Oil & Gas

The shut-ins and shutdowns of some terminals by the Nigerian National Petroleum Corporation led to another monthly drop in the gross oil revenue that comes to the federation. Latest data from the Central Bank of Nigeria showed that the country’s oil receipts dropped to N410.18bn in May 2019, shedding N62.2bn …

Despite analysts’ predictions that the performance of the nation’s stock market would begin picking up in the second half of the year, investors have recorded losses totalling N291bn in the four days since the second half of the year began. The market, which opened the new half at a value …

Bakassi youths took to the streets and marched to the Cross River State House of Assembly on Tuesday to demand the return of the 76 oil wells handed to Akwa Ibom State by former President Olusegun Obasanjo in 2007. The youths led by Kingsley Asuquo carried placards with inscriptions such …

A report that Nigeria’s four refineries are currently operating at just 5.55 per cent of their combined installed capacity of 445,000 barrels per day means that the refineries are barely producing 24,698 barrels per day, indicating gross under-performance, which demands the political will to sell the refineries at this time. …

PRESIDENT Muhammadu Buhari has ordered the Ministry of Finance to sell all recovered and liability-free assets in six months. Some politicians and former government officials had their assets seized in the course of the anti-graft war of the Buhari administration. Speaking Tuesday while briefing the House of Representatives Joint Committee …

The Ijaw Youth Council (IYC) has threatened a showdown with the Presidency over alleged anomalies in the recent recruitment exercise being conducted by the Nigerian National Petroleum Corporation (NNPC). The body of Ijaw youths worldwide warned of dire consequences if the NNPC and those in the Presidency refuse to accord …

For the third day running, fuel scarcity persists in Calabar as the factional crisis within the Independent Petroleum Marketers Association of Nigeria (IPMAN) deepens as Lawrence Agim leads a faction, while Edet Umana leads the other. The latest crisis is as a result of a Federal High Court Calabar judgement …

Youths of Izomba clan in the Oguta Local Government Area of Imo State on Friday barricaded the premises of Seplat Oil Company in protest. Clutching placards, the youths alleged that the oil company started operations in the area without reaching any agreement with the community. According to Ezekwesiri Nwauwa, for …

President Muhammadu Buhari has appointed Mele Kyari to head the Nigerian National Petroleum Corporation (NNPC). This is the second appointment the president will be making since his inauguration in May. Kyari, who is the current group General manager, crude marketing division, will assume office as NNPC GMD on July 7. …

The 6 Division of the Nigerian Army in Port Harcourt has confirmed the killing of a notorious cultist and illegal oil bunkering kingpin, Korobo Menele, by its troops. Menele, who was popularly known as Mene and Oil Minister, was reportedly shot on Sunday, few hours after a group of hoodlums …