The country’s three refineries in Warri, Port Harcourt and Kaduna are not up for concession or privatisation, as there is no plan to do so, the Federal Government has said. Rather, the government says that it favours private sector investment and subsequent joint ownership and...

The Federal Government will no longer invest in the repairs of the country’s refineries, and would also not concession or privatize the refineries. The Petroleum Minister, Mr. Ibe Kachikwu made the disclosure when he received members of House of Representatives on an oversight visit to...

The Nigeria Extractive Industries Transparency Initiative (NEITI) has lauded the federal government for terminating the cash call payments on Joint Venture (JV) agreements with major international oil companies (IOCs) saying N7.5 trillion was spent on financing the arrangements in five years. In a statement by...

In a move which will restructure the financing template for oil earnings, increase investments and boost government revenues, the Federal Government has reached agreement on a new cash call exit policy with the international oil companies (IOCs). The historic agreement which will bring clarity and...

Nine months after it lost Africa’s top oil producer status to Angola, Nigeria has seen its crude oil production surpass that of the southern African country, data from the Organisation of Petroleum Exporting Countries have shown. Nigeria had in March lost the top spot to...

Global oil benchmark, Brent crude, jumped above $57 per barrel on Monday after 11 non-members of the Organisation of Petroleum Exporting Countries, including Russia, agreed to cut their production by 558,000 barrels per day. Brent, against which Nigeria’s oil is priced, soared to $57.89 a...