OIL & GAS

Queues for petrol have resurfaced in the federal capital territory (FCT) causing anxiety and hardship for residents trying to get the product. It is not clear why the petrol queues are back in the nation’s capital. However, our correspondent who visited petrol stations around…

The prices of crude oil rose by four per cent on Wednesday, after the European Union unveiled plans to phase out imports of Russian oil as part of sanctions for Russia’s invasion of Ukraine. Brent crude futures rose $3.99, or 3.8 per cent,…

The Federal Government says it is focusing on exploitation of gas to close the gap that can be created by less use of petrol, diesel and other fossil fuels, following the gradual exit from fossil fuels. The News Agency of Nigeria (NAN) reports…

The Minister of State for Petroleum Resources, Timipre Sylva yesterday disclosed that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are some of the international bodies ready to buy into the Nigeria-Morocco Gas Pipeline project. The Minister who made this known…

Nigeria, Libya and a handful of African countries again hobbled the projected oil production plan by the Organisation of Petroleum Exporting Countries (OPEC) in April, failing to meet the quota allocated to them by the oil producers’ group. An analysis showed yesterday that…

TotalEnergies SE will put up for sale its minority stake in a Nigerian oil joint venture, joining the exodus of supermajors from onshore fields in Africa’s largest crude producer. The French energy giant would look to offload its 10 per cent interest…

The federal government will boost crude oil production through the reactivation of oil wells that were shut down due to massive oil theft, the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, has said. Speaking with Bloomberg Television in an interview…

Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said under his leadership, no marginal field operator would be allowed to “trade” in papers issued by the organisation. Komolafe, who spoke with the Africa Oil+Gas Report,…

The Minister of State for Petroleum Resources Chief Timipre Sylva yesterday explained that the Federal Government bought a 20 percent stake in Dangote Refinery in order to ensure product sufficiency. His Senior Adviser (Media & Communications), Horatius Egua disclosed this in his principal’s…

Former President Olusegun Obasanjo approved the out-of-court settlement between the Federal Government and Malabu Oil & Gas Limited over the OPL 245 dispute in 2006, it was learnt yesterday. The approval formed the basis of the transfer of OPL 245 from Malabu to…