The ongoing Israeli-Iran conflict has triggered upward adjustment in petrol prices by 10 marketers as crude oil rose 8.8 per cent to $74 per barrel from $68 per barrel. Crude prices are expected to rise further should Iran carry out its threat to block the Straight of Hormuz, which is responsible for the shipment of […]
•Port Harcourt refinery The Port Harcourt Refining Company (PHRC) Ltd in Rivers State has commenced crude oil processing. This is according to the Chief Corporate Communications Officer of the Nigerian National Petroluem Company Limited (NNPCL) Femi Soneye, reports Channels TV. “Today marks a monumental achievement for Nigeria as the Port Harc...
•Dangote and Tinubu President Bola Ahmed Tinubu has met with members of the crude oil and refined products sales in local currency implementation committee. The committee was led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to the State House, Abuja for the meeting, reports Daily Trust. Among those [&helli...
Crude oil is a liquid petroleum found accumulated in various porous rock formations in the earth’s crust and is extracted for burning as fuel or for processing It is a brownish-black or dark-green liquid mixture. It consists mainly of hydrocarbons, reports Channels TV. However, while petroleum includes crude oil and products, crude oil is just...
Owners of refineries in Nigeria have said that the country cannot continue to keep the businesses of fuel importers anymore, stating that Nigeria should be talking about fuel export at the moment. Speaking under the auspices of the crude-oil Refineries-owners Association of Nigeria (CORAN), they stated this amid complaints by depot owners that...
The management of Dangote Petroleum Refinery and Petrochemicals has reacted to a statement by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), claiming to have facilitated 29 million crude oil barrels to the 650,000bpd Dangote refinery. In a statement yesterday signed by Anthony Chiejina, Group Chief, Branding and Communication f...
•Oil theft Leaders and activists in the South-South region said the massive networks of the “big players”, who steal the nation’s crude oil in politics, and the oil industry have made the government, which lacked political will, powerless in halting their activities over the years. The stakeholders, speaking to our correspondents, on the backd...
•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...
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