News

The Organization of the Petroleum Exporting Countries (OPEC) said on Tuesday that world oil demand will recover more slowly in 2021 than previously thought as coronavirus cases increase, adding to headwinds faced by the group and its allies in balancing the market.

Oil giant Saudi Aramco is in talks with BlackRock BLK.N and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business.

Nigeria’s oil and gas earnings in the first half of 2020, is N2.41 trillion just 8.7 percent below the N2.63 trillion recorded in the corresponding period of 2019, despite the huge global crash in prices, bringing the country’s total earnings from this mainstay of revenue in the past five years (2015-2019) to N24.1 trillion.

The passage of the Petroleum Industry Bill, PIB, would effectively secure the future of Nigeria’s oil and gas sector and attract the much-needed investments into the sector, Mallam Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, said on Monday.

The Organisation of the Petroleum Exporting Countries has said new refining capacities expected to come on stream in Nigeria and other African countries in the next few years may increase pressure on existing plants on the continent.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, says the NNPC is no longer afraid of public scrutiny.

Nigeria has been awarded $660,130 by a US tribunal in costs linked to arbitration over a claim for licences linked to Pan Ocean Oil.

The Nigerian National Petroleum Corporation (NNPC Retail), has won the 2020 Africa Finance Awards. KCB Bank Kenya and Ghana Union Assurance are some of the organisations that also won the award.

The Department of Petroleum Resources, DPR, has rolled out guidelines for the establishment and operations of downstream gas facilities across the country.

Obi Imemba has been appointed the new Executive Director, Port Harcourt District of Total E&P Nigeria Limited, with effect from September 23.