The federal government has reached an outline settlement to resolve a protracted dispute with five international oil companies (IOCs), under which the oil firms will be paid $5 billion as arrears of cash calls to cover exploration and production costs. Financial Times reported that Shell,...

The Nigerian National Petroleum Corporation has defended the recent N4 increase in the pump price of Premium Motor Spirit at its filling stations across the country despite the statement made by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, that the hike...

...Explains some elements in pricing template will be reviewed The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the federal government is not about to increase the price of petrol in the country, at least not in the near future. Kachikwu, instead, said...

Nigeria will consider the sale of the country’s four refineries only after they have been rehabilitated to work efficiently, minister of Petroleum Resources, Ibe Kachikwu, has said. Kachikwu said yesterday at a public presentation of short and medium term priorities to grow Nigeria’s oil and...

...Says Nigeria’s survival still depends on oil Industry ...Kachikwu predicts Nigeria’s JV review will lead to oil investment boom   The federal government under the watch of President Muhammadu Buhari plans a $10 billion infrastructure development fund for the oil-rich but restive Niger Delta, the Minister of...

The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has in India, negotiated a USD 15 billion investment with terms to be agreed, where the Indian Government would make an upfront payment for Crude purchase to Nigeria, to be repaid on the...