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Tags: Crude Oil

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

Why Nigerian govt, states must establish functional sovereign wealth fund – NEITI

Why Nigerian govt, states must establish functional sovereign wealth fund – NEITI

The federal and 36 state governments must remove bottlenecks to a functional sovereign wealth fund, SWF to provide cover against shocks during periods of instability in global oil prices, the Nigerian Extractive Industries Transparency Initiative, NEITI, said on Tuesday. To achieve this, the transparency and accountability agency urged the two tiers of government to demonstrate… READ MORE

Oil theft: Appeal Court upholds foreigners’ jail sentence

Oil theft: Appeal Court upholds foreigners’ jail sentence

The Court of Appeal, Lagos Division, has affirmed the judgment of a Federal High Court, Lagos, which sentenced nine foreigners to five years imprisonment for stealing crude oil from Nigeria. The three-man panel, comprising Justices Hussein Mukhtar (presiding), M. L. Shuaib and Frederick Oho, dismissed the twin appeals filed by the convicted persons for lack… READ MORE

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