Oil prices turned positive on yesterday after falling by more than $2, despite U.S. crude stocks rising by more than expected, according to the Energy Information Administration (EIA). Brent crude oil futures were up 38 cents, or 0.5per cent, at $75.91 per barrel U.S. West Texas Intermediate (WTI) crude rose by 57 cents or 0.79per…
Oil marketers have accused Dangote Refinery of fixing a product price regime that is the highest when compared with other sources. Acting under the aegis of Independent Petroleum Marketers Association of Nigeria (IPMAN), they said it is more expensive to buy premium motor spirit (PMS) or petrol from the Dangote Petroleum Refinery than from other…
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobri is looking towards Kogi State for petroleum exploration. He expressed the desire when the State Governor, Usman Ododo led a delegation on an official visit to the ministry in Abuja. “What we need to do is to do the requisite exploration work, and once…
No fewer than three corpses have been recovered in a helicopter crash engaged by Nigeria’s state-run oil company, Nigerian National Petroleum Corporation Limited (NNPCL) while efforts are in top gears to recover rescue five others involved in the mishap. A statement endorsed by Chief Corporate Communications Officer at NNPC Ltd, the Olufemi Soneye, explained that…
Upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the country’s crude oil and condensate production dipped by 26,391barrels per day from 1.57 million barrels per day (mb/d) in August 2024 to 5.44mb/d. This was contained in its crude oil production report of September 2024. The data said in the period under review,…
Fuel queues have resurfaced across Lagos following an increase in petrol prices by the Nigerian National Petroleum Company Ltd just as the organized Labour fear the development would deepen mass poverty in the country. Nigeria Labour Congress (NLC) urged the Federal Government to reverse the latest increase in the pump price of petroleum products, warning…
The Nigerian National Petroleum Corporation (NNPC Ltd.) has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. A short statement endorsed by Chief Corporate Communications Officer at NNPC Ltd. Olufemi Soneye, and posted on its official X handle, the oil…
By Ayomide Otitoju The Senate has announced plans to summon key figures and organizations, including the Central Bank of Nigeria (CBN), Nigeria Port Authority (NPA), Nigerian National Petroleum Company Limited (NNPCL), Dangote Group, and Minister of State for Petroleum, Heineken Lokpobiri, over alleged economic sabotage in the country’s petroleum industry. The disclosure was made by…
The Nigerian National Petroleum Company Limited and its Joint Venture partner, Newcross Exploration and Production Ltd., have successfully restarted operations at the Awoba Unit Field, which had been shut down since February 2022 due to evacuation issues and crude oil theft. A press statement on Tuesday by the Chief Corporate Communications Officer, Olufemi Soneye, noted…
