Almost a year after the commencement of a new marginal field licensing round was announced by the Federal Government, there are indications that a fresh process will begin after the elections next year. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had in November 2013 signalled the commencement of the marginal field bid round, with […]
“History does not repeat itself; man does. Barbara Tuchmann. Crude oil has always been slippery stuff – good when under control; destructive when out of control. Crude oil is about to destroy the Nigerian economy faster then Boko Haram or even Ebola. The government of President Jonathan, already besieged by such social “plagues” like the […]
Oil major, Total, has cut its 2017 output goal to 2.8 million barrels of oil equivalent per day from the previous three million. The firm, which has struggled with production outages in Libya, Kazakhstan and Nigeria, said on Monday that it would step up asset sales and overhaul exploration after cutting its oil output targets. […]
In spite of a decline in oil reserves and increasing competition for investments from other African countries, Nigeria remains sluggish in attracting new investments estimated at $100bn needed to grow reserves and production. The country, which aims to ramp up production to four million barrels per day and grow the reserves to 40 billion barrels […]
The country’s current petroleum products pricing model, which is based on import parity and the Petroleum Support Fund, is riddled with corruption, a new report produced under the project, Transparency and Accountability in the Oil and Gas Sector in Nigeria, has stated. The report by the African Centre for Leadership and the Strategy and Development, […]
Nigerians will be compelled to pay a sudden 48 percent price increase for liquefied petroleum gas, LPG, also known as cooking gas, as a 12.5 kilogramme of the product has risen to N4,000, up from N2,700 previously. Gas-energyThis is even as the development has also set the marketers, under the aegis of the Nigerian Association […]
The non-passage of the Petroleum Industry Bill, PIB, has started to take its toll, as foreign investments into the oil and gas sector dropped by $197.31 million, about N31.6 billion in three months, between April and June 2014. Read more
The Lagos Chamber of Commerce and Industry, LCCI, has urged the Federal Government to relocate the tank farms to reduce the convergence of fuel tankers on the Apapa corridor. Read More
THE leadership of Nigeria Labour Congress, NLC, is enmeshed in crisis over an alleged disappearance of not less than N400 million being contributions of Nigerian workers to a housing scheme Read more
Nigerians may soon experience nationwide blackout following the ongoing strike embarked upon by workers in the oil sector which has led to the disruption of gas supply to five power generating plants across the country. The power generation affected by this cut off are the 1,320mega watts (mw) Egbin power plant, 750mw Olorunsogo, 868mw Geregu […]