The Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.
The Senate will next week begin deliberations on the Petroleum Industry (Governance) Bill otherwise known as PIB.The Nigerian National Petroleum Corporation (NNPC) and Total Nigeria Plc are considering the movement of petroleum products through the rail system in other to reduce the cost of transportation.
The Nigeria Union of Petroleum and Natural Gas Workers on Wednesday issued a 21-day ultimatum to the Federal Government to prevail on International Oil Companies operating in the country to stop mass retrenchment of oil workers.
The Chairman, Senate Committee on Gas, Senator Bassey Akpan, has pledged the support of the committee to the proposed Train 7 expansion project of the Nigerian LNG Limited. Akpan stated this when he led members of the committee on an oversight visit to the NLNG facility in Bonny.
Nigeria and China on Tuesday began to put finishing touches to the multi-billion dollar oil deals both countries had initiated, and which will see Chinese firms invest heavily in Nigeria’s energy sector.
Analysts are adducing different reasons for the recent divestments
in the downstream sector of the Nigerian oil and gas industry. Shortly after
details filtered in that Nipco Investments Limited is buying 60 percent stake
in ExxonMobil’s downstream operations, industry operators confirm a media
report that Total Nigeria has already received over a dozen interests for its
downstream assets. Analysts say possible reasons for these divestments could be
due to harsh operating environment in the downstream sector compounded by slump
in crude oil prices. 
Ahead of Thursday’s launch of Nigerian National Petroleum Corporation, NNPC Seven Point Roadmap agenda for the country’s petroleum industry by President Muhammadu Buhari, there are high expectations among investors and industry players as they anticipate milestone incentives.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that the reforms embarked upon by the government are targeted at cutting petroleum products’ importation by at least 60 per cent by 2018 and thereafter position the country for net export by 2019.
The Nigeria-India upfront oil payment deal will help the Federal Government to tackle the foreign exchange (forex) crisis in the country.The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, initiated the deal during a three-day working visit to India.
Declining oil production and export volumes due to militancy and large-scale crude theft cut the Nigerian government’s gross revenue in September by about 12% from August to N279.75 billion ($8 billion), the finance ministry said Friday.
The country has lost at least N689bn to the suspension of exports of Forcados, one of the nation’s largest crude oil grades, since February.
Following the sale of the first oil production from Aje field, partners in the Oil Mining Lease 113 offshore Lagos, where the field is located, have earned their first income.
Nigeria, Russia, Iran and Argentina are locked in a contest to capi- talise on India’s rising oil demand which has seen the South Asian nation import 18.81 metric tons (about 4.45mil- lion barrels a day) of crude oil since August, an increase of about 10 percent over last year’s volume. 
United Nations Framework Convention on Climate Change (UNFCCC) and Organisation of Petroleum the Exporting Countries (OPEC) has identified economic diversification as the leeway for building economic resilience.
There are indications that the law establishing the Nigeria Extractive Industries Transparency Initiative (NEITI), may be amended to enable the Agency retain certain percentage of recovered revenues from extractive companies to bridge its funding gap.
Crude oil prices have recovered slightly since September 27, after the Organization of the Petroleum Exporting Countries (OPEC) announced its first planned output cut to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in order to rein in a global supply glut that forced crude to crash from over $100. Despite OPEC's expressed desire to cut output, latest report show the
cartel's September production output at eight-year high of 33.24 million bpd.
As the global crude oil benchmark continued to trade above the $50 per barrel mark on Tuesday, economic and energy experts said the price rally would help soften the recession rocking the country and support economic recovery.
There could be a return to the better days for Nigerian oil
producing companies that are neck deep in debt obligations to the banks,
following confirmation that crude will start to flow in the Forcados terminals
that had hitherto been disrupted by militant attacks in the Niger Delta region.
In this report, the Nigerian Extractive Industries
Transparency Industry (NEITI) called on President Muhammadu Buhari to take full
charge of enacting a new law for the petroleum sector. According to the agency,
the failure of Nigeria to pass an over-arching law for the petroleum sector
after repeated attempts continue to accumulate huge costs for the country,
estimated at more than $200 billion.
As part of the efforts to reinvigorate the Nigerian oil and gas sector, especially upstream, Nigeria has negotiated a $15 billion investment deal with some India public sector companies for crude oil purchase. Ibe Kachikwu, minister of state for petroleum, who is currently in India for a business visit, did the negotiation on behalf on the country
Following the huge success recorded by Saipem Contracting Nigerian Limited (SNCL) on the Egina Umbilicals, Flowlines, Risers (UFR), Offloading Systems and Offshore Works project, in terms of employment generation and Nigerian content development, the Nigerian National Petroleum Corporation (NNPC) has called for more support and collaboration from the Nigeria Content Development and Monitoring Board (NCDMB) to shorten contracting cycle to six months.
A Federal High Court in Abuja has restrained the Nigerian Petroleum Development Company Limited (NPDC) and Nigerian National Petroleum Corporation (NNPC) from taking any step in terminating agreement they have with Atlantic Energy Drilling Concepts Nigeria Limited and Atlantic Energy Brass Development Limited owned by businessman, Jide Omokore, in respect of the Oil Mining Leases (OMLs) 26, 30, 44 and 42 (Forcados assets) and OMLs 60, 61, 62 and 63 Brass assets).
Nigeria’s crude oil production has increased by 280, 700 barrels per day (bpd) from the 1.104 million bpd recorded in August to 1.385 million bpd in September.
The Nigerian National Petroleum Corporation (NNPC) has concluded plans to move heavy equipment to Bauchi and Gombe States preparatory to oil exploration, said Group Managing Director Maikanti Baru.
The Ship Owners Association of Nigeria, SOAN, and the Nigerian Ship Owners Association, NISA, say about N2 trillion is lost annually by allowing foreign carriers to exercise dominance over the carriage of 150 million of Nigerian cargo, including crude and products, according Shipping Position Daily.
Oil prices fell about one per cent wednesday after the Organisation of Petroleum Exporting Countries (OPEC) reported its September oil output at eight-year highs in its monthly Oil Market Report (OMR), thus eroding optimism over the carte’s pledge to bring a global crude oil glut under control. The crude oil production figure provided by Nigeria to the Organisation of Petroleum Exporting Countries for last month was 139,000 barrels per day lower than the estimate from secondary sources.The Orgaisation of the Petroleum Exporting Countries (OPEC) has said that the agreement by member countries to settle for out put freeze underlines the organisation’s continued commitment to a ‘sustainable stability’ in oil markets.
But for gas supply challenges, which constrained over 3,321 Mega Watts (MW) of electricity, the nation’s total electricity generation would have hit 7,529MW in the last one month.
Vertex, an Upstream Nigerian independent funded by African
Capital Alliance (ACA), has taken 40% of First Hydrocarbon Nigeria FHN, in a
new shareholding structure of the latter. The company is one of two new equity
holders of FHN, buying into what used to be Afren’s 70% of FHN. The other
newcomer is the FHN Management, now holding 15%.
Saudi Arabia’s Energy Minister Khalid al-Falih has said that the price of crude oil might hit $60 per barrel this year, following the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut global production.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, has said it is not true that the federal government is working against the people of the Niger Delta region.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria will soon close the deal on a $3 billion to $4 billion loan from China that will be channelled towards the provision of infrastructure in the oil and gas sector.Crude oil prices rose yesterday, with Brent hitting four-month highs on a rally inspired by Organisation Of the Petroleum Exporting Countries (OPEC) plans to tighten output before pulling back as a surging dollar weighed on greenback-denominated commodities.
The federal government is demanding $406.75 million at the minimum from the Shell Petroleum Development Company (SPDC) and its surrogate Shell Western Supply & Trading Limited for alleged crude oil theft.
Organisations of the Petroleum Exporting Countries (OPEC) has projected oil-related investment requirements of about $10 trillion between now and 2040.
The Nigerian National Petroleum Corporation on Monday said it had stepped up its exploration of crude oil in the Chad Basin, Benue Trough and other frontier basins. It said the crude oil to be drilled from the frontier basins would serve as reserves for Nigeria.
Nigeria’s projected increase in oil production will potentially offset the production cuts proposed by the Organisation of Petroleum Exporting Countries (OPEC) to reduce the level of inventory in the oil market for the recovery of oil prices, THISDAY’s investigation has revealed.
The Nigerian National Petroleum Corporation (NNPC) has said Nigeria will need to produce up to 15 billions standard cubic feet per day (sbcf) of gas to ensure that her national goal of turning her economy into a fully industrialised one by 2020 is realised.
