Energy

The House of Representatives Committee on Finance has asked the Nigerian Upstream Petroleum Regulatory Commission to provide details of crude oil production for the fourth quarter of 2021 and the first quarter of 2022. The committee said the information would help the House to determine the revenue accrued to the …

THE Minister of Information and Culture, Lai Mohammed, has described the Dangote Petroleum Refinery as a project that will revolutionise the petroleum industry in not only Nigeria, but the rest of Africa by extension. Speaking during a media tour of the 650,000 barrels-per-day, $19bn facility at Ibeju-Lekki, Lagos State,  Mohammed …

Ololade Omosan-Agie The federal government has urged Julius Berger, the contractors handling “The Barrel”, the multi-billion-naira new office building belonging to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), to speed up work on the project. The government explained that this should be done in time before President Muhammadu Buhari’s exit …

Ololade Omosan-Agie The Federal Government has warned that it would no longer condone any form of criminality on the nation’s oil and gas facilities and installations. It said in a statement that crude oil thieves, pipeline vandals, and illegal refiners had their days numbered. The statement issued by the spokesperson …

The President of the African Development Bank, Akinwumi Adesina, has warned that many African countries may face food riots and political crises due to the war in Ukraine. He gave this warning during an exclusive interview with The Telegraph, which was published on the AfDB’s website on Tuesday. Adesina warned …

The Minister of Mines and Steel Development, Olamilekan Adegbite, has stressed the need for more professionalism and expertise to ensure the development of the mining sector in Nigeria. The minister, who was represented by the Director-General, Mining Cadastre Office, Obadiah Nkom,  said this during the 57th Nigerian Mining and Geosciences …

The Nigerian Content Development and Monitoring Board (NCDMB) investment in Bunorr Integrated Energy Limited which would produce lube oil and other lubricants in-country, will begin operations this year, the board has said. Speaking when he took some stakeholders on a tour of the base oil manufacturing plant located near Omagwa, …

The latest data from OPEC indicated that Nigeria missed its oil production target again in February, as it produced 1.258 million barrels per day, far less than the target of 1.683 million bpd as approved by OPEC. OPEC had raised Nigeria’s oil production target for March 2022 to 1.718 million …

The Federal Government is planning to tap €2bn ($2.2bn) by this month or next of the money it raised in a Eurobond sale last year and targets more local borrowing in 2022 to help fund subsidy on Premium Motor Spirit, popularly called petrol, the Minister of Finance, Budget and National …

Fitch Ratings has affirmed Nigeria’s long-term foreign-currency issuer default rating at ‘B’ with a stable outlook. It disclosed this in its latest report released on Monday titled ‘Fitch affirms Nigeria at ‘B’; Outlook stable’. The report also said that the decision of the Federal Government to reverse its plan to …