News

The Department of Petroleum Resources has said that companies, including their promoters, indebted to the Federal Government will not be allowed to participate in the newly launched bid round for marginal oilfields.

Marketers have been given the liberty to fix the price of Premium Motor Spirit (PMS) also known as petrol, as the Petroleum Products Pricing Regulatory Agency, PPPRA has removed the cap on the price of the commodity.

The Director of the Department of Petroleum Resources, DPR, Mr. Sarki Auwalu, disclosed on Wednesday that country’s proven gas reserve is now 203.16tcf, during an online interactive session with the media on topical issues in the oil and gas industry in Nigeria.

The Nigerian National Petroleum Corporation (NNPC), announced on Wednesday that it has commenced the online sales and tracking of petroleum products across the country, to ensure minimal human interactions across its depots, in the face of the COVID-19 pandemic.

The plan of exporting and testing Kenya’s crude under a pilot plan by Tullow Oil, ended on June 2, as timelines for development in the East African nation slowed.

The U.S. Department of the Treasury said on Tuesday that the country has raised its sanctions on Venezuela’s oil industry, focusing this time on maritime companies and their assets who have been assisting the Latin American country in getting its blacklisted crude oil to market.

Brent crude which is the benchmark against which Nigeria’s crude is priced rose to $40 per barrel for the first time since March.

Ahead of the World Environment Day, Chevron Nigeria has reiterated its responsible environmental stewardship everywhere it operates.

The Federal Government has cleared the N168 billion outstanding subsidy debt to oil marketers, as part of measures targeted at stimulating activities in the downstream sector of the petroleum industry.

Nigeria’s six-train liquefied natural gas plant on Bonny Island suffered an operational trip mid-May. In a brief statement, Nigeria LNG noted that the trip resulted in the temporary loss of power at the plant.