•A vandalised pipeline The federal government has adopted a virtual means of evacuation of crude oil that involves the utilisation of barges and trucks for the transportation of crude from the point of production to injection/storage points for eventual transportation to export terminals. It said the Alternative Crude Oil Evacuation Systems wa...
There are indications that the federal government through the Nigerian National Petroleum Company Limited (NNPC Ltd) is now spending N17.72 billion daily to fund subsidy on petrol. Though still shrouded in secrecy, the funding strategy, it was learnt, is consummated by way of crude sales and direct cost recovery by NNPC, reports Vanguard. An e...
The Organisation of Petroleum Exporting Countries(OPEC) said Nigeria’s crude oil production month-on-month dropped by 7.94% to 1.322 million barrels per day, bpd in February 2024, from 1.427 million bpd in January 2024. Nigeria was among several countries, given a lower target after years of failing to meet the previous ones. Its 2024 target w...
•Femi Falana As a way to strengthen the naira against the dollar, human rights lawyer, Femi Falana, has urged the federal government of Nigeria to join economic bloc BRICS and sell the Nigerian crude to foreigners in naira and not in the United States’ currency. He also said the federal government should reduce its reliance […]
•Ali Ndume Senator representing Borno South and Senate Chief Whip, Ali Ndume, has commended the position of the federal government, mandating the nation oil giant, the Nigerian National Petroleum Company Limited (NNPCL), to remit its earnings from crude oil sales to the Central Bank of Nigeria (CBN). Speaking with journalists in Abuja, Senator...
No fewer than 157 incidents of crude oil theft were recorded in the Niger Delta between December 30, 2023 and January 5, 2024. The Nigerian National Petroleum Company Limited said the cases were recorded from several incidence sources like Nigeria Agip Oil, 62; Pipeline Infrastructure Nigeria Limited, 29; Maton Engineering Limited, 18; Tantita...