Oil & Gas
No money to fix refineries – FG
The Federal Government has said that it has no money to fix the nation’s refineries.
Modular refineries not meant to address fuel scarcity – Kachikwu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday said the modular refineries being planned for the Niger Delta were not meant to address fuel scarcity.
IPMAN tasks NNPC on steady supply of petroleum products
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Wednesday urged the Nigerian National Petroleum Corporation (NNPC) to intensify the distribution of petroleum products to Western depots, to address shortage in the hinterlands.
Reps begin probe of subsidy payment
The joint House of Representatives committee on finance and petroleum (downstream) have resolved to go fully and investigate alleged payments of subsidy by relevant government authorities.
Nigerian crude oil supply weighs on market
Plentiful supplies of Nigerian crude weighed on the market on Wednesday, while Angola’s state oil company sold a Dalia cargo, reducing the number of unsold barrels ahead of the release of May loading programmes.
Nigeria’s oil reserves drop by 961 million barrels
Contrary to the Federal Government’s target of increasing crude oil reserves, the country recorded a decline of 961.47 million barrels in four years on the back of low investment in exploration by oil companies.
OPEC admits United States shale may crash oil price
The Organisation of Petroleum Exporting Countries (OPEC) has admitted for the first time that the growing crude oil output from the United States (U.S.) may threaten the price of crude oil despite efforts to rebalance the market.
FG vs Agip: Court fixes May 28 for $55m debt recovery suit
A Federal High Court in Lagos on Wednesday adjourned until May 28 hearing of a 55 million dollars debt recovery suit by the Federal Government against Agip Oil Company Ltd.
UK looking to other countries for gas supply – May
United Kingdom’s Prime Minister, Theresa May, said on Wednesday that the UK was “looking to other countries” for gas supply due to deteriorating relations with Russia triggered by the poisoning of ex-spy Sergei Skripal in the UK.
FG to reduce sulphur level in diesel by July
After failing to enforce the ban on importation of dirty fuels into the country on July 1, 2017, the Federal Government will cut the sulphur level allowed in diesel by July 1, this year, the Nigerian National Petroleum Corporation has said.
We have stake in solving Nigeria’s petroleum crisis — FUPRE
MANAGEMENT of the Federal University of Petroleum Resources, FUPRe, Effurun, has said that the institution has the potentials to solve Nigeria’s fuel crisis, but lack of funds is destroying the intuition’s vision of being one of the best universities in the world.
Nigeria’s debt rises by N9.61tn under Buhari
Under President Muhammadu Buhari, Nigeria has grown its debt portfolio by N9.61tn, statistics available from the Debt Management Office have shown.
Inflation falls for 13th consecutive month to 14.33%
The National Bureau of Statistics on Wednesday said the country’s Consumer Price Index, which measures inflation, rose by 14.33 per cent (year-on-year) in February 2018.
SSANU, NASU, NAAT suspend three-month strike
The non-academic unions of universities, which began an industrial strike since December 4, 2017, has suspended its strike
Public debt hits N21.7tr, rises by N4.365 trillion
The Nigerian government borrowed N4.365 trillion in 2017, bringing the country’s total debt stock to N21.725 trillion.
Food prices remain high despite easing inflation
The Consumer Price Index (CPI) which measures inflation increased by 14.33 percent (year-on-year) in February 2018, 0.8 percent points less than January figure, just as food price pressure continued into the month under review as all major food sub-indexes increased.
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