Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mr Mohammed Barkindo, has urged member countries not to flout last April’s deal to cut their crude oil production quotas, despite recent noticeable improvement in the international market. Barkindo, who spoke with Energy Intelligence, according to the international oil cartel Tuesday, also advised OPEC+ members to…
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Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of a possible hike in petrol price in Nigeria any time soon. An analysis of global oil trading rates on Monday showed that Brent crude traded at $35.61 per barrel as of 9.32am Central…
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The Nigerian National Petroleum Corporation (NNPC) says it currently has 6,621 staff strength both at its headquarters and across all its subsidiaries, divisions and offices nationwide. The corporation disclosed this in its report of compliance with the Extractive Industries Transparency Initiative’s (EITI) Open Data requirements, released in Abuja on Monday. The report disclosed that the…
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The new price is about $9.1 per barrel higher than the $25 per barrel price benchmark in the latest 2020 budget. However, the Organisation of Petroleum Exporting Countries, OPEC, expect the market, which has been very volatile in recent times to witness much stability in the coming months because of its increased efforts in engaging…
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Analysts in Nigeria ‘s oil and gas sector have expressed fears that without proper template from the Petroleum products Pricing Regulatory Agency, PPPRA in the ‘no more subsidy regime’, Nigeria may be heading to an arbitrage forex regime which could see the nation return to the ugly period of fuel cues across the country. This…
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The country’s revenue from oil and gas dropped by N425.52bn in the first quarter of 2020 to N940.91bn, Minister of Finance, Budget and National Planning, Zainab Ahmed, said on Friday. She disclosed this in her presentation at the National Economic Council’s first virtual meeting, according to a statement by the Senior Special Assistant to the…
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The National Oil Spills Detection and Response Agency (NOSDRA) of Nigeria reported that the two recent leaks from Nigerian Agip Oil Company (NAOC) oil fields in Southern Ijaw and Brass Local Government Areas of Bayelsa were caused by equipment failure. The spill occurred two weeks ago on the 24-inch Ogoda-Brass crude oil trunk line and…
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Nigeria’s Department of Petroleum Resources (DPR) says it had novated the contract to the Drilling Contractor working on the re-entry of Ororo-1, a full month before the fire erupted on the rig on May 15, 2020. The novation was made at the time of revocation order on the award of the Ororo marginal field on…
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Nigerian economic growth beat estimates in the first quarter as oil production rose to the highest in at least four years. Gross domestic product expanded 1.87% in the three months through March from a year earlier, compared with growth of 2.55% in the previous quarter, the Abuja-based National Bureau of Statistics said on its website…
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