The nation’s refineries lost a total of N152.08bn in 15 consecutive months of being idle, the latest data from the Nigerian National Petroleum Corporation have shown. Analysis of data collated from NNPC monthly reports revealed that all the refineries did not refine crude oil from July 2019 to September 2020. The refineries, which are located…

The production policies of the non-member countries of the Organisation of Petroleum Exporting Countries (OPEC+) and pandemic’s path will continue to drive global oil prices in the year and result in global oil demand declining marginally in the first quarter (Q1) of 2021, as many regions, including many European countries, re-introduce mobility restrictions, global rating…

Nigeria’s Department of Petroleum Resources has approved the use of intrusion detection pipeline technology in the domestic oil and gas sector. The Safepipe and Retrofit technology will help identify and manage external corrosion, leaks and other interferences, following technical evaluation and fitness checking of the technology by approval officers. According to Mohammed Abdulkarim, Director of…

A Dutch appeals court on Friday will decide whether Royal Dutch Shell is responsible for damage caused by oil spills in the Niger Delta, in a ruling which could pave the way for more cases against the energy company. A lower court in The Hague in 2013 said Shell’s Nigerian subsidiary SPDC was responsible for…

Seplat Petroleum Development Company Plc has appointed Mr Okechukwu Mba as the Managing Director of ANOH Gas Processing Company (AGPC) Limited. It is the Incorporated Joint Venture (IJV) between Seplat and the Nigerian Gas Company; ANOH is a wholly-owned subsidiary of Nigerian National Petroleum Corporation (“NNPC”) and processes gas from OML 53 for distribution to…

Nigerian National Petroleum Corporation (NNPC) yesterday announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), generated N1.95 trillion from the sale of petroleum products from October 2019 to October 2020. Of the amount, Premium Motor Spirit (PMS) also known as petrol accounting for about 99.07 per cent of the total sales with a…

The Federal Government is expecting the passage of the Petroleum Industry Bill by the National Assembly in March or April, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said on Thursday. Sylva said this on the side-lines of the groundbreaking and foundation laying ceremony of the headquarters building of the Department of Petroleum…

Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammed Barkindo, yesterday said the current moves by countries and big investors to divest from the oil and gas industry will not reduce global emissions. He explained that rather than shutting down the industry by withdrawing investments, the international community should focus on reducing greenhouse…

Nigeria’s foreign exchange (forex) reserves rose from $34.94 billion last November to $36.23 billion by January 21, 2021 on the back of increase in global crude oil prices. Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, who spoke at the end of the Monetary Policy Committee (MPC) meeting of the bank, said the increase reflected…