oil and gas

Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the successful commencement of oil production from the Akpo West Field to optimise production from the nation’s oil and gas assets. The milestone, which the company…

Oil Ticks Up On Lingering Worries About Supply Disruptionnts, or 0.3%, to $87.90 a barrel by 0550 GMT. U.S. West Texas Intermediate (, stronger enforcement of U.S. sanctions on Iranian oil would tighten up the oil market through 2024," said…

Three Executive Vice-presidents of the Nigerian National Petroleum Company Limited (NNPCL) due for retirement in 2024, have been compulsorily retired. They are the Executive Vice-Presidents were Abdulkabir Ahmed (Gas, Power and New…

Oil dipped after its biggest weekly gain since early April as investors juggled signs of tightening supply and persistent demand concerns. Brent futures traded near $78 a barrel after closing 4.8% higher last week following a pledge by…

Oil rose on Monday after top exporters Saudi Arabia and Russia announced supply cuts for August, overshadowing concerns about a global economic slowdown and the potential for further increases in U.S. interest rates. Saudi Arabia on…

In the months after Russia’s invasion of Ukraine any hint of bad news sent energy prices into the stratosphere. When a fire forced an American gas plant to close, strikes clogged French oil terminals, Russia demanded Europe pay for fuel in…

The Federal Government issued and signed licences for two crude oil export terminals, which will generate $11 billion in revenue annually for the country. Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited…

Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors waited for inflation data for a steer on U.S. interest rates. Brent crude dropped 64 cents, or…

The Federal Government, on Thursday, said the amount spent on subsidising Premium Motor Spirit, popularly called petrol, between 2005 and 2021 was N13tn, adding that the country lost N16.3tn to oil theft from 2009 to 2020. It disclosed…

As the oil and gas industry faces volatility, Saudi Arabia has announced that it will cut its daily oil output by 500,000 barrels per day. This development came as other OPEC+ oil producers also, on Sunday announced voluntary…