Minister of State for Petroleum, Dr. Ibe Kachikwu, yesterday, said the much-awaited overhaul of the country’s refineries would become a reality next month, as plans have been concluded to complete necessary arrangement with financials. The minister, who reviewed efforts of the current administration in the oil and sector, noted that President Muhammadu Buhari and the […]
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Oil prices hit $80 a barrel on today(17/5/18) for the first time since November 2014 on concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market but Nigeria may lose out as Shell declared force majeure on the exports of Nigeria’s major crude oil, the Bonny […]
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The Secretary General of the Organisation of Petroleum Exporting Countries, (OPEC), Mohammed Barkindo has said Oil and gas together are still expected to provide more than half of the world’s energy needs from 2016 to 2040. He made this statement at the Nigerian International Petroleum Summit, (NIPS) in Abuja According to him, […]
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Suhail Al Mazrouei, president of the Organisation of Petroleum Exporting Countries (OPEC), says increased US shale oil production will not significantly distort plans for oil market stability. Speaking to Bloomberg in Dubai, on Monday, Al Mazrouei said the market is expected to return to balance towards the end of this year. “Shale is coming and the expectation […]
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In his 2017 budget defense at the House of Representatives, the Chief of Naval Staff, Vice Admiral Ibok-Ete Ibas, while presenting the operational scorecard for his service for 2016 disclosed that the Nigerian Navy confiscated crude oil and diesel worth about N420 billion from oil thieves and illegal refinery operators. According to him, the “specific […]
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Vice-President Yemi Osinbajo says the fuel subsidy removal has removed a burden of not less than N15.4 billion monthly from the Federal Government. Mr. Osinbajo said this in Abuja on Thursday at the 2016 presentation of scorecard of the Ministry of Petroleum Resources and Agreements Signing ceremony for Joint Venture Cash Calls (JVC) exit. Represented […]
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Oil prices hit one-year high on Monday, as Russian President Vladimir Putin said his country would join the Organisation of Petroleum Exporting Countries (OPEC) in implementing an output freeze. Speaking at the World Energy Congress in Istanbul, Putin signaled that his country, which is one of the top three producers of oil, may even agree to […]
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According to this CNN report, Nigeria is in trouble and cash starved. The report suggests that Nigeria needs an emergency bail out to survive in the times of crashing Oil prices. Read below: Nigeria is considering asking the World Bank, the African Development Bank and other international organizations for help to plug a hole in […]
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