Oil Firms get 2 weeks ultimatum to remit $250m to FG
The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit 250 million dollars oil royalty to Federal Government’s coffers. Mrm Jerigbe Agom, the Chairman of the committee, gave the ultimatum at the ongoing sitting over unremitted funds in the industry. According to…
World Bank to stop financing oil, gas projects from 2019
The World Bank will stop financing oil and gas exploration and extraction from 2019, it announced Tuesday at a climate summit seeking to boost the global economy's shift to clean energy.
Industrialist says $50m oil factory will create 5,000 jobs
A Kano-based entrepreneur, Alhaji Isa Gerawa, says his new 1,200-tonnes-per-day solvent extraction plant in Kano will create no fewer than 5,000 jobs for the citizens. Gerawa, who is the Chairman of Gerawa Global Oil Mills Nigeria Ltd., owners of the plant, said that he had invested 50 million U.S. dollars (about N18 billion) in the…
Diversifying from oil to creative industry will boost our economy, says Lai Mohammed
The Minister of Information and Culture, Alhaji Lai Mohammed, has said that the nation has gradually begun diversifying its economy from oil to the creative industry to boost its internally generated revenue (IGR) and meet international standard. The minister represented by the Permanent Secretary in the Ministry, Mrs Grace Gekpe, said this during the grand…
Oil prices to rise as OPEC extends cuts to Dec, 2018
Oil prices is expected to rise further as the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC talks ended with an agreement to extend the production cut deal through the end of 2018. The Saudi Arabia’s Energy Minister, Mr Khalid al-Falih made this known on Thursday in Vienna, in a press conference at the end…
Nigeria’s oil sector gets N61b local content intervention fund
A $200 million (N61 billion) fund to finance contracts obtained by Nigerian firms working in the oil and gas sector has been launched.
Oil prices rise ,heading to $53 on signs of tightening market
Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.
Nigeria signs oil financing deals with Shell, Chevron
Nigeria has signed financing deals with oil majors Shell and Chevron to develop projects that would boost reserves and revenue, the state-run oil firm said on Thursday.
Boko Haram attack on Nigeria oil team killed more than 50
More than 50 people were killed in a Boko Haram ambush on an oil exploration team in northeast Nigeria earlier this week, multiple sources told AFP on Thursday, warning the death toll could rise.