News

The current ex-depot price of Premium Motor Spirit (petrol) would be maintained until the conclusion of ongoing engagement with the organized labour and other stakeholders, says Nigerian National Petroleum Corporation (NNPC).

The Nigerian National Petroleum Corporation (NNPC) has announced an increase of ₦24.19billion trading surplus in December 2020, compared to the ₦13.43billion surplus recorded in November of the same year.

Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 10-15% from 5-15% in May, one week ahead of an OPEC+ meeting.

The Nigerian National Petroleum Corporation (NNPC) NNPC says it can no longer afford to bear the N120 billion monthly subsidy cost it expends on Premium Motor Spirit (PMS) popularly known as petrol, saying Nigerians would have to pay the actual cost sooner or later.

Norwegian energy major Equinor in a market update on Wednesday  predicted a 2% growth in Europe’s demand for natural gas this year after contracting by around 4% in 2020.

The latest data obtained from the National Bureau of Statistics revealed that the amount spent on the importation of Premium Motor Spirit (petrol) last year rose by 17.54 per cent to N2.11tn.

OPEC+ is unlikely to pump more oil than the market can handle, says the United Arab Emirates’ energy minister Suhail Mohamed Al Mazrouei.

The federal government says the 2,500 barrels per day modular refinery being established at Egbokor, Edo State, will be ready for commissioning in the last quarter of this year.

The conclusion of the bid round for the award of 57 marginal oilfields, won by 161 of the bidding companies has been announced by the federal government.

BP Plc said on Monday that its greenhouse gas emissions dropped 10% to around 374 million tonnes of carbon dioxide equivalent in 2020 from its oil fields to its clients’ car exhausts.