Skip links

Oil and Gas

NNPC sets $10 oil production cost target by 2021

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

Coronavirus creates repair headache for oil and gas industry

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

US oil prices turn negative as demand dries up

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

PPPRA’s Petrol Landing Cost Drops on Declining Oil Prices

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

NNPC Rallies States, Others to Check Pipeline Vandalism

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,

Petrol subsidy increases by 2,000% in one year

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