Nigeria’s crude oil production rose to 1.351 million barrels per day in October 2023, up from the 1.347mbpd that was produced in the preceding month of September. Data released by the Organisation of Petroleum Exporting Countries (OPEC) showed that with the latest crude oil output, Nigeria retained its position as the largest oil producer in Africa. The country’s 1.347mbpd oil …

The Minister of State for Defence, Bello Matawalle, says the Federal Government has achieved a lot in the fight against oil theft. In an interview with the News Agency of Nigeria, Matawalle said many practical gains had been recorded in the resolve to end oil theft in the Niger Delta region. He also said the country was hopeful of producing …

Nigeria Liquified Natural Gas, (NLNG) Ltd., says the shortage of Foreign Exchange (FX), Federal Government’s import and Value Added Tax (VAT) are responsible for the rising cost of cooking gas in Nigeria. The Managing Director and Chief Executive of NLNG, Dr Philip Mshelbila, said this on the sidelines of the ongoing African Investment Forum (AIF) in Marrakesh, Morocco on Friday. The …

The Federal Government has said that the Government of Saudi Arabia pledged to invest in revamping the country’s refineries to get them working and reforming the Central Bank of Nigeria. This was made known in a press statement by the Minister of Information and National Orientation, Mohammed Idris, obtained by newsmen on Friday. Idris said the pledges were made by …

Nigeria and the Government of the Kingdom of Saudi Arabia have signed a pact on oil and gas sector investments. The cooperative framework outlined in the Memorandum of Understanding (MoU) encompasses joint research and development initiatives, knowledge-sharing platforms and capacity-building programmes. Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed on Nigeria’s behalf; Saudi’s Energy Minister, Prince Abdulaziz bin …

The Nigerian oil official mentioned in the $800,000 fraud case involving wind turbine energy giant Nordex, Dr Kelechi Ofoegbu has denied any wrongdoing. He has therefore urged both Nigeria’s Inspector General of Police (IGP) and INTERPOL to investigate the matter further to prove his innocence. Hackers used their email access to Mountain Crane and sent an invoice totalling $1.75 million …

The Senate has summoned the Managing Director of Nigerian Gas Marketing Company, Justin Ezeala, over gas sales, purchase agreements, pricing with various companies, and non-compliance with due process in the Auto Compressed Natural Gas Project with NIPCO Gas. The Senate, through its Committee on Gas, requested on Wednesday the details of gas sales and purchase agreements with gas companies. The …

Cooking gas, also known as Liquefied Petroleum Gas (LPG), is currently experiencing scarcity in Lagos and several other states in Nigeria. Other affected states include Katsina, Sokoto, Delta, Kaduna, and Kano, according to findings by newsmen. Since late last month, the price of cooking gas has been continuously rising, causing scarcity and price increases. In October alone, gas terminal owners …

The Chairman pf the House of Representatives Committee on Petroleum Resources (Downstream), Hon. Ikeagwuonu Ugochinyere has vowed on behalf of the Committee to conduct a comprehensive audit of the petrol subsidy regime. At the inaugural meeting of the Committee in Abuja on Friday, Ugochinyere said the implementation of the Petroleum Industry Act would also be reviewed comprehensively. According to him, …

The Minister of Power, Mr. Adebayo Adelabu has said that the recent surge in the price of natural gas has profoundly impacted the country’s capacity to generate enough power. He revealed this at the closing session of the African Natural Resource and Energy Investment Summit held on Thursday in Abuja. The minister, speaking on challenges faced, said the increased cost …