Oil Glut: Crude Differential Hits 10-year Low

As the nagging oversupply of physical oil takes its toll, official prices for Nigerian crude have hit their lowest in at least a decade. The Nigerian National Petroleum Corp (NNPC) lowered the official selling price for its largest crude oil stream Read more

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Nigeria targets fuel sufficiency, exports by 2020

IF the Nigerian National Petroleum Corporation (NNPC) and the incoming government made good of their promises, Nigeria may be inching towards attaining self sufficiency and eventually become a net exporter of refined petroleum products by 2020. Read more

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Oil Consumption to Rise to 400 000 BPD By 2023 – BMI

BUSINESS Monitor International has said the prices of oil consumption in Nigeria is expected to increase from 311 000 bpd last year to 400 000 bpd by the end of 2023. Business Monitor International risk analysis and forecasts, market research on leading industries, and multinational company research is relied upon by corporate bodies, banks, government departments and multilateral organisations in over 125 countries around the world. Read more

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Declining Oil Price: Nigeria’s Debt Repayment Is Challenged – IMF

The International Monetary Fund (IMF) has said that the impact of the oil price fall has had a negative effect on a number of countries and also raised the risks to global financial stability. Read more

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Shell sues EFCC over $1.2m debt collection

Shell Nigeria Gas Limited has asked a Federal High Court in Lagos to declare that the Economic and Financial Crimes Commission, EFCC, lacks constitutional empowerment to collect debt on behalf of anyone. Read more

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Nigerian firms execute $12b oil, gas projects in 2014

The anticipated growth in participation of indigenous firms in the Nigerian oil and gas industry may have begun to manifest as indications emerged that about $12 billion worth of projects were implemented by the companies last year. With this development, stakeholders believed the indigenous firms have firmly established their footprints in the sector Read more

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How Merger, Acquisition Options Strengthen Nigerian Content in Oil, Gas Sector

BARELY five years after passing the Nigerian content bill into law, the indigenous oil and gas firms across the value chain may have exhibited strong commitment to the sector via several prevailing investment strategies. As many independent operators gather momentum to hold enviable stakes in the nation's hydrocarbon wells, Read more

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Poor Funding Poses Threat To NNPC’s Joint Ventures

The need to discard with the Nigerian National Petroleum Corporation, (NNPC) Joint Venture arrangement has been brought to the fore following poor funding that has threatened NNPC’s ability to meet its cash call responsibility to joint venture partners, now worsened by the significant fall in oil revenue. Read more

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Nigeria earned $30.3bn from oil, gas export in 2012

The nation earned $30.3 billion from crude oil, gas sales in 2012, according to NEITI oil and gas audit report. “Nigeria earned a total of $62.9 billion from oil and gas in the year 2012. This is made up of $30.3 billion from crude oil and gas sales, $26.9 Billion from taxes, royalties, rents and $5.6 billion as revenue flows to states, local governments and other entities,” the report disclosed. Read more

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Dwindling Oil Revenues: PPPRA union demands introduction of fuel tax

The Petroleum Products Pricing Regulatory Agency, PPPRA, branch of the Petroleum and Natural Gas Senior Staff Association of Nigeria, has called for the adjustment of the current fuel pump price to accommodate fuel tax. Consequently, the association has proposed the adjustment of the cost component of the pricing template to accommodate a N1.50 fuel tax. Read more

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