Nigeria, Others Lost $1trn Oil Revenue In Two Years – OPEC       Nigeria and other members of the Organization of the Petroleum Exporting Countries lost about $1tn in revenue due to the plunge in oil prices in 2015 and 2016. OPEC’s Secretary-General, Sanusi Barkindo, who disclosed this...

OML 118 Dispute Resolution: Kyari’s Legendary Leadership & Nigeria’s Next Billion Barrel, by Momodu Abutur       Mother Nature has a way of depositing its vast treasures wherever it pleases. In the wonderful world of hydrocarbons, these resources are either placed onshore (on land) or offshore (in...

Oil Hits $71 On Rising Demand Hopes In US, China       Oil prices were higher on Wednesday as negotiations over the Joint Comprehensive Plan of Action continued to falter, and as a rebound in oil demand in China, the United States and Europe threatened to outpace...

Oil Industry’s Upstream Spending Dropped By 30% In 2020 - Barkindo       Meanwhile, the Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Sanusi Barkindo, has said that the cartel’s latest assessment shows that capital investments in the upstream of the oil and gas...

Oil Price Rises Above $70, OPEC Projects Demand Growth       The international oil price, Brent crude, rose above the $70 per barrel mark on Tuesday, with the Organization of the Petroleum Exporting Countries projecting that demand for the commodity is bound to improve. Brent, against which Nigeria’s...

7,000 Oil Reserves Discovered, Only 1,700 Producing – Fed Govt       The Federal Government on Monday disclosed that out of 7,000 oil reserves that have been discovered in the country, only 1,700 of the reserves are currently producing crude oil. The government disclosed this in Abuja through...