As four of the nation’s crude oil grades remain under force majeure and the schedule for two other grades face delay, the country is losing at least N10.7bn in revenue daily. Following the declaration of force majeures on the grades, more than 700,000 barrels per...

The Minister of Petroleum Resources, Dr Ibe Kachikwu has disclosed that various government entities as well as oil companies in the Niger Delta region have spent over 40 billion dollars without any meaningful development in the last 10 years. The Minister of State for Petroleum...

The prices of crude oil in the international market yesterday reached their highest levels in more than five weeks due to heightened speculation that the Organisation of Petroleum Exporting Countries (OPEC) would embark on output cuts to prop up prices. According to Reuters, the global...

Nigeria is seeking $40bn to $50bn investment in oil projects with the commencement of a major road show in China, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has said. Kachikwu, in an interview with Bloomberg Television in Beijing monitored by our correspondents,...

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country would end fuel importation by 2019. The minister said there was an ongoing investment drive towards meeting the infrastructure requirements for local refining of crude oil and that by 2019, Nigeria was...

The House of Representatives committee on Privatisation  gave the Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, a weeks ultimatum to appear before it or get arrested. The committee in session hinged its position on the minister’s failure to appear before it to...