Nigeria’s Crude Oil Earnings Rebound By 116% – OPEC         The Federal Government’s earnings from the export of crude oil has recorded a rebound of 116 per cent, the Organisation of Petroleum Exporting Countries disclosed on Tuesday. OPEC said the 116 per cent rebound was recorded in...

Oil Exploration Activities Decline, Threaten 40bn Reserves Target           Nigeria has recorded a significant 19.3 per cent decline in the level of oil exploration in the first 10 months of this year, a development which may be threatening the Federal Government’s plan to restore growth in...

OPEC, Russia Deal Raises Hope For Crude Oil         A fresh hope for oil producing countries such as Nigeria, and Algeria was raised at the weekend as oil prices hit the highest level since early March after major producers agreed to a cautious increase in output...

Nigeria’s Oil Rig Count Drops By 30% In One Month       Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded in the previous month. The rig count is a reflection of the level of exploration, development,...

NNPC Targets N11trn Revenue For 2021, $14bn Industry Spending         The Nigerian National Petroleum Corporation plans to generate N11.39tn revenue in 2021, while projecting an increase in oil and gas output and sales between 2021 and 2023. According to a written presentation to the National Assembly by...

OPEC Seeks Oil Recovery, Continues Production Cut Talks       The Organisation of the Petroleum Exporting Countries will, on Tuesday, continue its discussion on the extension oil production cuts as it set its sights on “oil market stability in the interest of producers, consumers and the global...