The House of Representatives and the Nigerian Law Reform Commission are set to commence debate on the need for the reform of the legal framework of the nation’s petroleum industry.
Saudi Arabia is offering extra crude to customers in Asia, a sign the world’s largest oil exporter does not intend to cut output as it battles for market share with other top producers.
Nigeria, which recently lost its Africa’s top oil producer status to Angola on the back of huge decline in its output, stands a chance of losing some of its traditional buyers to rival producers such as Iran and Saudi Arabia, industry experts have said.Global oil benchmark, Brent crude, on Thursday traded above $50 per barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery.
Another setback hit the nation’s oil production yesterday as the militant group, Niger Delta Avengers (NDA), blew up a facility belonging to Chevron Nigeria Limited (CNL), the main gas pipeline which provides electricity to the Escravos tank farm in Delta State.
It was gathered that the meeting, which was attended by the Edo State Governor, Mr. Adams Oshiomhole; Minister of Niger Delta Affairs, Usani Usani; National Security Adviser, Maj. Gen. Babagana Monguno (retd); and Special Adviser to the President on Niger Delta, Brig. Gen. Paul Boroh (retd.), was arranged by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
Former President, Cheif Olusegun Obasanjo, has revealed that the refusal of international oil companies (IOCS) to convert gas to power contributed to the deteriorated state of electricity in the country.
Major oil marketers are considering investment in refineries, describing the recent hike in petrol price as the boldest attempt at the deregulation of the nation’s downstream sector.
The House committee chaired by Hon. Ahmed Yerima (Bauchi APC) at its sitting wednesday accused the NNPC of acting unilaterally without consulting other stakeholders on its proposed outsourcing of the refineries, saying the NNPC had violated section 11 of the Bureau of Public Enterprise (BPE) Act 2009.
The U.S., which had earlier abandoned crude oil import from Nigeria due to its shale evolution, started buying the commodity in May last year with 948,577 barrels and gradually increased to 3.9 million barrels in November 2015.
Contrary to application of brutal force against militants in the Niger Delta region, the federal government has been advised to engage the vandals who have been attacking oil installations in the region in dialogue.
Unless the Federal Government and investors in the nation’s oil and gas sector invest about $29 billion (about N5.7 trillion) between now and 2019, the country’s crude oil production may decline from its present state of two million to 300,000 barrels per day.
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday revealed how the Nigerian National Petroleum Corporation (NNPC) and its sub-units either lost or refused to remit a total of N2.23 trillion, consisting of $9.75 billion and N378.67 billion, to the federation account as earnings from various aspects of its operations in 2013.
Suspected militants have attacked and set ablaze a pipeline belonging to the Nigerian Agip Oil Company (NAOC) at Ikienghenbiri community in Southern Ijaw Local Council of Bayelsa State. 
Nigeria is currently unable to participate in the move to a 6 month high by crude prices, as what was once Africa’s largest producer sees its daily crude output slide by 36 percent to 1.4 million barrels per day (bd), due to sabotage by militants in the Niger Delta region. 
The National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has urged Nigerians not to lament the removal of fuel subsidy, which he described as a heavy yoke that the government could not allow to linger.
The ad hoc Committee on Crude Oil Theft Prevention and Control of the National Economic Council (NEC) has revealed that government does not have adequate operational vessels to patrol and secure the network of pipelines in the Niger Delta.
The House of Representatives on Wednesday made a formal declaration of support for the decision of the Federal Government to remove the subsidy on Premium Motor Spirit, better known as petrol.
There were indications on Tuesday evening that armed militants operating in the Niger Delta may have again blown up a gas pipeline operated by Nigerian Agip Oil Company (NAOC) at Ogbembiri in Southern Ijaw Local Government Area of Bayelsa State.
Notwithstanding the pains being elicited by the deregulation policy of the Federal Government, major stakeholders in the petroleum sector have maintained that the new era would completely eradicate the recurrent fuel queues and spur more investments in refineries and retail businesses.
Despite the order yesterday of the National Industrial Court sitting in Abuja stopping the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) from embarking on the planned strike over the increase in fuel price, the labour unions have insisted on going ahead with the action beginning today.
Former President Olusegun Obasanjo yesterday expressed regret for not privatising the Nigerian National Petroleum Corporation (NNPC) while in office.
Iyobosa Uwugiaren, Damilola Oyedele, Chineme Okafor, Paul Obi in Abuja and Ejiofor Alike in Lagos with agency report
The House of Representatives on Monday urged the leadership of the Nigeria Labour Congress to suspend the union’s planned strike to protest the removal of subsidy on petrol by the Federal Government.
The Federal Government has invited the leadership of organised labour to a meeting in the Office of the Secretary to the Government of the Federation on Monday to discuss the increase of fuel pump price from N86 and N86.50k to N145.
After months of speculation and lobbying, the federal government took a bold move to liberalise the petrol market by introducing a price band for the product with a price cap of N145/litre and a floor of N135/litre.
With the declaration of force majeure on Bonny Light exports by Shell Petroleum Development Company of Nigeria Limited, about 400,000 barrels per day of Nigeria’s production has now been shut in. Force majeure is a legal clause that allows an oil firm to stop shipments without breaching contracts.
After the trillions of naira spent by successive administrations sustaining the corrupt and hugely inefficient fuel subsidy regime, wednesday the Muhammadu Buhari administration finally summoned up the courage to remove the subsidy on petrol, stating that it would now sell for not more than N145 a litre.
Ahead of the federal government’s announcement tomorrow on the removal of subsidy on petrol, Vice-President Yemi Osinbajo has said that the government will have to take tough decisions on the desirability of retaining fuel subsidies, adding that it had become necessary to remove them.
As part of strategies to end the fuel crisis, new refineries will soon be built, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said yesterday.
Nigeria appears to be the least prepared among OPEC countries to take advantage of a higher oil price regime, should prospects for the global market continue to improve as has been the case in the last three weeks, analysts say. 
Vice President Yemi Osinbajo, yesterday held two separate meetings over the recent blowing up of pipelines conveying crude oil and gas and threatening the operations of two of the nation’s refineries and power plants.
Experts say the Nigerian National Petroleum Corporation’s (NNPC) plan to resume exploratory activities in the Chad Basin in the last quarter of 2016, may not be viable for Nigeria in the short and medium term. Studies have indicated that the Nigerian end of the Chad Basin has little potential for commercial oil exploration.
Militants in the Niger Delta yesterday blew up the Chevron Valve Platform located on the high sea near Escravos in Warri, Delta State in a renewed attack on oil installations in the country.
The International Energy Information Administration (IEA) has estimated that a yearly $630 billion worldwide upstream oil and gas investment is required to compensate for declining production at existing fields.The participation of local firms in the Nigerian oil and gas industry may have fallen significantly as the slump in global crude oil prices has left many of them without contracts.
A Three-Year target to achieve self-sufficiency in refined petroleum products was among 34 priority projects the Federal Executive Council (FEC) formally unveiled yesterday.\
The Integrated Oil and Gas Limited has confirmed that its 20,000 bpd modular refinery is on course and will be coming on stream in 2017.
Indications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, yesterday disclosed that Nigeria would start oil drilling activities in the Chad Basin by the last quarter of 2016.
