The Department of Petroleum Resources (DPR) said on Wednesday that Nigeria’s proven natural gas reserve had become 203.16trillion cubic feet (tcf), while crude oil reserve was 36.89billion barrels (bb) as at Jan. 1, 2020. Mr Sarki Auwalu, Director, DPR, gave the numbers on Wednesday during an online interactive session with the media on topical issues in the oil and gas industry in Nigeria. Auwalu said the new figures represented a marginal increase of 1.16tcf in proven...
The Petroleum Products Pricing Regulatory Agency (PPPRA) has slightly reduced the pump price of Premium Motor Spirit (PMS), also known as petrol to N121.50 per litre from N123.50. The agency disclosed this in a letter to marketers with reference number A.4/9/017/C.2/V/701 titled “Guiding Price for Premium Motor Spirit (PMS) in the Month of June 2020,” released on Monday in Abuja. The News Agency of Nigeria (NAN) reports that the new price is N2 less than...
The Northern Governors Forum (NGF) has expressed sadness over the death of the former Group Managing Director of Nigeria National Petroleum Corporation (NNPC), Dr Maikanti Baru. The Chairman of the Forum and Governor of Plateau, Simon Lalong, in a condolence message described his death as a big loss to the nation. Director of Press and Public Affairs to the governor, Dr. Makut Macham, issued the condolence message on Saturday in Jos. “The late Maikanti Baru...
Oil prices slid for a second consecutive session on Thursday as the U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep oil production cuts in the lead-up to a June 9 meeting of the Organisation of the Petroleum Exporting Countries...
The Nigerian National Petroleum Corporation (NNPC) says it currently has 6,621 staff strength both at its headquarters and across all its subsidiaries, division and offices nationwide. The corporation disclosed this in its report of compliance with the Extractive Industries Transparency Initiative’s (EITI) Open Data requirements, released in Abuja on Monday. The report disclosed that the 6,621 individuals comprised its total staff strength as at April 20, 2020. This meant that the recently employed 1,050 fresh...
The National Bureau of Statistics (NBS), says the country imported 20.89 billion littres of Premium Motor Spirit (PMS) also known as petrol in 2019. The NBS made this known in its latest report on petroleum products importations statistics for 2019 released on Wednesday. It said that the country also imported 5.15 billion litres of Automotive Gas (AGO), and 128.11 million litres of Household Kerosene (HHK) in the period under review. The NBS said 1.07 billion...
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has denied reports that 84 million barrels of Nigerian crude oil were stranded at sea because there no buyers to take them. Mr. Kyari said there were no physical vessels floating on the sea with Nigerian crude oil waiting for buyers. According to a report by ThisDay, the NNPC GMD said crude oil was normally sold and done on paper two months...
The Minister of State for Petroleum Resources, Chief Timipre Sylva says the downstream oil sector was deregulated on March 19, with the reduction in the pump price of the Premium Motor Spirit(PMS) also known as petrol. Sylva made the clarification at a ministerial briefing giving a score card of the performance of the sector in Abuja, on Thursday. He said that the monthly price modulation introduced by the Petroleum Products Pricing Regulatory Agency (PPPRA) was...
The Nigerian National Petroleum Corporation (NNPC) has said that 32 pipelines in the country malfunctioned or were vandalised in February 2020. In a statement, the Corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that 22 pipeline breaches, eight weld failures and two pipeline ruptures occurred in the month under review. “Mosimi area accounted for 78 percent total cases, the Port Harcourt axis 16 percent and all other routes accounted for the...
ABUJA – Nigeria has put in place policies to ensure foreign investors that want to repatriate funds can exit the country in an orderly fashion, the central bank said late on Sunday, without giving any details. Foreign investors have sold Nigerian assets at an accelerated pace since February as lockdowns to curb the coronavirus pandemic have stalled economic activity and triggered a crash in the price of oil, Nigeria’s main export. That has put pressure...
