FG Insists PIB'll Resolve Oil Sector’s 70-Year Underdevelopment       The federal government has said that when passed, the Petroleum Industry Bill (PIB) will resolve most of the knotty issues that have hindered the development of the oil and gas sector in the country since the 50s. Speaking...

Oil Firms’ Income Tax Payments Decline To N47.74bn       The company income tax paid by oil and gas companies to the Federal Government fell by N4.94bn or 10.25 per cent in 2020, official figures have shown. An analysis of data collated from the National Bureau of Statistics...

PIB: Sylva Faults Host Communities’ 10% Trust Fund Demand       The Minister of State for Petroleum Resources, Timipre Sylva, has faulted the position of host communities who are insisting on collecting 10 per cent of the operating expenditure of the oil firms to set up a...

Oil Firms Spill 3,346 Barrels Of Crude Oil In Eight Months ― Investigation       Oil and gas companies operating in Niger Delta spilled 3,346.94 barrels of crude oil, an equivalent of 532,078 litres, in eight months, from January to August 2020, according to data obtained from...

NNPC Seeks Capacity Upgrade For Indigenous Operators       The Nigerian National Petroleum Corporation has said indigenous companies operating in the nation’s oil and gas sector must upscale their capacity for global competitiveness. The NNPC said this would help to achieve the target of reducing the cost of...

COVID-19: Nigeria’s Oil, Gas Exports To Fall By $26.5bn - IMF     The International Monetary Fund has said Nigeria’s oil and gas exports are expected to fall by at least $26.5bn this year as a result of the coronavirus-induced sharp drop in prices and demand. The IMF,...