Ever since the emergence of oil and gas as the dominant feature of the Nigerian economy, starting from the 1970s, successive administrations in the country have only been paying lip service to the need for economic diversification.
Continue reading »
—– NNPC now sole importer as oil price rallies The Minister of State for Petroleum, Dr. Ibe Kachikwu has stated that the federal government would re-visit the pricing modulation model introduced in 2016 and remove the multi-layer charges on importation of petroleum products to maintain the pump price of petrol at the current N145 per litre.
Continue reading »
OPEC said Thursday that oil producers needed to make more joint efforts to match supply and demand in the oil market in the face of rising output in the United States.
Continue reading »
The United States’ Energy Information Administration said domestic output of crude oil will climb to a record 9.96 million barrels a day in 2018, up from 9.9 million barrels projected last month, according to the agency’s monthly Short-Term Energy Outlook released May 9.
Continue reading »
Experts fret over petroleum industry outlook To douse tension in the oil-rich Niger Delta, the Federal Government plans to award to indigenes of the region marginal fields’ oil blocks abandoned by the oil majors as being not commercially viable. The plan is in line with the government’s larger objective of reducing major incidents of restiveness to about 90 per cent […]
Continue reading »
As part of the efforts to address frequent disruptions to the supply of crude oil to the Kaduna Refinery and Petrochemical Company (KRPC) as a result of the Niger Delta militancy, the Nigerian National Petroleum Corporation (NNPC) is considering importing crude oil from Chad and Niger Republic, investigations by THISDAY have revealed. This is coming as the President of the […]
Continue reading »
Nigerians should prepare for another increase in the pump prices of petrol, due to the continued scarcity of foreign exchange to finance the importation of the product, oil marketers have said. According to them, the United States dollar hit an all-time high last week, as it exchanged for N400 at the parallel market. Worried by the development, the marketers say […]
Continue reading »
Barely three months to the end of his second term in office, Edo State Governor Adams Oshiomhole, has assured that ongoing road projects will continue, even if price of crude oil crashes to zero percent. He gave the assurance yesterday at the kick-off of a 10-km Uzebba-Okpuje-Okabhor road in Owan West Local Council Area of the state.
Continue reading »