Iran demanded on Wednesday that U.S. oil production levels must be known before an upcoming OPEC meeting with Russia and others seeking to boost global energy prices. The meeting of the so-called OPEC+ is scheduled to be held Thursday after officials delayed it following Saudi Arabia criticizing Russia over its comments about the price collapse. […]

…faults National grid system By Ediri Ejoh In a bid to address challenges in the power sector, the Nigerian Electricity Regulatory Commission, NERC, has directed the Electricity Distribution Companie, DISCOs to finalise and submit their Performance Improvement Plans (PIPs). This was revealed in the 2019 third-quarter report released by the NERC. According to the report, […]

•As oil demand sets to drop further by 10 % — Report By Udeme Akpan With the outbreak of coronavirus in China and spread to other economies, including Nigeria, crude oil price has dropped from over $60 to $22 per barrel. This occurred as the disease has culminated in the closure of many oil-driven industries […]

Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation and CNL, affirms that none of its employees has contracted the COVID-19 (Coronavirus) infection. “Chevron continues to monitor the Coronavirus (COVID-19) outbreak around the world and has been utilizing the guidance of international and local health authorities. “We are regularly […]

The world is set for its first annual decline in oil consumption in more than a decade due to the impact of the coronavirus outbreak, the IEA said Monday. In its latest report —  which did not take into account an oil price war  after Saudi Arabia and Russia failed to agree to continue production […]

The Ibadan Electricity Distribution Company (IBEDC) on Wednesday urged its customers in Ogun to support its planed upward review of tariff. The Chief Commercial Officer of IBEDC, Mr Deolu Ijose, at a stakeholders meeting in Abeokuta, said the proposed tariff regime was to enable the company improve its services to customers. Ijose said the proposed […]

By Michael Eboh The Federal Government allayed fears over a disruption in petroleum products supply in Nigeria due to the spread of the Coronavirus, COVID-19, stating that in January 2020, 1.829 billion litres of Premium Motor Spirit, PMS, also known as petrol, was supplied across the country. In a statement in Abuja, Executive Secretary of […]

By Gabriel Ewepu THE Federal Government on Thursday, declared that era of criminalizing illegal miners is over as it holds consultative meeting on formalization of artisanal miners into cooperatives, and small-scale miners into larger mineral and financial enterprises. The Minister of Mines and Steel Development, Architect Olamilekan Adegbite made the declaration, at the maiden public […]

By Ediri Ejoh With Agency Report Shell is preparing maintenance of strategic oil field, the Bonga oilfield between March and April, though the impact on production and exact dates are still being finalised. Shell operates the offshore field via its Nigerian subsidiary SNEPCo. In March, around 153,000 barrels per day (bpd) of crude were due […]

By Michael Eboh NNPC Retail Limited, the downstream and petroleum products marketing subsidiary of the Nigerian National Petroleum Corporation, NNPC, weekend, confirmed its investment and diversification into the lubricants segment of the industry, with the launch of six lubricating oils for petrol and diesel engines. Speaking at the launch of the products in Abuja, Managing […]

By Udeme Akpan & Sebastine Obasi With its 202 trillion standard cubic feet of gas reserves, many global stakeholders had expected Nigeria to harness adequate gas for domestic use and export before 2020 for many reasons. First, its gas reserves are in excess of oil, estimated at 37 billion barrels. Second, gas is a cleaner […]

By Sebastine Obasi There are indications that Nigeria’s compressed natural gas, CNG, deficit may not abate in the near future as inappropriate pricing, poor state of infrastructure and non-existence of a regulating agency are yet to be settled. Outlining these challenges during a visit to NIPCO facilities in Benin, Edo State, Managing Director, NIPCO Gas […]

…Hinders generation of 66,645mw in three weeks …Indicates an increase of 45.4% By Udeme Akpan Despite Nigeria’s huge proven gas reserves of 202 trillion standard cubic feet, lack of gas has constrained the generation of 66,645 megawatts, MW, and by extension supply, in the first three weeks of February 2020. This showed an increase of […]

By Michael Eboh Petroleum products marketers, under the aegis of Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, said they have entered into discussions with financial institutions in the country to help finance the Local Purchase Order, LPO, of its members. Addressing reporters in Abuja, after the group’s National Executive Council, NEC, meeting, National […]

By Ediri Ejoh The Federal Government has slashed the price of crude oil export for the month of March as no Nigerian cargo is sailing to China in February. Nigeria is becoming increasingly dependent on European demand and the Nigerian National Petroleum Corporation, NNPC, has effectuated an across-the-board price cut on its March 2020 official […]