US oil prices dipped Thursday, snapping a two-day streak of gains after a top official with OPEC reiterated that the cartel has no plans to cut petroleum production.
The Abuja office of the Department of Petroleum Resources has closed down 22 filling stations in the Federal Capital Territory and its environs due to what it described as undue profiteering.
Royal Dutch Shell says it will axe 6,500 jobs this year and step up spending cuts, to deal with an extended period of lower oil prices.
The Nigeria Liquefied Natural Gas Company (NLNG) is expected to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said, positioning the state-backed gas exporter to expand its share of the growing market.
Oil and gas investors around the world may have decided to put over $200 billion (about N44 trillion) investment on hold due to the declining crude oil prices.
The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, Hajiya Zainab Shamsuna-Ahmed, on Wednesday said between 2009 and 2012, about 160 million barrels of oil valued at $13.7bn was stolen under the watch of the national oil giant, Nigerian National Petroleum Corporation.
The Nigerian National Petroleum Corporation has announced the successful re-streaming of the Port Harcourt and Warri refineries after nine months of phased rehabilitation conducted by its in-house engineers and technicians.
The Independent Marketers Branch (IMB) of the National Union of Petroleum and Natural Gas Workers (NUPENG) has called for total reforms to check the rot and corruption in the petroleum industry.
The United States of America has handed over the names of Nigerian oil thieves to President Muhammadu Buhari, a member of the President’s entourage during last week’s visit to the US confided in the Punch on Tuesday.
Total Nigeria Plc has posted 10 per cent drop in profit before tax for the half year ended June 2015. In a filing with the Nigerian Stock Exchange (NSE), the company’s pre-tax profit declined from N2.178 billion during the comparable period of 2014 to N1.967 billion, accounting for a drop of 10 per cent. Gross earnings of the fuel marketer also dipped to N111.974 billion from N120.157 billion in the previous year.
With 188 trillion standard cubic feet (SCF), of gas resources, making Nigeria the seventh most endowed gas nation in the world and number one in Africa, the nation could have been immuned from the plummeting crude oil business if strategies focus had been made on this strategic option
The decision to split the Nigerian National Petroleum Corporation (NNPC) was taken by the management of the corporation under former Group Managing Director, Andrew Yakubu but the plan did not materialise before he was eased out of office last year.
The Department of Petroleum Resources (DPR) has stated that Nigeria’s gas reserves of 188 trillion cubic feet (TCF) would be exhausted within 79 years from January 1, 2015.
A massive oil spill from the Ossiama-Ogboinbiri and Ogboinbiri-Tebidaba pipelines of Nigerian Agip Oil Company has devastated the environment of Keme-Ebiama, Okpotuwari and Ondewari communities in Southern Ijaw Local Government Area of Bayelsa State.
Italy’s largest oil company, Eni SpA, has joined Shell and Chevron in the sale spree of its onshore assets in Nigeria. It was gathered that the company’s subsidiary in Nigeria, Nigerian Agip Oil Company (NAOC) has already set a target of $5 billion that it would realise from the sale of the onshore assets it operates in Nigeria. One of the rather more intriguing issues in the nation’s capital, Abuja, is the origin of the recent Presidential directive reflected in a memo by an official of the Nigerian National Petroleum Corporation (NNPC) banning 113 vessels from crude oil/gas loading activities in any of the 27 terminals in Nigeria “until further notice.” The ban, however, is causing ripples in the international oil and gas industry.
Past
governments have generally responded to this electricity debacle by announcing
new targets for electricity capacity, along the lines of “10,000 MW by the end
of the year”. In the last 15 years,
public money spent in the electrical sector has accumulated to nearly $30
billion and two years have passed since the privatization of the Generation
Companies (GENCOs) and Distribution Companies (DISCOs). Yet
despite these major efforts, the daily electricity distributed remains almost
unchanged between 2500 – 4000MW and Nigerians see little or no improvement. Electrical capacity has physically increased,
only for the owners to discover there is not enough gas to run them. Even if there was enough fuel, as the Vice
President Professor Osinbajo noted recently, the transmission capacity is only
about 5000 MW. 
These
two IOC/NNPC power plants have been the workhorses of the existing gas-fired
capacity. With the right policy support,
the number and capacity of IOC/NNPC power plants could expand significantly and
continue to play a core role in the nation’s electricity. Importantly, several IOC/NNPC
JVs already have plans and designs in place to increase the capacity of
existing facilities and to build new ones. The merits of the IOC/NNPC JV power plants derive
from several key factors – gas supply certainty, advanced technology, available
financing, and extensive expertise. 
The relative stability enjoyed from the recent fuel supply crises across the country may have been worsened by the Arepo pipeline explosion on the system 2B that allegedly claimed over 100 lives on Tuesday. Due to the crisis, the Nigerian National Petroleum Corporation (NNPC) took up the challenge to cover up the importation gap created by the aggrieved marketers
Stakeholders have raised alarm over the non-utilisation of the 188 Trillion Cubic Feet (TCF) of Nigeria’s gas reserves, with a large portion of it regarded ‘stranded’.
Plans by the Nigerian Liquefied Natural Gas Limited (NLNG) to site its proposed shipyard in Lagos State rather than its key operational base in Bonny Island, Rivers State, are a great injustice to the people of the area, the chiefs and lawmakers in Bonny Kingdom have said.
President Muhammadu Buhari has pledged to recover “mind-boggling” amounts of stolen oil money and bring those responsible to book, his spokesman said on Wednesday.
The Nigerian Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE) have both validated the rights of Geometric Power Aba Limited, to generate, transmit and distribute power to and within the Aba and Ariaria districts in Abia State.
For the umpteenth time, another explosion was recorded on Wednesday at one of the pipelines of the Nigerian National Petroleum Corporation (NNPC) at the Arepo area of Ogun State and purportedly killed several pipeline vandals.
Nigeria's economy may face tougher times this year due to a cocktail of challenges assailing the country’s crude oil business. The country has been contending with the plummeting crude oil prices and the United State’s shale boom, which resulted to total halt in import to U.S.Besides seeing its oil revenue drastically reduced in the wake of global oil price slump and domestic production shortfalls due to oil theft and pipeline vandalism, Nigeria has been struggling to find buyers for its premium quality Bonny Light crude in recently times.
Crude oil prices struggled to stay around $50 yesterday, amid persistent concerns over global oil glut as against the $53.79 it recorded the previous day.
As the scarcity of petrol persists across the country, marketers of the commodity have denied allegation of product diversion levelled against them by the Nigerian National Petroleum Corporation.
President Muhammadu Buhari has been urged to urgently unveil a policy direction and action his government will take to eradicate oil theft.
Nigeria could lose about N333billion in crude oil revenues by year end, following the nuclear deal reached with Iran by world powers on Tuesday July 14, 2015.
The current drop in the shale and crude oil production by the United States may boost prospects for increased global demand, which has the potential to increase the price at the international market.
Rivers State Governor, Nyesom Wike has commended Nigerian technical staff of the Port Harcourt Refining Company (PHRC) for efficiently concluding the Turn Around Maintenance (TAM) of the facility.
Against unsavoury background of global market glut, Nigeria’s crude oil’s appeal to consuming nations may have sagged further, with over 15 cargoes remaining unsold for July delivery alone.
A director of the Nigerian National Petroleum Corporation has said that operatives of the Department of State Services have interrogated him 11 different times since May over crude oil swap deals with traders.
Nigeria and her Joint Venture (JV) partners which include ExxonMobil, Shell, Chevron, Agip, Total and others, earned $3.44 billion from crude oil export in June 2015 going by the daily production output of 1.903 million bpd at the monthly average price of $60.21 per barrel for the month of June.
The Ojodu Local Council Development Area of Lagos State on Monday apprehended a middle-aged man Innocent Nwevo, with 47 kegs of Premium Motor Spirit (PMS) otherwise known as Petrol in Ogba area, Lagos State.
President Muhammadu Buhari has ordered the review of crude swap deals initiated by the Nigerian National Petroleum Corporation, NNPC, with several companies for refined products.
The Presidency on Monday said President Muhammadu Buhari would consider the All Progressives Congress’ call for the probe of former President Goodluck Jonathan’s administration over $5.5bn dividends said to have been paid to the Federal Government by the Nigeria Liquefied Natural Gas Limited.
Victims of the Agip pipeline explosion that claimed 12 persons along the Tebidaba-Clough Creek line in the Azuzuama area of the State were on Sunday identified.
Amid sustained low oil prices in the international market, Nigeria saw a significant decline in the import of its crude by some of the main buyers, including India, in the first quarter of the year.
The Nigerian government’s ambitions for improving electricity supplies are “not remotely realistic”, a report by experts advising the presidency says, an early blow to one of President Muhammadu Buhari’s most important reform promises.
In a bid to end the fuel shortages across the country, the federal government has approved fuel import allocations for the third quarter of 2015 to 29 oil marketing and trading companies. The 29 marketers include the Nigerian National Petroleum Corporation (NNPC), which in the last couple of months has struggled to sustain supply.
The absence of a bankable commercial framework continues to pull the plug on huge gas investments badly needed to meet the country’s growing power supply needs, industry experts have said. 
Despite assurances by the Nigerian National Petroleum Corporation that the Port Harcourt Refining Company Limited will start refining crude oil by the end of last month, findings have shown that the plant has yet to start delivering on the target. This is coming as civil society organisations have called on the Federal 
During the early 1970s, Saudi Arabia cut production as a reminder that it held the cards to the world’s petroleum resources. What the swing country did not count on was the slew of development and production that would subsequently take place in the North Sea. As a result, a new oil supply was born far away from the Middle East. Fast forward to today: With oil saturating the market again, Saudi Arabia has kept its spigots on this time to try and prove once again its place on top of the hydrocarbon pyramid. 
The Federal Government has reportedly agreed to pay outstanding subsidy claims of N159bn to oil marketers, who import refined petroleum products into the country although some of the marketers say the debt has climbed to N300bn.
There are indications that Nigeria’s crude oil export would spike up in August against the previous months, even as some overhang July cargoes struggle to find buyers.
