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...

NNPC Spokesman, Obateru, Bags NIPR Fellowship The Nigerian Institute of Public Relations, (NIPR) in Bauchi at its Annual General Meeting, conferred the prestigious Fellowship Award on Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation. Obateru, a self-driven and...

FG, Shell In Talks Over Sale Of Nigerian Oil Assets       The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said the Federal Government is in talks with Shell over the planned sale of the company’s stakes in Nigeria’s onshore oil assets. The Nigerian oil...

Nigeria Rebalances OPEC Quota Compliance, Cuts Output By 7%       Nigeria has been forced to rebalance its oil output, effecting about 7.0 percent cut back on its oil output to re-align with the quota imposed by the Organisation of Petroleum Exporting Countries, OPEC. The nation’s output in...

NNPC Sells N267bn Crude Oil, Maintains 1.42m bpd Output       The Nigerian National Petroleum Corporation (NNPC) sold crude oil worth N267.59 billion in February, while its total daily production stood at 1.42 million barrels per day in the first quarter of 2021, a document presented to...

Rising Oil Price Puts More Pressure on NNPC’s Finances       Crude oil extended its gains at the weekend after closing at a six-week high with signs of strengthening demand in key markets, thereby piling more pressure on the ability of the Nigerian National Petroleum Corporation (NNPC)...