With its current unit cost across all operating terrains averaging between $9 and $22 per barrel, the Nigerian National Petroleum Corporation (NNPC) says it has set an oil production cost target ceiling of $10 per barrel by 2021. The Group Managing Director of the corporation, Mele
The coronavirus pandemic has disrupted maintenance at oil and gas projects and refineries from Russia’s Far East to the coast of Canada, storing up problems for an industry already reeling from slumping prices, analysts say. Lockdowns to stop the spread of COVID-19, the flu-like infection
The federal government says it is considering adjusting further, the benchmark crude oil price in the 2020 budget down to $20 per barrel. In the initially approved appropriation assented into law by President Muhammadu Buhari last December, crude oil benchmark price was put at $57 per barrel.
The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced a 17.94 per cent reduction in the ‘ex-depot’ price of petrol. The price was reduced from N113.28k per litre petrol was sold to marketers in the previous month to about N108.00K per litre. Ex-depot price is
The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried
The sharp drop in the price of crude oil appear to have temporarily halted the federal government’s expenditure on petrol subsidy, records from the Petroleum Products Pricing Regulatory Agency (PPPRA) have suggested. Following the slump in crude oil price, the PPPRA indicated in its daily
INTERNATIONAL – Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle. Brent
The Nigerian National Petroleum Corporation (NNPC) is collaborating with the security agencies, states as well and community leaders to check the incidence of pipeline vandalism as well as its attendant outbreak of fire, death and destruction of property NNPC Group Managing Director, Mallam Mele Kyari,
…Accuses oil firm, NOSDRA of shortchanging villagers; SPDC denies allegation INDIGENES of seaside settlement of Aghoro I, Ekeremor Local Government Area, Bayelsa State, have accused Shell Petroleum Development Company of Nigeria, SPDC, of frustrating the community’s efforts to get suitable compensation, following a major oil
The amount spent as subsidy on petrol increased from N2.87bn in November 2018 to about N60.37bn in November 2019, representing an increase of 2,001 per cent. An analysis of the amount spent on petrol subsidy in November this year showed that every litre of the