OIL

The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report titled ‘Migration and Development Brief ...

Major Oil Marketers Association of Nigeria (MOMAN) has said the price Aviation fuel (Jet A1) is between N540 and N550 per litre and across other airports at between N570 and N580 per litre as in the past weeks the product is landed into marine terminal tanks in Nigeria at between N480 and N500 per litre depending on the logistics efficiency ...

Scarcity of Premium Motor Spirit (PMS), otherwise called petrol, surfaced again, yesterday, in the Federal Capital Territory (FCT) as the inability of the Federal Government to settle over N100 billion equalisation payment as well as a breakdown of key storage and distribution infrastructure may spread the development across the country. Already, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has ...

Some Major oil marketers have kicked against the plan by Airline Operators of Nigeria (AON) to arm twist the federal government to regulate the price of Aviation fuel. The airline operators in a move to push for the reduction of the cost of aviation fuel (jet A1) had threatenedr to suspend domestic flight from today Monday the 9th of May, ...

Nigeria made $565.5m in crude oil and gas export sales in the first quarter of 2022, according to data from the Nigerian National Petroleum Company Ltd. According to the data, the nation made $177.86m from crude oil exports and $387.72m from gas feedstock to Nigeria LNG Limited. The NNPC data indicates that in January 2022, the nation earned $75.88m from ...

The House of Representatives on Thursday dismissed the allegations of importation of Off Spec fuel against four companies by the Nigerian National Petroleum Company Limited. The companies are Oando Oil, MRS Oil and Gas, Duke Oil and Emadeb consortium (Hyde, AY Maikii, Brittania-U), all of which were accused of bringing methanol laden fuel into the country Exonerating the companies, the ...

The Nigerian National Petroleum Company Limited (NNPC Ltd.) started its activities for the week with a tour of the Port Harcourt Refinery, to ascertain the level of ongoing rehabilitation of the plant. The Minister of State for Petroleum Resources, Chief Timipre Sylva, and members of Board of Directors, NNPC Ltd. who were also on the tour expressed satisfaction with the ...

Following public outrage against the massive stealing of Nigeria’s crude oil, which had seen the country lose huge earnings as well as hobbled its ability to meet the quota allocated by the Organisation of Petroleum Exporting Countries (OPEC), the President of the Senate, Ahmad Lawan, yesterday constituted a 13-member Adhoc Committee to investigate oil theft in Nigeria and its impact ...

Notwithstanding the challenges of crude theft and pipeline vandalisation, the Federal Government, last year, earned $4.48 billion from Shell companies in Nigeria in royalties, taxes and other payments. The company, in its report on payments to governments, yesterday, unveiled the amount paid to different governments where it operates. The country’s crude production has recorded sub-optimal performance last year, owing to ...

As oil-producing companies in the country and even Nigeria continue to lose out on the rising international price of the crude, Wood McKenzie, a global mining and consultancy research group, has said that the oil theft challenge in the country has gone beyond a crisis point. The firm in its latest report titled: “Nigeria Suffers Record Levels of Oil Theft,” ...