Browsing: crude oil

Joe Itah, the Regional Coordinator of the Council, South South, said this during a one-day Roundtable Stakeholders’ Forum on Cassava and Palm Producers in the Non-Oil Exports Sub-Sector in Yenagoa, Bayelsa State on Tuesday.

The NSCDC Commandant in Imo, Michael Ogar, disclosed this while interacting with newsmen in Owerri on Wednesday.

Gbajabiamila said, for this reason, experts in the gas sector should partner those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource.

But the recovery was stunted by fears of a slow recovery in demand due to new pandemic lockdowns in Europe and a build in US crude stocks.

This followed the adoption of a motion of urgent national importance by Abubakar Yallema (APC-Sokoto) at Wednesday’s plenary.

Crude oil theft either through deliberate false metering by some oil majors or illegal bunkering by cartels is rife in the Nigerian oil and gas sector with Nigeria ranking as the second country with highest rate of oil theft, only next to Mexico.

The Corporation disclosed this in its Monthly Financial and Operation Report for the month of November 2020, released in Abuja on Sunday.

Brent, against which Nigeria’s crude oil is priced, fell by $0.36 to $39.47 per barrel.

Diri stated this on Monday in Lagos when he paid a courtesy visit to the headquarters of NIMASA.

The NNPC in a release by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that petroleum receipts for the month reflected crude oil earnings of $230.65 million, with gas and miscellaneous proceeds standing at $75.97 million and $71.80 million respectively.

The lawyer is being assisted in the scheme by collaborators said to be from Mexico and the United States of America.

The investigative hearing, which began on Monday in Abuja, was organised by the joint House Committees on Finance, Banking and Currency.

A God-fearing person, he had gone for a programme in Arabic Studies in Egypt upon retirement to know Allah more and to serve Him by preaching His marvellous works. This writer got close to him, when without any previous contact, he responded to his message to share some information within five minutes. The communication continued, getting more and more personal until his words, which were filled with wisdom, were silenced by circumstances that led to his death.

Brent crude futures for August rose 43 cents, or 1.1 per cent, at $40 a barrel, by 0252 GMT.

Nigeria’s economy, which emerged from a recession in 2017, was already contending with low growth of around 2 per cent before oil prices plummeted

Nigeria recorded crude oil and gas export sale of $434.85 million in January 2020, an increase of 94.30 per cent pitched against the December 2019 figures, the Nigerian National Petroleum Corporation’s Monthly Financial and Operations Report released on Wednesday in Abuja has stated.

Ministers of the OPEC+ countries agreed in a video conference on Sunday to boost oil prices by cutting production by 9.7 million barrels a day for May and June, Mexico’s Energy Minister Rocio Nahle tweeted.

Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation, said this while addressing the House of Representatives Committee on Petroleum Upstream chaired by Rep. Musa Adar (Sokoto-APC) on Monday.

The National Economic Council on Thursday urged the Nigerian National Petroleum Corporation to engage the National Intelligence Agency to identify markets for stolen products across the continent.

It is a sad commentary that the Niger Delta people face the paradox of having an amazing wealth in crude oil but are buffeted by a whirlwind that has choked genuine efforts to turn around the situation in a region that is bare in human capital and infrastructural development.