Chairman, Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsanya has called on the government to uphold Section 3.3 of the Local Content Act 2010 to give first consideration to local contractors in divested assets. Ogunsanya, made this call during the Industry Stakeholders for the Petroleum Industry Stakeholders forum (PISF) organised by the Ministry of…
Nigeria’s Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has assured oil and gas players that pump prices of fuel shall continue to be determined by the forces of demand and supply as is the practice is a deregulated market environment. The minister spoke at the Petroleum Industry Stakeholders Forum Meeting in Abuja, which brought…
Eni’s subsidiary, Nigerian Agip Exploration Limited (NAE), on behalf of NNPC Limited and NAE Production Sharing Contract (PSC), has awarded scholarships to 30 Nigerian graduates for Post Graduate studies in Nigerian and overseas universities under its 2024/2025 Scholarship Awards Scheme. Under the scheme, 10 beneficiaries will undertake postgraduate studies in various universities in the United…
In December 2024, Nigeria met the crude oil production quota of the Organization of Petroleum Exporting Countries (OPEC) by 98.97 per. The cartel’s average daily quota for the month under review was 1.5million barrels per (mb/d) of crude oil. However, the country’s output was 1.48mb/d of crude oil, 49,276bpd of blended condensed, and 133,699 unblended…
Oil prices eased marginally by one per cent in volatile trade following weak economic news from the U.S. and Germany. Earlier in the day, crude prices were on track to close at 12-week highs on support from a weaker U.S. dollar and as a winter storm boosted demand for energy to heat U.S. homes and…
BUA Group, an industrial conglomerate, has denied claims that its 200,000 barrels per day refinery in Akwa Ibom is 90 percent completed. In a statement yesterday, the management said the construction is progressing steadily. “Whilst the refinery is not at 90per cent completion, we are however on track to meet our delivery timelines in collaboration…
Global oil prices inched upward on Tuesday, rebounding slightly from earlier losses as an optimistic market outlook offered support despite subdued trading ahead of the Christmas holiday. Brent crude futures rose by 42 cents, or 0.6 per cent, settling at $73.05 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 38 cents, or 0.6…
Oil prices climbed by more than one per cent on Monday as top importer China flagged its first move toward a loosened monetary policy since 2010 aiming to bolster economic growth, state media reported citing a Politburo meeting, themorningstar.com.ng reports citing Reuters. Brent crude futures were up 84 cents, or 1.18per cent, to $71.96 per…
Oil major, Shell has restated commitment to the development of Nigerian companies through contract awards and scaling up of expertise. The commitment was given at the 13th edition of the Practical Nigerian Content forum in Yenagoa, Bayelsa State where Shell companies in Nigeria are among more than 700 oil and gas entities taking part. The…
