Tag: Oil
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Oil jumps above $41 as storm hits U.S. output
Oil rose for a second day on Wednesday, gaining more than two per cent, as a hurricane closed U.S. offshore production and an industry report showed U.S. crude inventories unexpectedly decreased. More than a quarter of U.S. offshore output was shut on Tuesday due to Hurricane Sally. The American Petroleum Institute on Tuesday said crude…
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Why exclusion of CSOs from 2020 marginal oil fields bid is bad for process
A coalition of Civil Society Organisations (CSOs) has decried their exclusion from the proposed Marginal Oil fields’ bid rounds announced by the Department of Petroleum Resources (DPR). The group’s protest was contained in a letter to the DPR, jointly signed by the National Coordinator, Publish What You Pay (PWYP) Nigeria, Peter Egbule; Executive Director Centre…
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Looming implosion: Reps warn against over-dependence on oil
The House of Representatives has urged the federal government to direct its energy, resources and focus on how to diversify the economy from dependence on oil to avert a looming implosion. The House also called on the federal government to set up a special committee to deliberate on the post-oil economy in Nigeria and make…
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BREAKING: PENGASSAN orders suspension of crude oil production over Wike’s arrest of Exxonmobil workers
Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Sunday directed members to shut operations and all activities at the nation’s oil rigs and export terminals from midnight over the detention of 21 offshore members by the Rivers State Government since Thursday. THe association revealed in a statement on Sunday that by midnight today…
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Oil prices fall after OPEC, allies approve 10mbpd Production Cut
Oil prices fell from an initial rise recorded on Thursday after major global oil producers agreed to put a ceiling on the volume of the commodity to produce per day. This agreement by oil producers was reached to counter the collapse in demand due to lockdowns around the world influenced by coronavirus. The Organisation of…
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Brent hits $45 as OPEC, Russia disagree on daily production cuts
Oil prices took a worse turn on Friday evening after Russia rejected the proposal to cut daily oil production by 1.5 million barrels. This development further dented the already battered market. After the meeting, Russia refused to support the move, arguing that it was too early to predict the impact of a coronavirus outbreak on…
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FIRS targets trillions in tax from oil, gas companies
The Federal Inland Revenue Service (FIRS) said it would rake in four trillion naira as tax revenue from the extractive sector of the Nigerian economy in the 2020 fiscal year. The FIRS made this known in a statement issued by Abdullahi Ahmad, Director, Communications and Liaison Department in the service in Abuja on Tuesday. The…
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Analysis: Prices of Oil, Foodstuffs Escalate as Border Closure Bites Harder
Nigeria’s inflation rose to 11.98 percent in December 2019, driven by increases recorded in food prices as a result of the border closure. Not too long ago, the National Bureau of Statistics (NBS) released a report on selected food price watch for the month. A careful analysis of the report however showed that rice, one…
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FG earned N5.04tn from oil in 11 months – CBN
Between January and November last year, the Federal Government made about N5.04tn from the sale of oil, figures obtained from the Central Bank of Nigeria have revealed. The oil revenue, according to the CBN economic report for November, was lower than the N8.77tn revenue target provided for in the 2019 budget for the 11-month period.…
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36.5 million barrels of oil stolen in 2017 – NEITI
It said Nigeria lost about 36.5 million barrels of crude oil to theft and sabotage in 2017, the Nigerian Extractive Industry Transparency Initiative has said. An analysis of the latest annual oil and gas report of the Nigeria Extractive Industries Transparency Initiative for the 2017 fiscal said the country witnessed a reduction in oil theft…