Most of the major fuel marketers in the country have released their financial results for the first quarter of 2020 which showed losses and significant declines in profits, ’FEMI ASU reports Three of the seven oil marketing firms listed on the Nigerian Stock Exchange posted a total loss of N1.57bn in the three months ended…

Oil installations in the country could be shut down as Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and its Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, have threatened to embark on a three-day warning strike from Wednesday. The industrial action is on concerns of alleged forceful enrollment of members into…

Nigeria will this week start prosecuting suspected pirates under a new law, a senior official said. The Gulf of Guinea in West Africa is a global hotspot for attacks against ships. There was a spike in hostage-taking in 2019, with the area accounting for more than 90% of kidnappings of crew reported at sea last…

Oil turned around last week’s setback, extending a slow but relentless rise since falling into negative territory in April. U.S. benchmark crude futures rose 2.3% Friday to close at the highest level since March 6. The 9.6% increase for the week marks the seventh gain in the last eight weeks. Oil traders Vitol Group and…

Nigeria has been losing about 44,000 barrels of crude oil daily since Saturday following the shutdown of the Odidi and Batan oil flow stations by protesting youths in some Delta oil-producing communities. The flow stations remained shut as of Sunday evening, it was gathered. Aggrieved youths from Odidi/Kantu and Diebiri-Batan communities in Warri South West…

Delta State Government has approved the setting up of a modular refinery, and commencement of work at an agro-industrial park in the state, which will be funded from an N8billion loan from the Central Bank of Nigeria (CBN). The Government also appointed a committee to assess how the land occupied by the moribund Africa Timber…

According to a survey by 4 NGOs, Shell cleaned 11% of sites it has contaminated with discharges in the Niger Delta. Also only 5% additional sites are planned to be processed, while no individual perimeters n ‘ has been fully decontaminated. Almost 10 years after committing to clean up several areas where it spilled oil…

The Department of Petroleum Resources (DPR) has sealed two petrol stations in Abuja for selling the Premium Motor Spirit (PMS) above the regulated price band of N121.50/N123.50 per litre. This is even as the agency announced that it was already working towards apprehending sellers of adulterated diesel across the country. DPR Zonal Operations Controller, North-Central,…

Nigeria and other members of the Organisation of Petroleum Exporting Countries have said the global oil market will recover in the second half of this year. OPEC said on Wednesday that world oil demand was anticipated to decline by 6.4 million barrels per day in the second half, compared with a decline of 11.9 million…