The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has restated government’s commitment to increase petroleum products exports by 70 per cent as a measure to earn more foreign exchange. Kachikwu, who made this commitment during his maiden visit to the Department of Petroleum Resources (DPR), said government is preparing a robust policy document that is focused on repositioning … Read More
It’s Vital to Restore Pre-sanctions Oil Output – Iran President
Iran’s President said he supports efforts by OPEC to stabilize oil prices, while reiterating that the country must restore production lost during years of sanctions. “Iran had suffered greatly under sanctions,” Hassan Rouhani said, according to a statement on OPEC’s website citing the Iranian president. Therefore it is “vital for the country to make up its lost oil production,” he … Read More
Petrol Price Hike on Hold, Buhari Meets Kachikwu, Baru
Nigerians may heave a sigh of relief as the federal government said monday that an increase in the price of petrol was not yet on the card in spite of the clamour for a hike by marketers of the product. Relief came the way of Nigerians through separate statements by the Minister of State for Petroleum, Dr. Ibe Kachikwu, and … Read More
Local Content Still Under-implemented – MD, Continental Reinsurance
Managing Director of Continental Reinsurance Plc, Dr Femi Oyetunji, has urged the Federal Government to ensure the full implementation of the local content policy in the insurance of oil and gas risks, insisting that the policy is still under-implemented. The local insurance market, by Nigeria’s law, should insure above 40 per cent of oil and gas risk before ceding the … Read More
CBN to Sanction Banks Over Power Fund
Deposit Money Banks (DMBs) found to be frustrating the electricity power intervention by the Central Bank of Nigeria (CBN) under the Nigeria Electricity Stabilisation Facility (NESF) are to face severe sanctions, including removal from participation, the apex bank has warned. The CBN had made over N200 billion available to enable power Generation Companies (GenCos) and Distribution Companies (DisCos) have access … Read More
No Need To Freeze Crude Output Now – Saudi Oil Minister
There is currently no need to limit oil output, Saudi Energy Minister Khalid Al-Falih said on Monday, after signing an energy agreement with his Russian counterpart Alexander Novak. “There is no need now to freeze production,” Al-Falih said in an interview with Al Arabiya television in Hangzhou, China. “It is among the preferred options, but it is not necessary today. … Read More
Increase PMS Pump Price – Ex-NNPC GMDs
Former Group Managing Directors, GMDs, of the Nigerian National Petroleum Corporation, NNPC, weekend, called for an upward review of the price of Premium Motor Spirit, PMS, also known as petrol, stating that the present price cap of N145 per litre is not in line with current economic realities. According to a statement by the NNPC, the former GMDs stated this … Read More
Global LNG Prices Slip, as Nigeria Shakes Off Output Problems
Asian liquefied natural gas (LNG) prices fell in a slow week as traders awaited the outcome of two tenders and Argentina turned away shipments due to mild weather curbing demand. A major tender expected from Egyptian Natural Gas Holding (EGAS) to buy 120 cargoes for 2017, which sources said could be launched this weekend, was the market focus. Bids under … Read More
OPEC Output Rises to Record Before Talks With Russia on Freeze
OPEC’s crude production climbed to a record last month as increased output from Gulf members made up for persisting losses in Nigeria and Libya, according to a Bloomberg survey. Supplies from the Organization of Petroleum Exporting Countries rose by 120,000 bpd to average 33.69 MMbpd in August amid increases by Iran, Iraq and Kuwait, the survey of analysts, oil companies … Read More
Expert to Buhari, Pass PIB and Privatise Refineries
Following Nigeria’s descent into an economic recession that has been widely ascribed to low turnover in the oil and gas sector, experts in the sector have identified ways the federal government can quickly get the economy out of recession. The experts who spoke with THISDAY yesterday in Abuja, explained that Nigeria could be long on the recession if the federal … Read More