The Federal Ministry of Finance and petroleum products marketers are now engaged in war of words over accrued interest on bank loans on account of delayed payments of subsidy by the ministry. Although both parties have taken newspaper advertorials to state their cases, the market may soon be plunged into another round of fuel shortages […]
Senate Committee Chairman on Finance and former governor of Kaduna State, Senator Ahmed Makarfi, throws light on how his committee handled investigation into the controversial unremitted US$49.8 billion crude oil revenue funds by the Nigeria National Petroleum Corporation (NNPC). continue reading
A leading indigenous oil producer, Oando Exploration Resources (OER), a subsidiary of OandoPlc, has recorded an average crude oil production of 407,790 barrels of crude oil during the first quarter of 2014. The firm produced an average of 4,531 barrels per day (bpd), during the first quarter, according to the Financial Derivatives Company’s latest report. […]
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu has attributed the delay in commencement of the nation’s Greenfield refineries to the need to resolve all commercial and business issues on the project. Licences for the building of greenfield refineries were granted to 18 firms three years ago, but they are […]
The basket price of Organisation of Petroleum Exporting Countries’ (OPEC’s) twelve crudes has dropped from $109.63 to $109.39 per barrel, at the weekend, according to OPEC Secretariat calculations. The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), […]
“Nigerian wholly owned Exploration and Production companies operation at the upstream sector of the oil and gas industry companies will produce 500,000 barrels of oil daily that represents about 20% of the Nigerian output by 2018”, the Managing Director of Seplat Petroleum Development Mr. Austin Avuru has said. Continue Reading
Youths from ExxonMobil host communities in Ibeno, Akwa Ibom State have shut down the operations of the multinational firm over recurrent oil spills and strings of unfulfilled promises made to the residents. They have vowed never to leave the area until the company carries out proper clean-up of the environment and also fulfil some promises […]
THE Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced its plans to invest $3billion in refineries as part of its effort to ensure effective distribution of petroleum products across the country. Factional National President of IPMAN, Elder Chinedu Okoronkwo said the refineries would be situated in Bayelsa and Kogi states respectively. Continue Reading