The Federal Government received N18.99 billion from the Nigerian National Petroleum Corporation (NNPC) during the second quarter of 2016, being installmental refund of the corporation’s indebtedness to the government.
Global refinery earnings were lower in second-quarter of 2016 compared with the same period last year and are converging among different locations globally, according to the U.S. Energy Information Administration.
Based on United States (U.S.) Energy Information Administration (EIA) price forecasts, revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC), is expected to fall to $341 billion in 2016.
The attempt by the Ministry of Petroleum Resources to assume control over the proposed Incorporated Joint Ventures (IJVs) and the Asset Management Company to be created by the new Petroleum Industry Bill (PIB) may set the ministry on a collision course with the Nigerian National Petroleum Corporation (NNPC), THISDAY investigations have revealed.
As banks and other lenders have begun a recovery programme to recoup loans and debt from the downstream sector of the oil industry, the Major Oil Marketers Association of Nigeria (MOMAN) has appealed to the Federal Government to ensure payment of two years accumulated claims on interest and foreign exchange differentials of over $800 to allow for free flow of Premium Motor Spirit in Nigeria (PMS) in the country.
Nigeria lost $30 billion in oil revenue between 2014 and 2015, the Executive Director, Nigerian Export Promotion Council (NEPC), Olusegun Awolowo, has said.
As the Federal Government’s drive for oil and gas exploration in the nation’s inland basins gathers momentum, the need for the right policy to encourage private investment has come to the fore.
Nigerian Agip Oil Company, a subsidiary of Italian oil major, Eni, said it had embarked on the development of the Zabazaba deepwater project offshore Nigeria despite the low oil price environment.
Nigeria and other African countries should reform their regulatory, fiscal and licensing systems to attract oil and gas investors, a professional services firm, PwC, has said.
The activities of pipeline vandals and oil thieves are taking a toll on the operations of the Nigerian National Petroleum Corporation as the oil firm suffered 1,447 incidents of pipeline breaches between January and May 2016.
The Chairman, National Association of Energy Correspondent (NAEC), Yusuf Yunus (left); and Managing Director/Chief Executive Officer, Nigeria LNG Limited, Babs Omotowa; Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, acting Managing Director, Niger Delta Power Holding Company (NDPHC),Chiedu Agbo, at the NAEC yearly conference in Lagos.
This picture taken on June 8, 2016 shows a fuel storage facility in Warri, Delta State on June 8, 2016. The oil rich Delta region in Nigeria has seen the rise of a new militant group that has vowed to cripple the economy, due to the actions of the Delta Avengers Nigeria’s oil production has dropped to a 20-year low drastically affecting economy. 
The Movement for the Emancipation of the Niger Delta (MEND) monday said though it welcomed the recent decision by the Niger Delta Avengers (NDA) to ceasefire and dialogue with the federal government, it would effectively pull out of the peace process if elder statesman, Chief Edwin Clark, agrees to lead negotiations.
As the Federal Government progresses with the passage of the Petroleum Industry Bill (PIB), oil workers have called for due consideration of labour issues in the companies that may be affected in the post-PIB regime.
International oil benchmark, Brent crude, retreated on Monday, falling below the $50 per barrel mark on worries about growing Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count.
A rights advocacy group, the Socio-Economic Rights and Accountability Project, has called on the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), to reopen the unresolved case of the “missing $12.4bn oil windfall.”
The ceasefire announced by the militant group, the Niger Delta Avengers, on Saturday night has offered new hope for the resolution of the crisis in the oil-rich region as several stakeholders welcomed the development on Sunday.Global oil benchmark, Brent crude, hit an eight-week high on Thursday as the world’s biggest producers prepared to discuss a possible freeze in production levels.
The Nigeria Liquefied Natural Gas (NLNG) has warned that any move to tinker with the 2004 Act would violate bilateral agreements with international investors as well as cost the country a whooping $25 billion in Foreign Direct Investment (FDI) and fines running in billions at the International Courts.
As Nigeria’s oil and gas sector awaits the passage of the Petroleum Industry Bill (PIB) to provide clarity on the terms of investments, the Minister of State for Petroleum, Dr. Ibe Kachikwu, has stated that the federal government would finalise four new additional policies in the sector by the end of October this year.
The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account.
The Niger Delta Avengers wednesday disowned a statement to the effect that the militant group had agreed to negotiate with the federal government to end the current crisis in the Niger Delta region.
The Petroleum and Natural Gas Senior Staff Association of Nigeria has said the Petroleum Industry Bill in the National Assembly may suffer the same fate that befell it during the last two consecutive legislative tenures.
The current practice by the Organisation of the Petroleum Exporting Countries (OPEC) members of cutting the prices of their crude oil goes beyond just retaining market share.
President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC) to begin to search for crude oil and gas from the Benue Trough, NNPC’s Group Managing Director, Maikanti Baru, disclosed tuesday.
The Niger Delta Avengers on Sunday warned the Niger Delta elders to desist from appealing to the group to accept the proposed dialogue by the Federal Government, noting that President Muhammadu Buhari is insincere and therefore should not be trusted.
The Presidency will present to the National Assembly three harmonised bills from the omnibus Petroleum Industry Bill (PIB), the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed.
The Niger Delta Greenland Justice Mandate (NDGM) has vowed to blow up more oil installations, if government does not meet its demand for inclusion in negotiations with other militant groups.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Kacalla Baru, has said the NNPC under his watch will continue with the previous initiatives to further grow the business and increase profitability as envisioned by the founders of the Corporation.He made this assertion during his maiden town hall meeting with members of staff at the NNPC Towers in Abuja.
Five months after it overtook Nigeria as Africa’s top oil producer, Angola retained the status in July despite a reported increase of 147,400 barrels per day in Nigeria’s production, data from the Organisation of Petroleum Exporting Countries have shown.
Nigeria is fast losing its clout among global oil producers as the country recorded the highest drop in crude production in the Organisation of Petroleum Exporting Countries (OPEC) in July.
The needless struggle for supremacy led by the executive arm of government is the bane behind the current stalemate on the legislation and passage of Petroleum Industry Bill (PIB) by the National Assembly, THISDAY has learnt.The Nigerian National Petroleum Corporation has hinged the inability of the country to reach the Four million production and 40 billion reserve target on funding constraints, infrastructure vandalism, security concerns and a host of others.\Regulators of the oil and gas sector have denied alleged plans to import crude oil from neighbouring African countries.Weighed down by lower crude oil prices, weak refinery margin and renewed militant attack on facilities in the Niger Delta, some International Oil Companies (IOCs) as well as indigenous firms have suffered a loss of over N2.26 trillion in the first half of 2016.
As part of the efforts to address frequent disruptions to the supply of crude oil to the Kaduna Refinery and Petrochemical Company (KRPC) as a result of the Niger Delta militancy, the Nigerian National Petroleum Corporation (NNPC) is considering importing crude oil from Chad and Niger Republic, investigations by THISDAY have revealed.
The Nigerian National Petroleum Corporation (NNPC) said it paid the N55.96 billion into the Federation Account in the month of June. This is contained in the corporation’s monthly financial report for the month of June released in Abuja on Sunday.
Stakeholders in the oil and gas sector say that unless the discretionary powers given the president of Nigeria to award oil acreages in the petroleum laws are reversed, the purported reforms in the oil and gas sector will amount to a charade.
Another practical step towards the cleanup of Ogoniland was taken yesterday by the Federal Government when it inaugurated the governing council and Board of Trustees (BoT) for the hydrocarbon pollution remediation project.
The expected oil-related N820 billion revenue to finance the 2016 budget is being threatened by the recent reduction of prices for Arab light by the world’s highest producer of crude oil, Saudi Arabia.
The Chairman, Committee on Local Content in the House of Representatives, Mr. Emmanuel Ekon, has stressed the need for increased participation of local firms in the nation’s oil and gas industry to curb capital flight.
The dip in profits reported by oil majors in their second-quarter 2016 outlook released last week may yet put further strain on Nigeria’s depleting oil revenue and 2017 budget projections, as taxes and royalties from their operations in Nigeria plateau. 
The participation of local firms in the Nigerian oil and gas industry have fallen significantly as the slump in global crude oil prices left many of them without contracts.
As the federal government resumed cash payments to militants in the Niger Delta, it was revealed on Tuesday that up to 70 per cent of oil and gas production from traditional onshore and shallow water terrain has been locked in due to the attacks on oil infrastructure in the region.Nigeria may have lost an estimated N2.56 trillion ($8 billion) to the lingering price dispute between the International Oil Companies (IOCs) and Crude Oil Marketing Division (COMD) of the Nigerian National Petroleum Corporation (NNPC).
Former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mohammad Sanusi Barkindo, monday assumed office as the Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) at the agency’s secretariat in Vienna, Austria.
