Oil continued to plunge after closing at a 13-month low as more new coronavirus cases were reported outside of China, adding to fears the world is on the brink of a pandemic that will stunt economic growth. Futures fell as much as 5.3% in New York on Thursday and headed for the worst weekly loss…

The Department of Petroleum Resources (DPR) yesterday announced the minimum floor price bid for its 45 flare gas sites (first stage) under the Nigeria Gas Flare Commercialization programme (NGFCP). This was even as the regulator announced that the Bid Submission Due Date (BSDD) of the Request for Proposal (REP) has been extended by six (6)…

House of Representatives Wednesday said it would pass the Petroleum Industry Governance Bill (PIGB) before the end of June. The Speaker of the House, Hon. Femi Gbajabiamila, said though PIGB has been in the National Assembly for years, the current 9th Assembly was committed to putting it to rest. Gbajabiamila stated this wednesday when a…

Seplat Petroleum Development Company Plc issued a public disclosure earlier today informing the general public about the commencement of its closed period. According to the statement that was signed by the Company Secretary, Edith Onwuchekwa, and published on the Nigerian Stock Exchange website, the closed period will last for one month, starting from February 24,…

Community members in a liquefied gas facility in Rumuji town near Port Harcourt have shut down the facility. The community alleges threat to lives and unsure provision for safety. The facility is thus is facing prolonged shutdown following community action in Emohua local council area. The crisis may linger to weeks if Greenville Liquefied Natural…

With the deadly Coronavirus spreading faster around the world and battering global oil markets, Nigeria is waking up to face the an uncomfortable truth: revenues and foreign exchange earnings in 2020 are likely to get even worse before they get better. The internationally traded benchmark crude, Brent collapsed to just $52.69 a barrel Thursday and…

Investors in the oil and gas industry are awaiting the outcome of the passage of the Petroleum Industry Bill (PIB), especially the clarity of its fiscal terms, analysts at the Financial Derivatives Company (FDC) have stated in a report. The analysts, in the February edition of the economic bulletin of the firm released yesterday, noted…

After many years of opacity and difficulty in determining the country’s actual fuel consumption, the regulatory authority of the Nigerian petroleum industry, the Department of Petroleum Resources, DPR, yesterday, put national demand for Premium Motor Spirit, also known as petrol, at 38.2 million daily. Determining Nigeria’s actual fuel consumption had over the years, been a…

The Nigerian National Petroleum Corporation (NNPC) is to expand its domestic gas footprint with the delivery of the Escravos-Lagos Pipeline System (ELPS) II to double capacity from 1.1 billion standard cubic feet of gas to 2.2 BSCF. A statement by its Acting Group General Manager, Group Public Affairs Division, Samson Makoji, in Abuja, said the…