The Federal Government yesterday launched the Nigerian Upstream Cost Optimisation Programme (NUCOP) to cut down the cost of crude oil production to $10 per barrel. The new programme is targeted at boosting industry collaboration and process enhancement, according to the Minister of State, Petroleum Resources, Mr Timipre Sylva, at the ceremony in Abuja. He said…

The landing cost of Premium Motor Spirit (petrol) imported into the country has risen by 13.34 per cent in one month to about N180 per litre on the back of the increase in global oil prices. Crude oil price accounts for a large chunk of the final cost of petrol, and the deregulation of petrol…

National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday. In a new report called Risky Bet, the Natural Resource Governance Institute (NRGI) estimated that NOCs…

The Minister of State for Petroleum Resources, Timipre Sylva, has revealed plans by the Federal Government to begin oil production in the northeast. Speaking during a recent interview on Channels Television’s Newsnight in Abuja, which aired on Monday. “I have said it a few times that we have found oil in the northeast and we…

The Nigerian National Petroleum Corporation,says it’s planning to secure $2 billion financing to overhaul its Warri and Kaduna refineries by the end of June this year The Group Managing Director of the corporation,Mele Kyari,also said talks are progressing on financing repairs to the Port Harcourt refinery after a pre-finance bid for more than $1 billion…

The Department of Petroleum Resources (DPR) has issued Licence to Establish (LTE) the first floating LNG production plant for the processing of 176MMcfd natural gas and condensate to UTM Offshore Limited, an indigenous oil and gas firm, at a presentation at the DPR headquarters Abuja yesterday. Presenting the licence, Director/Chief Executive Officer, DPR Sarki Auwalu…

Equinor ASA said the Nigerian Supreme Court overturned a ruling that had threatened to divert 1.5% of the company’s profits from one of the country’s largest oil fields to a former consultant. The Supreme Court ruling Friday that the lower courts had no jurisdiction over the case should conclude a dispute that has played out…

Nigeria sold $2.89 billion worth of oil and gas between November 2019 and November 2020, the Nigerian National Petroleum Corporation has said. The country suffered significant loss of revenue in 2020 due the fall in oil prices as a result of the coronavirus pandemic. In its report, the NNPC sad it recorded a trading surplus…

Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices…