Seven of the nine oil mineral-producing states left Abuja yesterday with a combined cheque value of N70.408 billion being their allocation from the June 2023 revenue distributed by the Federation Account Allocation Committee (FAAC) on Thursday. Delta State topped the chart with N23,261,593,427.19, according to the breakdown of the allocations obtained by The Nation. Rivers State trailed with N13,192,309,721.26, followed by Akwa …

The Health of Mother Earth Foundation (HOMEF) has condemned the recent burning of a vessel nabbed with stolen crude oil in the Niger Delta. In a statement in Benin on Saturday, HOMEF’s Executive Director, Mr. Nnimmo Bassey said that the manner the vessel was destroyed was wrong and harmful to the environment and human lives. He noted that the burning …

The Olu of Warri, Ogiame Atuwatse III has deplored the rising poverty of the people of the Niger Delta where the oil wealth of the nation comes from. The Olu lamented that the people of the Niger Delta have been despite having one of the largest oil and gas deposits in the country. According to him, too many communities under …

The Organisation of Petroleum Exporting Countries (OPEC) and its allies, popularly known as OPEC+ have slashed Nigeria’s oil output, excluding condensate by 20.7 per cent to 1.38 million barrels per day, mb/d, from 1.74 million barrels per day, mb/d in order to achieve stability in the global market. The decision expected to take effect from January 2024 was taken at …

NNPC Limited on Thursday announced the renewal of the Oil Mining Lease (OML) 130 production sharing contract, and the conversion of the acreage to a Petroleum Mining Lease (PML) in accordance with the provisions of the Petroleum Industry Act 2021. At a ceremony presided over by the Permanent Secretary of the Federal Ministry of Petroleum Resources, Ambassador Gabriel Aduda, inside …

As the Dangote Refinery begins operations next week, the supply of 300,000 barrels of crude oil per day by the Nigerian National Petroleum Company Limited to the facility is going to commence, the Group Chief Executive Officer of NNPCL, Mallam Mele Kyari, announced on Thursday. Kyari, who disclosed this at the ongoing fourth Nigerian Oil and Gas Opportunity Fair in …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that it would support indigenous oil companies with the right policies and regulations to grow. During a visit to the exhibition booth of Green Energy International Limited at the Offshore Technology Conference in Houston, Texas, United States, NUPRC Chief Executive, Engr. Gbenga Komolafe said that the oil and gas industry regulator …

After an initial rise in oil price earlier in the week, prices inched lower yesterday as the market weighed worsening economic prospects against expectations of United States crude inventory declines and plans by OPEC+ producers to reduce output. Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world …

The Nigerian Navy (NN) said it intercepted and rescued a Motor Tanker (MT) Monjasa Reformer hijacked by pirates around 144 nautical miles (nm) South-West of Pointe-Noire, Democratic Republic of Congo. The vessel with 16 crew members which was hijacked around 10: 39 pm on 25th March, while it was about 95nm off the Etame Terminal; was rescued adrift on the …

The Nigerian National Petroleum Company (NNPC) Limited intends to begin drilling for oil in Nasarawa State in March 2023 as part of its ongoing efforts to explore for oil in the nation’s interior basins. The Group Chief Executive Officer of the Company, Mallam Mele Kyari disclosed this when the Governor of the State, Engr. Abdullahi Sule led a delegation of …