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Tag: Oil and Gas

Meristem projects oil, banking sector gains amid rising crude prices
Oil and Gas

FG launches $100m equity fund for oil and gas firms

The Federal Government has launched a $100 million equity investment scheme aimed at boosting the capacity of Nigerian companies operating in the oil and gas sector. The initiative was unveiled on Tuesday at the 2025 Practical Nigerian Content Forum in Yenagoa, Bayelsa State, by the Executive Secretary of the Nigerian Content Development and Monitoring Board, […]

FG threatens to revoke oil block licenses over inactivity
Oil and Gas

FG seeks foreign firms’ return to Nigeria’s oil sector

The Federal Government has called on major Engineering, Procurement and Construction firms to return to Nigeria’s oil and gas industry, insisting that the challenges that once forced them out have been dismantled through reforms and fresh incentives. The call was contained in a statement by Nneamaka Okafor, the Special Adviser on Media and Communication to […]

FG's 1,068 oil projects to generate $22.8bn investments
Oil and Gas

Oil & gas emerge best indexes on NGX – Report

In terms of year-to-date returns on the Nigerian Exchange Limited, the Growth Board and Oil & Gas were the top-performing indices as of Christmas. The PUNCH reported that other indices with outstanding returns include the banking index, NGX-AFR Bank Value Index (106.47%), the NGX AFR Div Yield Index (122.78%), and the NGX MERI Value Index […]

NEITI to release old data, says global body
Oil and Gas

Nigeria made $764bn from oil, gas sector 21 years – NEITI

Nigeria’s oil and gas industry brought in $764.52 billion from 1999 to 2021. This is according to the Nigerian Extractives Industries Transparency Initiative’s Executive Secretary, Dr. Ogbonnaya Orji. The Times reported that during his speech this week at the Nigeria Energy Forum, he provided the numbers. Important figures mentioned by Dr. Orji during his speech […]

Oil and Gas

How Nigeria-Dubai non-oil trade hit $2.1bn in 2022 – Report

The President of the Dubai Chamber, Mohammed Lootah, has stated that the bilateral commerce between Nigeria and Dubai in non-oil products reached a value of $2.1 billion in 2022. The Punch reported that he said this at the New Horizons Trade Mission in Nigeria, which took place in Lagos on Thursday. Held in collaboration with the Lagos […]

Business

Nigeria’s oil demand to decline by 61% – AA Holdings

The Chairman of AA Holdings, Austin Avuru, has said that there would be a 61% decline in the global market demand for Nigerian crude oil by 2060. According to The Punch, this statement was made during the pre-conference workshop of the Nigerian Association of Petroleum Explorationists 2023 conference, which was held in Lagos recently and had as its […]

Oil and Gas

Oil price hits $93/barrel – Report

The price of Brent jumped on Wednesday, reaching nearly $93/barrel after circling around $87/barrel the previous week. This was due to recent industry data showing an increase in Nigeria’s oil revenues of N273.8bn in September. According to The Punch, while Brent surged to $92.7 per barrel at 11:01 a.m. Nigerian time, Murban crude, and WTI crude both […]

Business

FG approves first oil exploration license under PIA

The Federal Government has granted TGS-PetroData Offshore Services Limited a Petroleum Exploration Licence, the first of its kind under the Petroleum Industry Act 2021. According to The Punch, It stated that the license was in accordance with Sections 71 (1) through (10) of the PIA and had been awarded by the Nigerian Upstream Petroleum Commission. […]

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