House Approves $57/barrel as Crude Oil Benchmark for 2020

House Approves $57/barrel as Crude Oil Benchmark for 2020

The House of Representatives has approved $57 per barrel as crude oil benchmark price for the fiscal year 2020, while also increasing the revenue target of the Nigeria Customs Service (NCS) from N942.6 billion to N1.5 trillion. The House said that the exchange rate of …..

Senate Probes Seven Oil Firms Over $21bn Unremitted Funds

Senate Probes Seven Oil Firms Over $21bn Unremitted Funds

The Nigerian Senate on Wednesday mandated three of its committees to investigate seven international oil companies over their alleged refusal to remit about $21bn to the national treasury, according to a report by PUNCH. The decision of the upper legislative chamber was sequel to a motion …..

NNPC GMD: $1.7bn Lost to Shutdown of OML 25 in Two Years

NNPC GMD: $1.7bn Lost to Shutdown of OML 25 in Two Years

The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, at the weekend disclosed that Nigeria lost an equivalent of $1.7 billion within two years of temporary shutdown of oil and gas production from Oil Mining Lease (OML) 25 following …..

Petrocam aims for 50 additional fuel stations by 2024

Petrocam aims for 50 additional fuel stations by 2024

Petrocam Trading Nigeria Limited, an operator in the nation’s downstream oil sector, has said it aims to increase the number of its fuel stations across the country to 50 in the next five years. The Managing Director, Petrocam Trading Nigeria Limited, Mr Patrick Ilo, disclosed …..

FG spent N2.3tn on oil, electricity subsidies in four years – PwC Report

FG spent N2.3tn on oil, electricity subsidies in four years – PwC Report

The federal government expended a total of N2.3 trillion on subsidising the consumption of petrol and electricity from 2015 to 2018, a report from global accounting and consulting firm, PricewaterhouseCoppers (PwC), has revealed. The report, which was obtained by THISDAY yesterday, was presented to power …..

Downstream firm NIPCO announces N254bn turnover for 2018

Downstream firm NIPCO announces N254bn turnover for 2018

NIPCO Plc, has declared N254 billion turnovers and a profit after tax of N1.58 billion for 2018 financial year just as it deepened its petroleum products outlets expansion and doubled its Liquefied Petroleum Gas (LPG) market share in Nigeria. The Company Chairman, Chief Bestman Anekwe, …..

Nigeria earns N5.4tn from oil in 12 months

Nigeria earns N5.4tn from oil in 12 months

Within a one-year period covering August 2018 to July this year, the country earned a total of N5.37tn from oil, figures obtained from the Central Bank of Nigeria have revealed. The amount is contained in the economic report of the CBN for the month of …..

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 …..