Oil & Gas

OPEC delivers three quarters of record oil output cut in May

Jun 1, 2020

OPEC oil output hit the lowest in two decades in May as Saudi Arabia and other members started to deliver a record supply cut, a Reuters survey found, although Nigeria and Iraq are laggards in making their share of the reduction. On average, the 13-member Organization of the Petroleum Exporting Countries pumped 24.77 million barrels…

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Consultancy clarifies role in recovery of $55bn from oil firms

Jun 1, 2020

An oil and gas consultancy firm, Trobell International Limited, has explained how it helped the Federal Government recover over $55bn in unpaid royalties from international oil companies operating in Nigeria. In a statement by its Managing Director, Thomas Sede, the company said it crossed several hurdles in its attempt to help the government recoup what…

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Nigeria officially launches 2020 marginal field bid round

Jun 1, 2020

Nigeria has officially launched a marginal field bid round, with the Department of Petroleum Resources (DPR) saying 57 fields are available. The round is open to indigenous companies and investors, the DPR said. The fields on offer are on land, swamp and the shallow offshore. “Bidders will certainly be led by indigenous companies, but these…

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Nigeria further reduces petrol price to N121.50 per litre

Jun 1, 2020

The Petroleum Products Pricing and Regulatory Agency (PPPRA) on Monday released the June pricing guideline for Premium Motor Spirit (petrol), directing oil marketers to sell the commodity within the price band of N121.50k-N123.50k per litre. The ex-depot price of the commodity for June is between N102.13-N104.13 per litre; while the ex-depot price for collection ranges…

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Petrol marketers set to gain N8.3bn on depot price reduction

May 31, 2020

Retail marketers of petrol are currently raking in billions of naira as findings on Wednesday showed that they would make over N8.3bn profit in May (this month) due to the recent reduction in the ex-depot price of the product. On May 6, the Nigerian National Petroleum Corporation announced a reduction in the ex-depot price of…

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President Buhari reconstitutes NNPC board

May 31, 2020

President Muhammadu Buhari has approved the reconstitution of the board of the Nigerian National Petroleum Corporation (NNPC). This was announced in a statement by presidential spokesperson Femi Adesina on Thursday. The reconstitution followed the expiration of the term of the board members appointed in 2016. Members of the new board are: Mohammed Lawal (North West),…

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NNPC raises June selling prices of crude oil

May 31, 2020

The Nigerian National Petroleum Corporation has increased prices at which the country’s crude oil grades will be sold next month. The country’s July crude oil loading programmes showed higher output on key grades on Tuesday after the country reduced its production in May and June to meet the output cut deal led by the Organisation…

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NNPC is at receiving end of fuel subsidy – GMD/CEO

May 30, 2020

The Nigerian National Petroleum Corporation (NNPC) is at the receiving end of the fuel subsidy regime and will be the first to benefit once it ends. This is according to the Group Managing Director of NNPC, Mele Kyari who was speaking during a Zoom meeting today with media executives. Kyari said the NNPC has been…

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Nigeria’s refineries recorded N50bn loss in 5 months of 2020 – SPE

May 30, 2020

The nation’s three refineries located in Port Harcourt, Kaduna and Warri have recorded a combined loss of N50 billion in five months (January to May) 2020. The disclosure was made by Mr. Joseph Nwakuwe, during a webinar seminar titled ‘Repositioning the newsroom to respond to changes in the oil sector in a COVID-19 era’ organized…

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Oil price crash threatens Nigeria’s gas flaring reduction

May 30, 2020

The oil price crash brought on by the coronavirus pandemic looks set to put a damper on gas flaring reduction efforts in the country as oil firms cut capital spending. International and indigenous oil firms operating in the country have taken a beating from the sharp drop in global oil prices and demand for the…

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