The attempt by the Ministry of Petroleum Resources to assume control over the proposed Incorporated Joint Ventures (IJVs) and the Asset Management Company to be created by the new Petroleum Industry Bill (PIB) may set the ministry on a collision course with the Nigerian...

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 Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru has urged the National Association of Petroleum Explorationists (NAPE) to explore the hydrocarbon potentials of green frontier basins in order to increase the depleting reserves in the country. Dr. Baru gave...

The activities of pipeline vandals and oil thieves are taking a toll on the operations of the Nigerian National Petroleum Corporation (NNPC) as the oil firm suffered 1,447 incidents of pipeline breaches between January and May 2016. The Group Managing Director, NNPC, Dr. Maikanti Baru,...

The Central Bank of Nigeria on Tuesday wielded the big stick as it barred nine Deposit Money Banks from the nation’s foreign exchange market for failing to remit the sum of $2.334bn belonging to the Nigerian National Petroleum Corporation to the Treasury Single Account. President...

African nation’s total petroleum sales decline to 59.3mb in May The United States (U.S.) crude oil import from Nigeria has declined from the 10.125 million barrels it recorded in April to 4.755 million barrels in May.This is because, the U.S. has also begun exporting crude...