Category Archives: oil & gas

NNPC crude oil marketing Chief appointed Nigeria’s OPEC representative

The Nigerian National Petroleum Corporation (NNPC) says its Group General Manager, Crude Oil Marketing Division, Mallam Mele Kyari has been appointed Nigeria’s National Representative to the Organisation of Petroleum Exporting Countries (OPEC). The NNPC said in Abuja in a statement by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu. According to Ughamadu, the…
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Eland Oil & Gas provides Gbetiokun-1 reserves and resources update

AIM-listed Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced the results of a Reserves and Resources evaluation onGbetiokun-1, OML 40, provided by Netherland, Sewell & Associates Inc. (‘NSAI’) as at 31 March 2016. Following the successful re-entry of Opuama-3…
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Nigeria’s oil revenue drops by N1.1trn in one year

Data obtained from the Central Bank of Nigeria, CBN, has revealed that Nigeria’s earnings from the petroleum sector dropped sharply, as revenue from the sale of crude oil dipped by N1.114 trillion to N1.86 trillion in the 2015 fiscal year, Vanguard reports. The N1.114 trillion decline represents 18.35 per cent of Nigeria’s 2016 budget estimate…
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Nigeria losing $3.6bn annually to monopoly in oil, gas logistics

The tendency for players to monopolise the oil and gas logistics services in Nigeria may result in a loss of about $3.6 billion annually for the nation, Leadership reports. According to the chairman of  Snake Island Integrated Free Zone (SIIFZ), Lagos, Mr Anwar Jarmakani, Nigeria loses between $3 and $5 on every barrel of oil…
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