“My Office Made No Recovery Of $62bn Oil Debt” – Malami
The Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has debunked the alleged claim proposing that his office made the recovery of $62billion debt from multinational oil companies. The revelation was contained in a statement signed by the Special Assistant on Media and Public Relations to the AGF, Dr. Umar […]
NNPC: $750m oil stolen in 2019
Nigeria lost about $750m to crude oil theft in 2019, the Nigerian National Petroleum Corporation (NNPC) has said. The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation. Kyari spoke to […]
OPEC waiting for Russia before deciding how much oil to cut
The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices. Five delegates said the group was waiting for news from Russia as […]
Ghana More Prudent With Oil Revenue, Set To Be World’s Fastest Growing Economy
For efficiently deploying its oil revenue to grow other sectors of the economy, including agriculture, Ghana has been tipped to become the world’s fastest growing economy in the next few years. According to the International Monetary Fund (IMF), in 2018, Ghana’s projected growth is between 8.3 and 8.9 percent, with only Bhutan, a South Asian […]
Cost Of Producing A Barrel Of Oil Now $20 – NNPC
The Nigerian National Petroleum Corporation, NNPC, Monday, March 5, 2018, said its cost of producing a barrel of crude oil from Nigeria’s oil fields has further dropped to $20, adding that it was targeting to lower it further to $15 per barrel soon. It also said it would ensure that all the pipes to be […]
Dangote Refinery, Set to be Africa’s Biggest, Takes Shape
The completion of Dangote Refinery in 2019 will mark another milestone in the Nigerian oil and gas industry as it holds the prospect of stopping the importation of refined petroleum products by Nigeria. The Dangote Refinery will produce 650,000 barrels per day of refined petroleum products to meet all the country’s refined petroleum products needs. […]
Nigerian Naira Exchange Rate