Gold hit a record high on Friday as global stock markets diverged, with profit-taking on Wall Street, while European and Asian markets gained on reassuring data about the health of the world’s biggest economy and likely US interest rate cuts. Expectations of United States interest rate cuts weakened the dollar, while oil prices tumbled as weak Chinese demand expectations offset …

A fresh oil spill has hit the Bodo community in the Gokana Local Government Area of Rivers State, destroying farmlands. It was learnt that the oil spillage occurred on Thursday from a pipeline belonging to Shell Petroleum Development Company. This came barely two months after a similar incident occurred along the pipeline at different locations in the area. One of …

President Bola Tinubu says Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population. Speaking at a meeting on Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Mr. Bill Winters, the President called for …

The repeated slump in Nigeria’s monthly oil outputs since January 2024 has resulted in a revenue loss of about N636.3 billion, according to Sunday PUNCH. Oil production data obtained from a Federal Government agency indicated that Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January this year, but this nosedived to 1.25mbpd in May. Figures obtained by …

The Association of Nigeria Refineries Petroleum Marketers has inaugurated taskforce to flush out bunkering, adulteration products, artificial scarcity and all forms of illegalities in the sector. Inaugurating the task force in Asaba, the Delta State capital, the Niger Delta Operations Controller, Dr Eldson Nwadiaro, said they had a mandate to flush out all forms of illegalities in the petroleum sector …

The quest of Ogun State to be an oil-producing State would soon materialize as the Nigerian National Petroleum Corporation Limited (NNPCL), is set to begin oil and gas exploration in the Gateway State. Stakeholders in the oil industry, including the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, Managing Director, SHELL Petroleum Development Company Ltd, Mr. Osagie Okubor; Chief …

The Federal Government, on Monday, urged the United Arab Emirates (UAE) to invest in the renewal and reconstruction of the more than 50-year-old oil pipelines in Nigeria, stressing that the facilities had outlived their lifespans. It also stated that Nigeria and the UAE were on the same page concerning oil exploration as crude oil drilling would not be abandoned despite …

An initiative to incentivise investors in the oil and gas segment of the nation’s economy aimed at attracting $10 billion investment, was yesterday unveiled by the Minister of Finance and Coordinator of the Economy, Wale Edun The event which culminated in the endorsement of the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – …

The Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri has explained that the drop in oil production in February and March 2024 was caused by issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating in the country. March oil production data released by the Nigerian Upstream Regulatory Commission (NUPRC), yesterday …

The Federal Government has settled for fiscal incentives in the Oil and Gas Sector to attract investments. Special Adviser to the President of Energy, Mrs. Olu Verheijen disclosed this during the ministerial press briefing in Abuja on Friday. She said the government was seeking for ways to grow revenue and foreign exchange to stabilize our economy and currency. She said …