Moody’s, a renowned rating agency has said that global annual upstream spending needs to increase by as much as 54 per cent to $542 billion if the oil market is Continue Reading
Petroleum Minister Sylva says the Act will also boost oil reserves from 37 billion barrels to 40 billion barrels. The Petroleum Industry Act (PIA) will assist Nigeria in increasing its Continue Reading
The seeming wastage of Nigeria’s most priced natural resource, crude oil, continued in July, with the country losing a humongous 7.193 million barrels of the commodity to mainly deteriorating facilities Continue Reading
Emmanuel Addeh writes that Nigeria’s inability to meet its allocated oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) for months, not only poses a clear challenge to Continue Reading
THERE are indications that oil and gas explorations dropped in Nigeria as the rig count fell by 49.5 per cent to 53 in the first eight months (January-August) of 2021, Continue Reading
After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its Continue Reading
Abuja — For the first time since 2020, Nigeria’s rig count, which had been on the decline, soared to 11 in August, signalling readiness by the Nigerian National Petroleum Corporation Continue Reading
Nigeria’s President Muhammadu Buhari has ordered that the process to incorporate the state oil firm as a private company should begin immediately. This is in line with the recent oil Continue Reading
US Dollars The current challenge of dollar-crunch in the country may hinder plans by Royal Dutch Shell to sell off its onshore and shallow water assets, being managed by its Continue Reading
The pipelines operated by a subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Pipelines and Storage Company (NPSC) Limited, experienced a total of 451 breaks and 11 fire Continue Reading
