News

President Muhammadu Buhari has submitted the much-awaited Petroleum Industry Bill (PIB) 2020 to the National Assembly. The President proposed the creation of the Nigerian National Petroleum Company Limited.

Iranian tankers carrying gasoline that was confiscated by the U.S. government and became embroiled in a court ownership battle have struggled to discharge in the United States, shifting course over the last week.

Royal Dutch Shell PLC RDSa.L is considering selling off its 45% stake in the Malampaya gas-to-power project in The Philippines, a key power source for the country's main island of Luzon, its local unit said on Thursday.

London-based market intelligence firm, S&P Global Platts, believes that refinery outages in Nigeria and other African countries will boost gasoline demand, a situation that will, in turn, brighten Asian and European markets’ chances of earning bigger revenue.

Oil and gas royalties and legacy debts have been identified as the major contributors to the revenue generated by the Department of Petroleum Resources (DPR), amounting $1.03 billion.

Indigenous companies operating in Nigeria’s oil and gas industry must upgrade their capacity for global competitiveness says the Nigerian National Petroleum Corporation (NNPC).

Oil and gas producer Premier Oil PMO.L has begun talks with BP BP.L to lower for the second time a $210 million deal to acquire stakes in two North Sea oilfields.

Bidders from state-owned companies to private equity-backed firms have been attracted to Exxon Mobil Corp.’s U.K. North Sea assets. This is as the U.S. oil giant seeks to exit the ageing region altogether, according to people with knowledge of the matter.

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, has raised the alarm that Nigeria was fast losing foreign investors confidence in the oil and gas sector, saying there is a need for Nigeria to act fast and address the loss.

Libya's National Oil Company (NOC) has said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.