Senate Probes Oil, Gas Exploration Contracts   The Senate on Wednesday mandated its Committee on Petroleum Resources (Upstream) to conduct a comprehensive review of the relevant laws in Nigeria’s oil and gas sector and determine the level of compliance by the oil firms to the laws. The...

To Fight Poverty, Nigeria Must End Reliance On Oil – IMF   The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that there is a need for the Federal Government to diversify the economy from the oil in order to reduce the...

Oil Rises By 1% On OPEC Supply Cuts   Oil rose about 1.4 per cent on Wednesday, gaining support due to signs that the Organisation of Petroleum Exporting Countries and allied producers will continue to curb supplies in December, a weaker United States dollar and as...

Nigeria, Others Meet As Oil Price Rises To $60.5   The price of Brent, which is the crude Nigeria’s oil is priced, appreciated on Sunday to $60.51 per barrel. This came as Nigeria’s team met with leaders of crude oil producing nations in Africa to ensure they...

OPEC Mulls Deeper Oil Cuts Over Lingering Demand Concerns   The Organisation of the Petroleum Exporting Countries (OPEC), Russia, and their allies have not ruled out deeper oil output cuts when they next meet December 5-6 in Vienna, Austria, even as OPEC’s analysis arm revised upward...

Oil Pipeline Vandalism Hits 115% In July — NNPC     The Nigerian National Petroleum Corporation has raised an alarm over the increasing menace of oil pipeline vandalism, which hit a record high of 228 pulverized points in July. The corporation disclosed this in its July Monthly Financial...