Nigeria’s crude oil daily production recorded an upward swing of about 2.09 million barrels in 2018, translating to a 9 per cent increment, compared with the 2017 average daily production of 1.86 million barrels. Pitched against the low-level daily crude oil production in 2016 and what obtains now, Nigerian National Petroleum Corporation (NNPC) Group Managing…
A total of 42 oil block licences held by some international and indigenous operators will expire this year, data obtained from the Department of Petroleum Resources on Monday showed. OML 114, operated by Moni Pulo Limited, will be due for renewal this month, while OML 115, whose operator is Oriental Energy Resources Limited, will expire…
Nigeria’s Minister of State for Petroleum Resources, Mr Ibe Kachikwu, has said the Federal Government generated over $2 billion from the renewal of oil block licences. The former Group Managing Director the Nigerian National Petroleum Corporation (NNPC), said the funds will be used to implement the nation’s budget. “We have actually asked for early renewals,…
The federal government has set a target which aims at achieving a 40 per cent energy switch from the consumption of Premium Motor Spirit (petrol), Dual Purpose Kerosene (kerosene) and Automotive Gas Oil (diesel), to the use of Liquefied Petroleum Gas. Under the arrangement, efforts are being intensified to promote the wider use of LPG…
The Nigerian National Petroleum Corporation (NNPC) has said it imported 15,874,734.82 metric tons of Premium Motor Spirit (PMS) otherwise called petrol through the Direct Sales Direct Supply (DSDP) arrangement in 2018. The national oil company added that the figure represents 62per cent increase over the 2017 supplies of 9,807,264.61 MT, even as it revealed it…
Activity was focused on a handful of small tenders on Thursday with sellers staying on the sidelines as demand has yet to resurface following the holiday period. Chinese demand has been weaker for the latest month’s cargoes and inventories are high, traders said. Nigerian oil marketing firm MRS awarded its sell tender for a cargo of…
A Niger Delta militant group that styles itself as Koluama Seven Brothers, on Sunday, said it carried out a “warning” strike on an oil facility owned by energy company, Conoil in Bayelsa. The attack was carried out on Friday, by the new group. The Nigeria Security and Civil Defence Corps confirmed that a blast was…
The partial government shutdown is increasing the chances of delays in U.S. energy initiatives from the release of President Donald Trump’s proposed offshore drilling plan to allowing higher levels of ethanol in gasoline during summer months, energy industry groups said on Friday. The U.S. Department of Interior had been expected to release its highly anticipated…
Despite a warning by the Auditor-General of the Federation, Anthony Ayine, that the Excess Crude Account, ECA, is being operated “illegally”, data from the National Bureau of Statistics, NBS, shows that the account grew by N70 billion last November. The ECA is an account used to save oil revenues above a base amount derived from a…
All countries that were granted waivers from the United States to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers. The United States withdrew from a nuclear deal with Iran last year and snapped sanctions…