Government clamps down on illicit trades by petroleum service providers

The Federal Government says it had has begun the clamp down on the use of faulty and altered measuring and weighing equipment by some business owners.

The Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, announced this on Saturday in Port Harcourt at a two-day sensitisation workshop with stakeholders in the downstream oil and gas industry.

IOC taxes plunge by ₦16.46b amid production cuts

The tax revenue accruing to the Federal Government from Production Sharing Contracts with International Oil Companies (IOC) operating in the country fell by $45.72m (N16.46bn) in May.


The tax lifted as oil by the Nigerian National Petroleum Corporation on behalf of the Federal Inland Revenue Service dropped to 2.56 million barrels valued at $59.34m in May from 4.38 million barrels ($105.06m) in April, according to data from the corporation.


Nigeria pays $14m for fuel in June despite subsidy removal –NNPC

Nigeria’s state oil company recorded a 5.34 billion naira ($14 million) cost for fuel in June, months after it changed its pricing method in an effort to eliminate subsidies, Reuters reports.

State oil company NNPC outlined the “under recovery” bill in its June monthly statement, a term used to reference money lost through fuel sales.

NNPC spokesman Kennie Obateru said the costs represented temporary payments to marketers, who buy imported fuel and then sell it on, for stocks they held when the subsidy was removed, and would be spread over six months.

EU, German Government support Nigeria’s renewable energy development

The European Union and the Government of German are supporting a new Nigerian scholarship programme on solar energy and energy efficiency, targeting over 185 participants.

It was gathered in Abuja on Friday that the programme would enhance the skills of trainees on how to access funds for the development of renewable energy projects in Nigeria.

The exercise, tagged ‘Nigerian Finance Training Programme on Solar Energy and Energy Efficiency’, consists of a six-week online course and a three-day face-to-face training in Abuja and Lagos.

Nigeria exceeds OPEC production target by 110,000 bpd

Nigeria exceeded the volume of crude oil it was allowed to produce between May 2020 and July 2020 by 111,000 barrels per day.

This information was revealed in the monthly supply cut compliance figures of the Organisation of the Petroleum Exporting Countries (OPEC).

This made Nigeria, Africa’s largest producer of the commodity the second-highest laggard behind Iraq.

Nigeria to encourage private-public collaboration to boost domestic gas utilisation

The Minister of State for Petroleum Resources, Timipre Sylva, has said that more private and public sector collaboration will be encouraged as Nigeria steps up effort to realise its target of boosting domestic gas utilisation.

This was made known in a state made on Friday while inaugurating the Rainoil Limited Liquefied Petroleum Gas (LPG) facility with a tank capacity of 8,000MT in Ijegun, Lagos.

He said the facility which also has about 40 LPG trucks would help to deepen cooking gas penetration in the country in line with the vision of the Federal Government.

Ongoing modular refinery project to drive industrial revolution

The Edo State Government, Southern Nigeria, says its ongoing Modular Refinery project at Ologbo in Ikpoba-Okha Local Government Area of the State will on completion drive the State’s industrial revolution quest.

Mr Crusoe Osagie, Special Adviser to Governor Godwin Obaseki on Media and Communication Strategy, disclosed this in a statement made available to news reporters in Benin, the State capital, on Sunday.

Crude oil market falls further amid uncertainties

The crude oil market was depressed further on Thursday as investors became wary of uncertainties surrounding the environment.

The market has been faced with different issues lately arising from growing inventories, coronavirus induced demand drop, and fresh rounds of disputes between the US and China.

Yesterday, these factors combined to weaken the price of the Brent crude futures by 95 cents or 2.14 percent to $43.34 per barrel. It also softened the US West Texas Intermediate (WTI) crude by 77 cents or 1.84 percent to $41.13 per barrel.

Oil in downward spiral as COVID-19 infection surges

Oil prices dropped on Monday on a record daily rise in global coronavirus cases with big spikes in infections over the weekend in the United States while traders await an OPEC technical meeting expected to recommend an easing of supply cuts.

Brent crude fell 53 cents, or 1.2%, to $42.71 a barrel by 0946 GMT, though prices have been hovering around $42 for a couple of weeks. U.S. crude was down 64 cents, or 1.6%, at $39.91.

Oil extend losses as coronavirus spike cools demand hopes

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand, Reuters report.

Brent crude dropped 83 cents, or two per cent, to $40.19 a barrel by 0456 GMT, while U.S. crude was at $37.69, down 80 cents, or 2.1 per cent.