Oil Hits $80 As OPEC+ Okays Another Production Boost     The international oil benchmark, Brent crude, rose to the $80 per barrel mark on Tuesday after the Organisation of the Petroleum Exporting Countries and its Russia-led partners approved another 400,000-barrels-per-day hike in production quotas. Brent, against which...

Obasanjo Tackles Edwin Clark, Says Our Oil Riches Belong To Nigeria, Not Niger Delta   Former President Olusegun Obasanjo yesterday took an exception to Chief Edwin Clark’s reaction to his (Obasanjo’s) insistence that Niger Delta cannot lay claim to the crude oil found in the region. Chief...

NEITI To Digitalise Oil, Gas Audit By December   The Nigeria Extractive Industries Transparency Initiative (NEITI) is set to digitalise and automate its audit data collection process from next month. The NEITI Audit Management System (NAMS) will ensure real time delivery of information and data by the...

Fed Govt Seeks Active Exploration For New Oil, Gas Resources       The Department of Petroleum Resources has said the Federal Government will promote active exploration for new oil and gas resources in the country as it seeks to ramp up reserves to 50 billion barrels. The DPR...

Oil, Gas GDP Contribution Declines By N3.25trn In Two Years       The contribution of crude petroleum and natural gas sector, which is a sub-sector under the mining and quarrying sector, to Nigeria’s Gross Domestic Product dropped from N13.45tn in 2018 to N10.2tn in 2020, signifying a...

After Hitting Low Record , Oil Price Rises To $72       Oil prices rose on Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due...