic of Nigeria, Muhammadu Buhari (GCFR), on the passing of his Chief of Staff, Mallam Abba Kyari OON, who died on Friday, April 17, 2020, and has since been buried in accordance with his faith….