Indigenous oil firms have the capacity to build and operate onshore oil refineries in the country, the Petroleum Technology Association of Nigeria (PETAN), has said.
The Federal Government has reaped over $33 billion from the Nigeria LNG Limited (NLNG) initial investment of $2.5 billion.
Oil hit its highest level wednesday driven by a falling dollar and evidence of declining United States supply, putting the price on course for its strongest monthly performance since last April, the News Agency of Nigeria (NAN) has said.
The restructuring at the Nigerian National Petroleum Corporation has not ended but is ongoing, the Minister of State for Petroleum Resources and Group Managing Director of the oil firm, Dr. Ibe Kachikwu, has said.
Fresh hope of a quicker recovery is on the horizon for cash-strapped Nigeria as the World Bank has raised its 2016 oil price forecast up from the previous level of $37 per barrel to a new height of $41.
Barring any unforeseen circumstance, Lagos Free Trade Zone will play host to the $3.5 billion world largest Floating Production Storage Offloading (FPSO) vessel next year, as part of the integration process that would see the Nigerian components incorporated into the monster ship.
As Nigeria seeks to ramp up oil production, the Nigerian National Petroleum Corporation (NNPC) has approached its joint venture partners and proposed to pay disputed arrears of between $8 billion and $10 billion, saying that oil production shortfalls “could cripple” the industry if left unaddressed.
The Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, has announced that the Port Harcourt Refining Company and the Warri Refining and Petrochemical Company are now producing a combined volume of seven million litres of petrol daily.
The Bayelsa State Governor, Seriake Dickson, has asked President Muhammadu Buhari, to intervene in the face-off between his government and the international oil firms operating in the state.
Crude oil prices hit a year-record high of $46 a barrel yesterday, giving Nigeria a buffer of $8 over its $38 a barrel 2016 budget benchmark, a feat, which it has not attained since January.
Poor record keeping, illicit payments and withdrawals, absence of coordination by government agencies, outdated laws, among others, have resulted in oil revenue loss of N7.1tn by Nigeria.
The Organisation of Petroleum Corporation (OPEC) has attributed the increase in crude oil prices to supply disruptions in Nigeria and Iraq, and signs that US shale oil output is shrinking.
The Nigerian National Petroleum Corporation is in a standoff with energy giants, ExxonMobil and Royal Dutch Shell, over ownership of physical crude cargoes as the country seeks to shore up the budget.
Nigeria’s gas-to-power aspirations may be inching closer to realisation as the Total Exploration and Production Nigeria Limited (TEPNG) declared that its $5.7 billion Oil Mining Licence (OML58) upgrade projects would churn out massive gas supply by July 2016.As crude oil prices fell as much as seven per cent in early trading monday, before rallying slightly, after attempts by some of the world’s biggest producers to freeze output ended without a deal on Sunday, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) will go back to the drawing board to work out a best approach to shore up oil prices.
The global deal between the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers on freezing crude oil output faces fresh hurdles with Saudi Arabia’s demand yesterday that Iran must join the agreement to end the glut in the oil market and stabilise prices.
For Nigeria to properly fix the challenges bedevilling its energy sector, the nation requires about $ 900 billion to further develop the sector over the next 30 years.
Besides, the company’s assets currently stand at about $15 billion (N2.9 trillion).The company, which made this disclosure in its 2016 facts and figures released yesterday in Lagos, put the payment to JV feedgas suppliers from inception till date at $23 billion, of which 55 to 60 per cent of this amount is payable to the Federal Government via its shareholding in the NNPC.
A new analysis from the Natural Resource Governance Institute (NRGI) has shown that the Nigerian National Petroleum Corporation (NNPC) remitted only $2.1 billion out of the $6.3 billion it made from the sale of oil and gas during the second half of 2015.
The Federal Government may use money set aside for funding joint venture projects with foreign and local oil firms to make up any shortfall in the 2016 budget if its revenue projections are not met, the Minister of Finance, Mrs. Kemi Adeosun, has said.
The joint venture of the Nigerian National Petroleum Corporation and Chevron Nigeria Limited has spent a sum of N17bn on various developmental projects in the Niger Delta in the last 10 years.The Kuwait Governor of the Organisation of Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, has said that there are strong indications that a meeting of oil-producing countries on April 17 will reach an agreement to freeze output.
The nation’s power generation is significantly being limited by gas constraints, a development that has driven down electricity supply to households and businesses across the country.
Nigeria’s over $13bn annual crude oil export to India may be under threat as the South Asian country plans to tap its $40 billion worth of oil and gas reserve by attracting $25 billion investments into the sector in a policy to reduce dependence on imported energy. 
Barely one year after Samsung Heavy Industries (SHI) Nigeria Limited, and Lagos Deep Offshore Logistics (LADOL) settled out- of- court, the legal dispute over the $3.8 billion Egina Floating Production Storage Offshore (FPSO) project, a legal firm of Enitan and Associates has stated that it had commenced committal proceedings against some of the promoters of the Egina project, THISDAY has learnt.Contrary to the pledge by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, that lingering fuel scarcity in the country would end on or before Thursday, April 7, marketers and depot owners said on Sunday that consumers might have to endure inadequate supply of the product till May.Fuel subsidy has not been re-introduced by the Federal Government, according to the Petroleum Products Pricing Regulatory Agency (PPPRA). And the government has not increased the prices of petrol. 
The Chief Operating Officer, Downstream Division of the Nigerian National Corporation, Mr. Ikem Obih, has disclosed that the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has negotiated a workable solution to address the challenges of accessing foreign exchange for the importation of petrol by oil marketers.
Amid the lingering fuel crisis in the country, there were indications yesterday from the Petroleum Products Pricing Regulatory Agency (PPPRA) that the product may be sold for N88 per litre at the Nigerian National Petroleum Corporation (NNPC) stations and N88.50 in other stations starting from today.In its bid to reduce fuel importation in the foreseeable future, the Nigerian National Petroleum Corporation (NNPC) has said that nine companies have submitted bids for the co-location of new refineries within the complexes of its three existing refineries in Kaduna, Warri and Port Harcourt.
