Failure to hit 2.3mbpd oil target puts 2019 budget under pressure

Failure to hit 2.3mbpd oil target puts 2019 budget under pressure

The funding constraints rocking Nigeria’s N8.916 trillion 2019 budget may take a worst turn in the months ahead following the Federal Government’s inability to meet its oil production benchmark set at 2.3 million barrels per day (bpd) in the budget. The concern is however being aggravated …..

Oil Prices Jump Most on Record After Saudi Arabia Strike

Oil Prices Jump Most on Record After Saudi Arabia Strike

Oil posted its biggest ever intraday jump, briefly surging above $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies and raised the specter of more destabilization in the region. In an extraordinary start to trading on …..

Licensing controversy pits LPG operators against DPR

Licensing controversy pits LPG operators against DPR

The federal government’s ambition to convert over 13 million Nigerian households to the use of Liquefied Petroleum Gas (LPG) for domestic purposes in five years, may suffer a setback due to controversy surrounding licensing of LPG skids for domestic purposes as well as for auto-gas.  At …..

NUPENG threatens strike over agreement violation

NUPENG threatens strike over agreement violation

Nigerians may have to go through another fuel crisis soon should the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) go ahead with its threat of shutting down operation in the downstream sector in protest against the alleged violation of agreement with Chevron Nigeria …..

15 oil firms to lift Nigeria’s crude, deliver 14 billion litres of products

15 oil firms to lift Nigeria’s crude, deliver 14 billion litres of products

The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that 15 oil firms comprising international companies and Nigerian downstream players have been selected to offtake crude oil and in return, deliver corresponding petroleum products of equivalent value (about 14 billion litres) to the corporation under …..

$9.6bn Judgement Debt – Govt to Push for Abrogation of Huge Cash Award

$9.6bn Judgement Debt – Govt to Push for Abrogation of Huge Cash Award

As Nigeria goes on appeal to set aside the huge cash awarded by a British commercial and arbitration court to an offshore compaany over a botched gas supply contract, indications emerged, weekend, that the government might have written off the claimant as non-existent enterprise. The …..