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Tags: Crude Oil

Ghost companies allegedly lift N1.1trn worth of crude oil

Ghost companies allegedly lift N1.1trn worth of crude oil

Some indigenous companies not registered by the Corporate Affairs Commission (CAC) have lifted Nigerian crude oil grades valued at U.S.$3.5 billion (about N1.1 trillion) in the last 10 months, Daily Trust reports. A four-month enquiry into Nigerian and global corporate registries by Daily Trust showed that the repeated failure by the Nigerian National Petroleum Corporation (NNPC) to… READ MORE

Reps give oil firms two weeks ultimatum to remit $250 million to Nigerian govt

Reps give oil firms two weeks ultimatum to remit $250 million to Nigerian govt

The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit 250 million dollars oil royalty to federal government’s coffers. Jerigbe Agom, the chairman of the committee, gave the ultimatum at the ongoing sitting over unremitted funds in the industry. According to the… READ MORE

Nigeria Earns N362.43bn From Crude Oil Export in June

Nigeria Earns N362.43bn From Crude Oil Export in June

Nigeria’s crude oil earning increased from the N253.02billion in June, to N362.43billion in July, according to the National Bureau of Statistics (NBS). This comes as stakeholders in the oil and gas industry have underscored the drawbacks of the Petroleum Industry Governance Bill (PIGB), saying that the bill failed to address some critical issues in the… READ MORE

Vandals doing harm to economy, NNPC cries out

Vandals doing harm to economy, NNPC cries out

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Maikanti Baru, has appealed to oil pipeline hackers to desist from such nefarious act which, according to him, is not only harmful to the environment, but equally hazardous to the pipeline vandals and the economy. Speaking while receiving a delegation of the Nigerian Environmental… READ MORE

BREAKING: FG Emerges With New Petroleum Policy

BREAKING: FG Emerges With New Petroleum Policy

LAGOS—The Federal Government has emerged with a new National Petroleum Policy, targeted at bringing about restructuring, new legislation and value addition in the oil and gas industry. The policy, which has already been approved by the Federal Executive Council, defines the strategy of the government with respect to Nigeria’s oil resources. The implementation of the… READ MORE

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

OPEC Caps Nigeria’s Oil Output At 1.8m bpd

The Organization of Petroleum Exporting Countries (OPEC) yesterday approved the capping of Nigerian oil production at 1.8 million barrel per day (bpd). Accordingly, OPEC called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. A ministerial committee of OPEC and non-OPEC known as the Joint… READ MORE

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