The panel is to carry out a forensic investigation to cover the technical and commercial operations of oil companies involved in drilling and selling of crude oil.
Browsing: crude oil
The report also said that available records from performance report of two depots revealed that about 22,929.84 litres of PMS valued at N7.06 billion pumped to the two depots (Ibadan-Ilorin and Aba-Enugu) between June and July 2019 were not received by the depots.
OPEC made this known in its Oil Market Report for February 2022, which was obtained by the News Agency of Nigeria on Thursday.
The was revealed by the management of AEEPCO in a statement by its Spokesperson Mathew Ndianabasi, on Wednesday.
Sylva added that crude oil exports represented about 86 per cent of total export earnings, while the actual government revenue from the sector is 40 per cent.
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