Oil demand rises as gas prices surge
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch…
Oil and Gas
Leading source of the latest news and insights for the oil & gas industry; upstream and downstream sector
Buhari makes a U-turn over Seplat, ExxonMobil $1.3bn deal
The President, Major General Muhammadu Buhari (retd.) in alignment with the Nigerian National Petroleum Company Limited, reversed his authorisation of the $1.3bn…
Marketers hint at fresh fuel scarcity in Abuja
The Federal Capital Territory residents might experience a fresh round of fuel scarcity as tankers have halted the conveyance of petroleum products…
Subsidy probe: 23 oil firms operating in Nigeria unknown, say Reps
The profiles of 23 oil and gas companies trading in Nigeria are unknown, the House of Representatives’ Ad Hoc Committee to Investigate…
Oil firm shut over unapproved offshore operations
THE Federal Government has shut down Scorpion Oil Services for carrying out offshore operations without approval and also violating the provisions of…
Subsidy cost spikes by 370% amid rising debt
The cost of fuel subsidy is estimated to increase by 369.93 per cent from 2021 to 2023. In 2021, the Nigerian National…
NNPC denies issuing directive on fresh petrol price
The Nigerian National Petroleum Company Limited has denied issuing the directive on the new price of Premium Motor Spirit, otherwise known as…
NNPC becomes commercial entity amid fuel scarcity
The President, Major General Muhammadu Buhari (retd.) officially unveiled the new brand of the Nigerian National Petroleum Company Limited on Tuesday, at…
Gas flaring: Oil companies oppose FG’s penalties
The federal government’s enforcement of penalties for gas flaring as contained in the Petroleum Industry Act 2021 has been opposed by some…
NGF says subsidy’ll affect payment of salaries
The Nigeria Governors’ Forum has said that rising subsidies on petroleum products now place a huge financial burden on the states and…
Gas consumption to decline over Russia, Ukraine war – Report
Gas consumption will contract slightly this year due to high prices and Russian cuts to Europe, with only slow growth over coming…
Nigeria’s crude oil output drops below expectation – Report
A financial service company, Vetiva, has decried that Nigeria’s crude oil output has fallen below expectation despite efforts by the Organisation of…