The Federal Government realised the sum of $305billion as revenue inflows from the oil and gas sector from 2014 to 2024, it was learnt yesterday. The Nigeria Extractive Industries Transparency Initiatives (NEITI), disclosed this when its executive secretary/national Coordinator, Dr Orji Ogbonnaya Orji appeared before the Senate Public Accounts Committee (SPAC) in Abuja. According to…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has presented Gas Distribution Licenses to 10 companies. Speaking at the Gas Distribution Licence (GDL) Award ceremony in Abuja, the Authority Chief Executive, Farouk Ahmed recalled that the organization received 30 application for licenses from which it approved 10. He said the licences cover about 1.5billion…
Portugal plans to increase purchases of Liquefied Natural Gas (LNG) from Nigeria and the United States as it aims to end already dwindling supplies from Russia, Environment Minister Maria da Graca Carvalho has said. Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96per cent was LNG, data from electricity and…
The Nigerian Air Force (NAF) has denied its alleged involvement in the explosion that rocked the Nigerian National Petroleum Corporation Limited (NNPCL) wellhead in Buguma Community of Asari-Toru Local Government Area of Rivers State. It described such allegations in some sections of the media as “false and unfounded”. A statement, by the Director Public Relations…
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…
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…
Eni’s subsidiary Nigerian Agip Exploration Limited (NAE) and STAC Marine have celebrated one year of successful collaboration for the operation and maintenance of the Floating, Production, Storage and Offloading (FPSO) facilities located in the offshore deepwater of ABO field. This milestone reaffirms NAE’s commitment to partnering with local companies that excel in safety and operational…
