The Organisation of Petroleum Exporting Countries and its allies known as OPEC+ have decided to boost oil production by 400,000 barrels per day. The group reached this agreement at the 19th OPEC and non-OPEC ministerial meeting on Sunday. In June, OPEC+ had agreed to increase output in July, in line with the group’s April decision to return 2.1 million barrels per day to the market between May and July. However, the deal which was meant...

The Supreme Court has granted an order of injunction stopping the Federal Government and its agencies from ceding oil wells at Akri and Mbede communities to Imo State Government. The order was granted on Wednesday to stop a purported implementation of the ceding of about 17 oil wells to Imo State, till a suit brought before the court by the Rivers State Government is determined. In the ruling, the Supreme Court restrained the Attorney General...

ABUJA — An indigenous oil and gas company, ND Western Limited says its 10,000 barrels per day refinery in Uturogu, Delta State will be completed by 2023. Mr. Eberechukwu Oji, Managing Director, ND Western Limited, made the disclosure while speaking with newsmen at the sidelines of the Nigeria Oil and Gas Conference and Exhibition on Thursday in Abuja. Oji said: ” The Front End Engineering Design for the project which is a Joint Venture with...

LAGOS —In the recently passed Petroleum Industry Bill by the Nigeria National Assembly, holders of refinery licenses in the country can pay for domestic crude oil supply in naira. Companies holding the refinery licenses in the country included Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals, and Edo Refinery and Petrochemical Company Limited. The Senate and the House of Representatives recommended in the...