ECONOMY · OIL AND GAS

Crude oil production cost to be brought down to $10 per barrel-NNPC_Femi Ehiabhi

The NNPC said it is taking measures to bring down cost of crude oil production to 10 dollars per barrel or below. The Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr Roland Ewubare, said this on a TV interview programme. He was merely restating a recent promise by the NNPC Group Managing Director,… Continue reading Crude oil production cost to be brought down to $10 per barrel-NNPC_Femi Ehiabhi

OIL AND GAS

FG Removes Fuel Price Cap, Gives Marketers Power to Fix Prices_Raphael Bichene

The Petroleum Products Pricing Regulatory Agency, PPPRA, has removed the cap on the price of Premium Motor Spirit (PMS), also known as petrol, giving marketers the freedom to fix the price of the commodity and sell above the price stipulated by it. The PPPRA, in a document released,on Thursday evening, titled, ‘Market Based Pricing Regime… Continue reading FG Removes Fuel Price Cap, Gives Marketers Power to Fix Prices_Raphael Bichene

ECONOMY · OIL AND GAS · WORLD NEWS

Nigeria to reduce oil production by 300,000 barrels per day_Femi Ehiabhi

The Minister of State for Petroleum Resources, Timipre Sylva, has indicated Nigeria would be reducing oil production by more than 300,000 barrels per day. This will be in line with the historic output cut agreed by OPEC+ on Sunday. The output cut was initially to be 10m barrels a day. It was however reduced to… Continue reading Nigeria to reduce oil production by 300,000 barrels per day_Femi Ehiabhi

ECONOMY · OIL AND GAS · WORLD NEWS

No OPEC Oil cut decision yet-Saudi Energy Minister_Femi Ehiabhi

OPEC hasn’t made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said. The Organization of Petroleum Exporting Countries and its allies are to meet next week in Vienna to assess their global cuts and output policy. Prince Abdulaziz is confident… Continue reading No OPEC Oil cut decision yet-Saudi Energy Minister_Femi Ehiabhi

OIL AND GAS · WORLD NEWS

Oil Prices Fall As Market Weighs Virus Impact_Ehiabhi Femi

WTI and Brent crude oil prices finished lower for the third straight trading day. West Texas Intermediate (WTI) and Brent crude oil prices finished lower for the third straight trading day. The March WTI contract lost $1.15 Thursday to settle at $55.59 per barrel. It peaked at $56.27 and bottomed out at $54.77. March Brent… Continue reading Oil Prices Fall As Market Weighs Virus Impact_Ehiabhi Femi

ECONOMY · OIL AND GAS

NNPC Refineries Make Cummulative Loss Of N123.25BN_Ehiabhi Femi

The country’s refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under… Continue reading NNPC Refineries Make Cummulative Loss Of N123.25BN_Ehiabhi Femi