As Supply Tightens, Oil Price Rises Above $74 The global oil benchmark, Brent crude, hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in US crude inventories and US sanctions on Iran pointed to tighter supplies. The...

We Now Supply 40% of Gas in Nigeria, Says Chevron Oil firm, Chevron Nigeria Limited (CNL) has said that it now supplies up to 40 per cent of the domestic gas used in Nigeria, and on the back of that, has reduced gas flaring at...

Oil: NNPC Worries Over Lack Of Exploration Funds The Group Managing Director, Nigerian National Petroleum Corporation, Dr Maikanti Baru, has raised concerns over the dearth of funding for oil and gas exploration in the country. Baru, who delivered an address on Monday at the 42nd Nigeria...

Oil: OPEC Production Climbs As Saudi Arabia Pumps More Crude oil production from the Organisation of Petroleum Exporting Countries increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. The kingdom’s oil production grew...

Oil Reserves: Delay In Deepwater Projects Threatens Target   The lack of final investment decisions on seven offshore deepwater oilfield projects in the country poses a threat to the country’s target of 40 billion barrels of crude oil reserves by 2020. The nation’s crude oil reserves fell...

N3.8trn Lost To Oil Theft In 2years – NNRC   The Nigeria Natural Resource Charter on Tuesday revealed findings of its latest report on crude oil theft and stated that the country lost about N3.8tn as a result of the menace two years ago, which was...