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Tag: oil and gas sector

With Massive Oil Windfall, Saudi Arabia Pours $7.5bn Into US Stocks

Organisation of the Petroleum Exporting Countries (OPEC)
A top member of the Organisation of Petroleum Exporting Countries (OPEC) Saudi Arabia, has through its Sovereign Wealth Fund (SWF) invested $7.5 billion in blue-chip American companies on the backRead More

FG To Boost Crude Oil Production In Two Weeks

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed
Says shocks in oil market difficult to manage *Attributes high cost of fertiliser to scarcity of potassium The federal government will boost crude oil production through the reactivation of oilRead More

Report: OPEC+ Supply Gap Widened In March On Cut In Russian Output

Organisation of Petroleum Exporting Countries (OPEC)
Cartel produced 1.45m barrels less last month The Organisation of Petroleum Exporting OPEC+ produced 1.45 million barrels per day (bpd) below its production targets in March, a Reuters report hasRead More

Malabu: Transfer Of OPL 245 Asset Got Presidential Approval, Documents Show

Malabu Oil & Gas Limited
The transfer of Oil Prospecting Licence (OPL) 245 after a 2006 out-of-court settlement between the federal government and Malabu Oil & Gas Limited got the approval of former President OlusegunRead More

FG Urges Turkey To Invest In Nigeria’s Onshore Oil Assets

Minister of State for Petroleum Resources, Chief Timipre Sylva
The Nigerian government yesterday called on the Turkish authorities to look at the prospect of funding major oil and gas projects in the West African country, against the backdrop ofRead More

NCDMB: Afreximbank Invested Over $42bn In African Enterprises In Five Years

Nigerian Content Development and Monitoring Board (NCDMB)
Africa must address funding, technology, other limitations to achieve energy security, says Sylva The Nigerian Content Development and Monitoring Board (NCDMB) yesterday disclosed that the African Export-Import Bank (Afreximbank) hadRead More

NEITI: Companies Owed FG N1.32trn In 2020, Oil Revenue Dipped By 40%

Nigeria Extractives Industries Transparency Initiative (NEITI)
$394bn remitted to government in 10 years, 4% of Nigeria’s gas production unaccounted for The Nigeria Extractives Industries Transparency Initiative (NEITI) yesterday revealed that oil companies’ liabilities to the federationRead More

Nigeria Recorded Biggest Oil Disruption In Months, Loses 7.5m Barrels In January

Crude oil
NNPC exceeds pipeline maintenance cost by N324m Nigeria has recorded its highest monthly crude oil loss in a long time as a result of disruptions due to maintenance, community issuesRead More

Malabu Fraud: Nigeria’s Ex-Petroleum Minister, Dan Etete’s Ally Admits Receiving $400million As Consultancy Fee

Alhaji Aliyu Abubakar
A Nigerian businessman and principal suspect in the Malabu OPL 245 scandal, Abubakar Aliyu, has said he received $400million as a “consultancy fee.” OPL 245, estimated to hold 482 millionRead More

Buhari Defers Subsidy Removal To Incoming Govt

President Muhammadu Buhari
Seeks 18 months suspension, to send PIA amendment to N’Assembly FG says decision has nothing to do with 2023 elections IMF insists on end, wants funds channeled to health, socialRead More