The Nigerian National Petroleum Corporation (NNPC) has threatened to cancel some of its expensive Joint Venture (JV) contracts. Its Group Managing Director (GMD), Mallam Mele Kyari, hinted of the plan yesterday during the fourth edition of the Nigerian Association of Petroleum Explorationists(NAPE) webinar seminar series titled: ‘The Impact of COVID-19 on the Nigerian Oil and…

The Nigerian National Petroleum Corporation (NNPC) says it is optimistic the global oil market would achieve full recovery by third quarter of 2021. This is in the aftermath of crude oil price decline at the international market which is making a slow but steady climb towards pre-COVID 19 levels. Following declining oil prices in the…

Nigeria has postponed its long-awaited Petroleum Industry Bill (PIB) due to the COVID-19 pandemic but will pass it before the end of the year, the head of state oil company NNPC said on Wednesday. The government was aiming to pass the sprawling legislation overhaul by the end of July, but NNPC boss Mele Kyari said…

A dip in the Federal Government’s revenue is in the offing. This is because following the cut in oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) and its allies. The revenue accruable to the Federal Government from the sale of crude oil is estimated to drop by a cumulative sum of about…

As lawmakers in the 9th Assembly plow through the Petroleum Industry Governance Bill (PIGB) determined to pass it before the end of June, the desire to muddy an already cluttered regulatory space should be tempered with the understanding of the wilting impact it has on the regulated and the sector Operators say a crowded regulatory…

The Nigerian National Petroleum Corporation (NNPC) has set a July deadline to end its crude sales discount regime. NNPC Group Managing Director, Mallam Mele Kyari, in an interview with Bloomberg TV yesterday, said the corporation was looking at achieving the target by June 30 or latest by July. He added that if oil price settled…

The contribution of crude oil to the Nigerian economy will shrink fast, a former Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said. Oil represents only about 10 per cent of Nigeria’s Gross Domestic Product but accounts for about 50 per cent of government revenues and over 90 per cent of export earnings.…

THE Federal Government, Tuesday, called on the new members of the Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to develop policies and programmes that would ensure the domestication of crude oil refining and growth in the capacity of indigenous operators. Speaking in Abuja, during the inauguration of members of the Governing…

The effect of the coronavirus pandemic is causing maintenance worry for most oil and gas companies operating in Africa’s biggest oil-producing country, storing up problems for an industry already reeling from slumping prices. Apart from the IOCs, there are at least 50 small to mid-sized Nigerian producers pumping between 1,000 and 100,000 barrels each day…