The Federal Government has restated that it will not determine the price of petroleum products from the Dangote refinery once fully operational. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  said the government is urging oil marketers to commence the process of establishing Compressed Natural Gas (CNG) points at […]Read More

President Bola Tinubu has instructed all government ministries, departments, and agencies (MDAs) to purchase only vehicles powered by compressed natural gas (CNG).  This directive was communicated through a statement from the President’s spokesperson, Ajuri Ngelale, on Monday. The statement outlines that this decision is a crucial component of the administration’s larger plan to secure energy, […]Read More

While inflation concerns dragged oil prices lower earlier on Monday, with U.S. consumer price data due out Tuesday, by late morning, anticipation of OPEC’s monthly report due on the same time bumped the two key crude oil benchmarks up at least half a percentage point. On Tuesday, OPEC will release its Monthly Oil Market Report […]Read More

11Plc (formerly Mobil Oil Nig. Plc), one of Nigeria’s petroleum marketing companies, has recorded N526 billion in revenue for the 2023 financial year with Profit After Tax growing to N26.56 billion and earnings per share at N74. Ramesh Kansagra, 11Plc Chairman, who was represented by Non-Executive Director, Alhaji Abdilkadir Aminu drooped this cheery news to […]Read More

The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd), an upstream subsidiary of NNPC and Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO), has commenced oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State. NNPC in a statement signed by […]Read More

Nigeria has put forth 12 oil blocks in a fresh licensing round, aiming to complement a previous round involving seven blocks that was halted after last year’s governmental transition. Gbenga Komolafe, the CEO of the upstream regulator NUPRC, highlighted that the selection of these 12 blocks was meticulous, targeting international investors equipped with both financial […]Read More

First Quarter Revenue Drops to $107.21 Billion (SR402.1bn) from $111.32 Billion in 2023 Q1 Saudi Aramco has reported a net income of $27.27 billion for the first quarter of 2024, down 14.4 percent from $31.87 billion in the same period a year ago.  According to the company, the decline was attributed to reduced crude oil […]Read More

…Says 30-day PMS sufficiency intact The Nigerian National Petroleum Company (NNPC) Limited has called on motorists to shun panic buying of premium motor spirit (PMS), popularly known as petrol, for the second time in three weeks due to the ongoing nationwide fuel scarcity. In a statement released on X (formerly Twitter) today and signed by […]Read More