Global crude oil prices are edging toward the $80 per barrel mark amid escalating tensions in the Middle East, with oil markets reacting strongly to overnight US-Israeli airstrikes on key Iranian nuclear facilities. Analysts warn that the surge may soon … Continue reading Iran-Israel: Petrol may hit N1,000/litre as oil price soars
AGS NEWS – The Dangote Petroleum Refinery is building eight additional tanks to boost its crude oil storage capacity amid challenges with local crude supply The $20 billion refinery plans to increase its storage by 6.29 million barrels, or 1 … Continue reading Dangote Refinery Expands Crude Oil Storage with Eight New Tanks
AGS NEWS – Chevron Nigeria Limited, a subsidiary of Chevron Corporation, has discovered a new oil field capable of producing 17,000 barrels of oil per day. The discovery was made by the Meji NW-1 spud in Petroleum Mining Lease 49, … Continue reading Chevron discovers new 17,000bpd oil field – Report
AGS NEWS – The Defence Headquarters said that troops have denied oil thieves the estimated sum of N793,257,250 within one week. A statement by Director, Defence Media Operations, Major General Edward Buba, said that troops also arrested 18 perpetrators of … Continue reading Troops deny oil thieves of N793m in one week
AGS NEWS – The planned supply of crude oil in naira by the Nigerian National Petroleum Company Limited (NNPC) to the Dangote Petroleum Refinery, which was scheduled to begin on October 1, 2024, has not yet started as of October … Continue reading Three days after deadline, naira-for-crude deal yet to begin
AGS NEWS – Four days before the planned start date of September 15, 2024, for lifting petrol from the Dangote Refinery, AGS NEWS has found that no commercial agreement has been finalized between the Nigerian National Petroleum Company Limited (NNPC) … Continue reading Why NNPC may not lift Dangote petrol on Sunday
AGS NEWS – The African Export-Import Bank (Afreximbank) has announced that it facilitated $650 million for Oando’s acquisition of a 100% stake in the Nigerian Agip Oil Company Ltd. In a statement released on Friday, the bank disclosed that it … Continue reading Afreximbank facilitates $650m for Oando’s acquisition of NOAC
AGS NEWS – Oando PLC has completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd), marking a significant milestone for the company. Oando announced the completion of the deal with Eni in a statement on … Continue reading Oando acquires Nigerian Agip oil company
AGS NEWS – Nigeria’s daily oil production increased by 25,000 barrels per day, rising from 1.251 million barrels per day in May to 1.276 million barrels per day in July, according to the Organisation of the Petroleum Exporting Countries (OPEC) … Continue reading Nigeria’s oil production increases by 25,000 barrels per day
AGS NEWS – Oil companies are purchasing refined Automotive Gas Oil (diesel) from illegal refineries in various Niger Delta communities, according to Tantita Security Services Nigeria Limited. This claim was made on Monday during the Nigeria Oil and Gas Energy … Continue reading Tantita security alleges oil companies patronize illegal refineries
AGS NEWS – The continuous decline in Nigeria’s monthly oil production since January 2024 has led to a revenue loss of approximately N636.3 billion, according to findings by Sunday PUNCH. Data from a Federal Government agency revealed that Nigeria produced … Continue reading Nigeria loses N636bn in revenue due to decline in oil production
AGS NEWS – On Tuesday, the Federal Government announced the addition of 17 deep offshore oil blocks to the 2024 Licensing Round for oil fields in Nigeria. Previously, the government had invited investors to bid for 12 oil blocks and … Continue reading FG opens bidding for 17 new offshore oil blocks
AGS NEWS – The pump price of Premium Motor Spirit (PMS), commonly known as petrol, could decrease to about ₦300 per litre once massive production starts at the Dangote Petroleum Refinery and other local producers, according to operators of modular … Continue reading Local refining could lower petrol price to ₦300/litre – Modular refineries
AGS NEWS – Nigeria may have lost about N148.8bn in oil revenue on Monday due to an industrial strike by the Organised Labour, protesting the Federal Government’s N60,000 minimum wage proposal. According to the Nigerian Upstream Petroleum Regulatory Commission, Nigeria … Continue reading Nigeria loses N149bn to one-day oil workers strike
AGS NEWS – The Federal Government attributed the recent drop in Nigeria’s crude oil production to challenges encountered on the Trans Niger Pipeline and maintenance activities by oil companies. However, it assured that efforts were underway to address these issues … Continue reading FG attributes oil production plunge to pipeline issues
In the third quarter of 2023, Nigeria experienced a remarkable 53.16% year-on-year increase in foreign trade, reaching a total of N18.80 trillion, according to the National Bureau of Statistics’ ‘Foreign Trade in Goods Statistics (Q3 2023)’ report released on Monday. … Continue reading Nigeria’s oil revenue surges by 83%, Reaches N8.5tn in Q3 – NBS
The Nigerian Upstream Petroleum and Regulatory Commission have revealed plans by the Federal Government to revoke dormant oil exploration leases granted to companies that have yet to undertake exploration activities. Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream … Continue reading FG contemplates revoking dormant oil licences in industry overhaul
The President of Dubai Chamber, Mohammad Lootah, has revealed that the non-oil trade between Nigeria and Dubai hit $2.1 billion in 2022. This announcement was made during the New Horizons Trade Mission in Nigeria, held in Lagos. The event, themed … Continue reading Nigeria-Dubai non oil trade surpasses $2.1 billion in 2022
The Nigerian National Petroleum Company Limited (NNPC) announced on Tuesday that it has introduced a new crude oil grade called ‘Nembe’ and has already shipped its inaugural cargo in October, comprising two shipments of 950,000 barrels each. The first cargoes … Continue reading NNPC introduces new crude grade and ships 1.9 million barrels in October
The Federal Government has disclosed that over a period of five years, more than N4.3 trillion worth of crude oil was stolen in 7,143 pipeline vandalism cases. This revelation came during the Nigeria International Pipeline Technology and Security Conference in … Continue reading Nigeria suffers N4.3 trillion loss due to oil theft over five years – FG
The Edo State Government has forged a strategic partnership with Sunora Foods to enhance palm oil production in the region. This collaboration is expected to result in a substantial investment of $100 million and the creation of 25,000 job opportunities … Continue reading Edo state partners with palm oil company to boost production
The Nigeria Security and Civil Defence Corps (NSCDC) announced the apprehension of ten suspects allegedly involved in illegal oil bunkering and vandalism in Kryo Community near Alakiri waterways in Okrika Local Government Area of Rivers State. According to the NSCDC, … Continue reading NSCDC parades oil thieves in Rivers state
Estimates from data released by the National Oil Spill Detection and Response Agency (NOSDRA) indicate that Nigeria incurred losses of approximately N335 million due to oil spills between January and August 2023. During this period, NOSDRA recorded a total of … Continue reading Oil spills cost Nigerian government N335 million – Report
Nigeria faced a substantial loss of approximately N249 billion in crude oil revenue during July due to a significant drop in the country’s oil production by over four million barrels within the same month. The most recent oil production data, … Continue reading Nigeria’s oil output decline leads to N249 billion loss in July
Between 1999 and 2020, spanning approximately 21 years, the Nigeria Extractive Industries Transparency Initiative (NEITI) reported that Nigeria garnered a total of $741.5 billion from the oil and gas sector and N635.3 billion from solid minerals. NEITI’s Executive Secretary, Ogbonnaya … Continue reading NEITI: Nigeria generates $742 billion from oil revenue over 21 year period
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