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Oil rises as expected extension of OPEC cuts counters rising US supplies

Oil markets edged up on Thursday as expectations that OPEC will extend production cuts at a meeting at the end of this month outweighed rising U.S. crude production and inventories. Brent crude futures, the international benchmark for oil prices, were...

Oil exploration in North East, for good of the country, says Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said oil exploration in the North East is for the good of the nation. He said this during the “Overview of 2018 Budget Proposal” on Tuesday in Abuja. He...

NNPC to invite tenders for sale, purchase of Nigerian crude grades

The Nigerian National Petroleum Corporation (NNPC) is set to invite tenders for the sale and purchase of Nigerian crude oil grades, competent source has said. The source told TBI Africa in Abuja on Thursday that the approach was aimed at...

Gbaramatu monarch warns against pipelines vandalism

Pere Williams Ogoba, Oboro II, the monarch of Gbaramatu Kingdom in Warri South-West Local Government Area of Delta, has ordered the arrest of anyone found around oil installations in his domain. The monarch spoke through the spokesman of the Gbaramatu...

Ambode inaugurates committee on oil producing area relations

Gov. Akinwunmi Ambode of Lagos State on Thursday inaugurated a 45-member committee on Oil Producing Areas Community Relations in Badagry area of the state. Ambode said the inauguration of the committee was aimed at preventing face-off between investors and host...

NNPC pledges support for indigenous participation in oil sector

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has pledged to deepen support to indigenous companies in Nigeria’s oil and gas industry. A statement issued on Wednesday in Abuja by Mr.Ndu Ughamadu, NNPC Group...

 OVH Energy’s new Midstream Jetty to save Nigeria N43b yearly – Tinubu

The Chairman, OVH Energy, a subsidiary of Oando Plc, Mr. Wale Tinubu, on Tuesday said the newly acquired Midstream Jetty will save the country over N43billion yearly. Tinubu stated this during the launching of the Lagos Midstream by the company...

Oil rises to $62.33/bbl highest since mid-2015

Oil prices hit their highest since July 2015 on Monday as Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent crude futures were trading 26 cents higher at $62.33...

NOSDRA restates commitment to combat oil spill timely

Zonal Director, National Oil Spill Detection and Remediation Agency (NOSDRA), Mr. Cyrus Nkangwung, has expressed the agency’s readiness to continue to combat oil spill in the Niger Delta. Nkangwung made the assertion at the maiden Obolo Achievers Award organised by...

Oil: ‘Deepwater projects contribute $90b revenue to Nigeria’

Deepwater projects in Nigeria’s oil and gas industry have contributed about $90 billion revenue to the Federal Government’s coffer as at end of 2016, the Managing Director, Total Exploration and Production Nigeria Limited, Nicholas Terraz, has said. Terraz stated this...

NNPC intensifies oil search in Benue Trough

  Following the flag-off of oil search on the Nasarawatate end of the Benue Trough last week, the Nigerian National Petroleum Corporation (NNPC) has commenced move to mobilize for oil exploration in the Benue State sector of the Benue Trough. The...

Quarter of oil refineries risk closure under climate goals -report

Quarter of the world’s oil refineries risk closure by 2035 if governments meet targets to limit fossil fuel burning in the fight against global warming, a report released on Thursday said. A surge in electric vehicle sales and higher efficiency...

‘NNPC confident of commercial oil find in Inland Basins’

The Nigerian National Petroleum Corporation (NNPC) has expressed confidence that the aggressive exploration of the inland basins being driven by the Corporation would soon yield success with hydrocarbon finds in commercial quantity. This was disclosed by the Group Managing Director...

Oil prices set to rise above $70/bbl

Oil prices were up early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged. Brent crude futures, the international benchmark for oil prices, were at...

Bayelsa applauds I6 Brigade for renovating Oloibiri Oil Well 1

Bayelsa Government on Sunday lauded 16 Brigade of Nigerian Army for renovating Oloibiri Oil Well I in Ogbia Local Government as part of ongoing Operation Crocodile Smile II. The state’s Deputy Governor, Retired Rear Admiral John Jonah, gave the commendation...

Ghana’s oil regulator seeks collaboration with Nigeria’s Techno Oil

A delegation from Ghana’s National Petroleum Authority (NPA) visited the management of Techno Oil Ltd. in Lagos on Friday, to seek collaboration on Liquefied Natural Gas (LPG) and cylinder marketing in Ghana. The leader of the delegation, Mrs. Sheila Abiemo,...

Oil moves towards $59/bbl as Asian shares flat, Nikkei gains

Asian shares trod water in early trade on Wednesday while U.S. Treasury yields and the dollar got a lift following a report Republican senators were leaning towards John Taylor to be the next Federal Reserve chief. Crude oil futures caught...

Oando gets court order to stop share suspension, forensic audit

The management of Oando plc has obtained a court order to halt the suspension of trading in its shares and a forensic audit planned by the Securities and Exchange Commission (SEC), Reuters reported yesterday. Reuters stated it sighted court documents...

Oil cut: OPEC records highest conformity in Sept.

The OPEC-Non-OPEC producing countries’ Joint Ministerial Monitoring Committee (JMMC) has said based on the report of its Joint Technical Committee (JTC) for the month of September 2017, OPEC and participating Non-OPEC producing countries have achieved a record high conformity...

Propel opens service station in Port Harcourt

Propel, the brand name of Propetrol Limited, one of Nigeria's emerging downstream players, has opened a new service station at Trans Amadi Industrial Layout Road in Rumubiakani, Port Harcourt,  Rivers State. The newest addition, which was commissioned on October 20,...

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Buhari’s achievements laudable in spite inheriting empty purse

The Minister of Information and Culture, Alhaji Lai Mohammed said President Muhammadu Buhari’s administration recorded laudable achievements, in spite of terrible economic downturn and...