Solar power due to overtake oil production investment for first time -IEA
May 25, 2023 Investment in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said on Thursday, with solar projects expected to…
Nigeria’s oil, condensate reserves declines to 36.966 bbl in January as gas reserves sees slight increase to 208.83 TCF – NUPRC
April 21, 2023 The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the country’s oil and condensate reserves as at Jan. 1, stands at 36.966 billion barrels. This represents 31.060 billion…
Global energy demand to increase by 23% to 2045 – OPEC
April 18, 2023 The Organisation of Petroleum Exporting Countries (OPEC) says global primary energy demand is forecast to increase by 23 per cent in the period to 2045, which necessitates…
Nigeria aims to end imports of petroleum products next year
Nov. 30, 2022 Nigeria expects to stop importing petroleum products from before or around the third quarter of 2023, its oil minister Timipre Sylva said on Tuesday. Sylva said a…
Raise oil production to reduce 2023 budget deficit- Experts urge FG
October 19, 2022 Some financial analysts have urged the Federal Government to raise the nation’s oil production to OPEC quota, as panacea to ensure fiscal sustainability and reduce the proposed…
OPEC cuts 2022, 2023 oil demand growth view as economy slows
October 12, 2022 The report showed OPEC output rose by 146,000 bpd to 29.77 million bpd in September, led by Saudi Arabia and Nigeria The Organisatio of Petroleum Exporting Countries…
Nigeria loses 1m barrels of crude to theft daily – Lawan
October 7, 2022 The President of the Senate Ahmad Lawan says Nigeria loses one million barrels of crude oil daily to crude theft. He made the remarks at the presentation…
Nigeria’s Fuel Subsidies Surpassed $1B in Aug
September 26, 2022 The cost of Nigeria’s fuel subsidies rose to 525.714 billion naira ($1.22 billion) in August, bringing the total spent this year to 2.568 trillion naira, according to…
Stable oil market beneficial to all, catalyst for global economic growth – Sylva
August 28, 2022 Chief Timipre Sylva, Minister of State for Petroleum Resources, says a stable oil market will benefit all consumers, producers and investors. Sylva said this in a statement…
NNPC Ltd: Equatorial Guinea says Nigeria a great example for Africa
July 20, 2022 Mr. Gabriel Lima, Minister of Mines and Hydrocarbons, Equatorial Guinea has lauded the initiative of the Nigerian government for the new Nigeria National Petroleum Company Limited, describing…