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Local firms owe 90% oil industry debt to banks

Nigeria’s independents that produce about 400,000 barrels per day out of the about two million barrels daily national output account for almost...

Eni: SEC closes Nigeria, Congo inquiries without further action

The United States Securities and Exchange Commission has closed its investigation into Eni over the Italian oil major's activity in Nigeria and...

Savannah Petroleum changes name to Savannah Energy PLC

Savannah Petroleum PLC, the British independent energy company focused around activities in Nigeria and Niger, has announced that it is changing its...

Nigeria ramps up crude oil output despite sharp fall in global demand

…Production at 2.3 million b/d: NNPC's Kyari…Ready to make 'sacrifices' and join new oil supply pact…Export terminals in operation but cargo glut...

Nigeria ends fuel subsidy, braces for output cuts

…As Petroleum Minister calls for sacrifices Nigeria will make the necessary sacrifices needed to stabilise the global crude oil...

Oil price slump exposes Nigerian banks to severe risk

Nigerian banks' credit profiles face severe risks from the oil price slump and operating environment disruption due to the coronavirus pandemic, Fitch...

Covid-19: DPR issues staff reduction notice to Oil Companies

Nigeria’s Department of Petroleum Resources ordered oil and gas companies on Thursday to reduce their workforce and practice social distancing, tightening measures...

Nigeria braces as oil prices sink below $20

As countries of the world continue to battle the spread of coronavirus, oil prices crashed below $20 amid a supply glut on...

Nigeria risks 85% drop in oil revenue

Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas...

“PMS landing cost drops as oil prices recede”- PPPRA

The sharp drop in the price of crude oil appears to have temporarily halted the federal government's expenditure on petrol subsidy, records...

Price discounts, market share battle stall sale of Nigerian crude

…More than 50 million barrels remain unsold…Nigerian crude values will have to fall sharply to compete with rivals…NNPC looking to lower production...

Enhanced Capacity: Nigeria leads Africa’s refining revolution

...Faces stiff competition from West African neighbours The resuscitation of Nigeria's under-performing refineries is a Key Performance Indicator...
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Nigeria leads rebound as Chinese demand lifts West African crude values

The resurgence of Chinese buying interest has sustained a dramatic rise in values for Angolan, Chadian, Ghanaian and Congolese crude grades, while...

Nigeria’s Bonga oil export terminal shut for maintenance

Nigeria’s Bonga crude oil export terminal has begun routine maintenance, its operator Shell disclosed on Tuesday, adding it aimed to have the...

Covid-19: Downstream Petroleum Group to complete, equip Abuja Diagnostic Centre

Just when you thought Nigeria’s oil marketing companies were all about their profit margins and clamouring for total market deregulation, the industry’s...

Petrol price may rise as Brent stabilises around $35/barrel

Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of...