OIL

The Nigerian National Petroleum Corporation (NNPC) has reiterated its resolve to grow the nation’s hydrocarbon reserves to 40billion barrels through reinvigorated exploratory activities in the inland frontier basins across the country. Group Managing Director of the Corporation, Mallam Mele Kyari, stated this while delivering a goodwill message at the opening ceremony of the 38th Annual International Conference and Exhibition of ...

Vice President Yemi Osinbajo, has called for a concerted effort by government and professional groups to develop a secure and sustainable energy supply system to facilitate development agenda of government. Osinbajo, said sustainable investment in alternative energy is key to rescue Nigeria from under-development and boost industry output. Speaking at the 38th Annual International Conference and Exhibition of the Nigerian ...

by James Ikenna………….. The Federal Government has announced plans to make the foreign exchange available to petroleum product marketers, in order to make the importation of petrol into the country competitive, reduce the rising cost of the product, and stop the overdependence on the Nigerian National Petroleum Corporation (NNPC) for its importation. This disclosure was made by the National President ...

Oil prices started the first trading week bullish. Oil bulls recouped some losses recorded at the previous session amid high hopes that OPEC+ will continue to limit output in order to curb fears on weaker soft demand, coupled with concerns that the COVID-19 pandemic seems to be out of control. At the early session in Asia, Brent Crude futures were ...

Shell lubricants products will be widely available in the Nigerian market later this year, following a new deal with Ardova PLC (AP). Announcing the deal in a statement in Lagos on November 12, 2020, Chief Executive Officer of Ardova Plc, Olumide Adeosun, said: “We are delighted that our company will act as the main distributor for Shell Lubricants branded products ...

The Nigerian National Petroleum Corporation (NNPC) has said it is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of ...

The management of Dangote Refinery and Petrochemicals has disclosed that the 650,000 barrels per day project will create jobs for not less than 250,000 Nigerians when completed and fully operational next year. Group Executive Director, Strategy and Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin, told reporters at the site that the company’s Refinery has potential to turn around Nigeria’s ...

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. According to PPMC, the new ...

……..By Dino Grandoni……. ……………Neither Biden nor President Trump have a secret lever at the Resolute Desk that makes the price of oil go drastically up or down……………. .A dubious meme has emerged online in conservative circles: The price of gasoline will spike because Joe Biden is taking office. The theory is that the president-elect’s coming efforts to wean the United ...

As part of efforts to join other super majors in the race for a net-zero emissions business by 2050 or sooner, Shell is set to reduce the crude processing capacity of it’s largest refinery in Singapore by 50 Percent According to reports Shell will halve the crude oil processing capacity of its largest wholly owned refinery in the world, Pulau ...