By Obas Esiedesa, Abuja The Federal Government has said high-level cases of oil theft have become a threat to the country’s corporate and economic existence, with the industry now thinking of transporting crude oil from fields to export terminals by trucks. This is as it raised an alarm over the rising rate of crude oil […]

By Victor Ahiuma-Young, Samuel Oyadongha & Davies Iheamnachor The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN; Pan Niger Delta Forum, PANDEF; and Host Communities Organisation, HOSTCOM,  yesterday, disagreed over alleged involvement of Niger Delta stakeholders in crude oil theft and vandalism. President of PENGASSAN, Festus Osifo, who addressed newsmen in Lagos, said the […]

THE price of Bonny Light, Nigeria’s premium oil grade, has surged further to $86.55, from $83.88 recorded last Wednesday, due majorly to sustained efforts of the Organisation of Petroleum Exporting Countries, OPEC, to achieve stability in the global market.

Nigeria has regained the top spot among crude oil-producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November. The Organisation of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December which was obtained by the News Agency of Nigeria (NAN) on […]

By Prince Okafor As the prices of crude continue to leap, due mainly to shortages in the United States and recovery from the coronavirus pandemic, experts have predicted further rise to $90 per barrel, from $78 in the global market. An energy analyst with Goldman Sach Group, Damien Courvalin, said: “While we have long held […]

By Deborah Oghenebrume The Nigerian National  Petroleum Corporation, NNPC, has explained issues involving the alleged under-remittance of N3.8 trillion from crude oil sales to the Federation Account between January and December 2015. The Senate had Wednesday, faulted the NNPC over alleged under-remittance of N3.8 trillion revenue from domestic crude oil sales to the Federation Account […]

Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) said in its latest audit report. The News Agency of Nigeria (NAN) reports that the report on Oil and Gas was presented to the Media and Civil Society Organisations by […]

By Obas Esiedesa Crude oil production in Nigeria fell by 6.32 percent to 1.344 million barrels per day in May, 2021 compared to 1.429 million barrels per day recorded in April 2021, latest data from the Organization of Petroleum Exporting Countries, OPEC, has shown. The report also indicated that Nigeria’s average daily oil production in […]

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day. “According to secondary sources, […]

By Udeme Akpan In an apparent reflection of the measures taken to achieve stability in the global market by the Organisation of Petroleum Exporting Countries, OPEC, pipeline vandalism and oil theft in the Niger-Delta, Nigeria’s oil production has fallen by 30 per cent in the last four years to 1.423 million barrels per day, mb/d […]

 By Samuel Oyadongha & Emem Idio – Yenagoa Tension heightened Friday in the oil-rich Biseni Community in Yenagoa Local Government Area of Bayelsa State as youths and women prevented men of the Nigerian Army from freeing five tankers conveying crude oil believed to have been stolen. A community source who spoke anonymously, told Vanguard, “last […]

By Emma Ujah – Abuja The Office of the Accountant General of the Federation (OAGF) has pledged to support the Nigeria Extractive Industries Transparency Initiative (NEITI) in tracking oil and gas revenue that accrue to the Federal Government to ensure appropriate remittances. The Accountant General of the Federation (AGF), Mr Ahmed Idris, gave the pledge […]

The Department of Petroleum Resources (DPR) on Friday defended itself against claims by the Nigeria Extractive Industries Transparency Initiative, NEITI, that no Nigerian knows the exact volume of crude oil produced in the country especially at deep offshore field. Mr Paul Osu, Head, Public Affairs, DPR, in a statement issued in Lagos, said every litre […]

The Department of Petroleum Resources (DPR) on Friday debunked claims that the exact volume of crude oil produced in the country was not known. Mr Paul Osu, Head, Public Affairs, DPR, in a statement issued in Lagos, said every litre of crude produced in the country was adequately captured during the process of extraction. Osu […]

…Seeks media support for reforms By Obas Esiedesa THE Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, NEITI, Dr. Orji Ogbonnaya Orji has stated that no Nigerian knows the exact volume of crude oil produced in Nigeria especially at deep offshore fields. Dr. Orji explained that the absence of meters at wellheads and the […]