With most part of the world trying to move away from oil to adopt alternative and renewable energy, Nigeria's future in the post-oil world looks rather bleak, according to SBM Intelligence. The Nigerian economy is heavily dependent on its oil exports. According to the Nigeria Bureau of Statistics, crude oil exports contributed N3.376tn or 74.45…

Notwithstanding exploration and production interests expressed by oil majors in Nigeria’s oil and gas sector, the lack of clarity on the legal regime, especially as it relates to royalties and renewal of several oil blocks, has stalled investors from making final investment decisions. While operators like Shell, are moving ahead, the country remains, to some…

Stakeholders, at the just concluded Oil Council: Africa Assembly, have canvassed for gender equality in the oil and gas industry. A panel discussion, which focused on,‘From Encouraging Science, Technology, Engineering, and Mathematics (STEM) Subjects to Balancing the Boardroom: Gender Diversity and Equality in the African Energy Industry’ had representatives from indigenous companies in Africa and…

Oil and gas industry is set to speed up the adoption of robotics in upstream, midstream, and downstream activities with the aim of driving efficiency and productivity in the face of uncertainties. A report released on ‘Robotics in Oil & Gas’ by a global think-tank, GlobalData, said the sector is seriously gearing up for use…

The United Nation Environmental Programme (UNEP), yesterday, raised concern on the need to cut down the release of methane emissions, especially in the oil and gas sector. According to a report released ahead of the UN Climate Summit in September, the petroleum industry is one of the largest man-made emission sources of methane, alongside agriculture, and…

The Nigerian National Petroleum Corporation (NNPC) yesterday said it sold N174.62 billion worth of oil and gas products March 2018 and the corresponding period of this year. According to the Monthly Financial and Operations Report (MFOR) released in Abuja, the state oil firm generated N2,780.79 billion from white products. The figure was N168.65 billion higher…

The Federal Government earned N289.04 billion from Value Added Tax (VAT) in the first quarter of 2019, against N298.01 billion in the previous quarter, representing 3.01 per cent decline. The N8.97 billion VAT shortfall, compared with the previous quarter’s numbers, were part of the more than N300 billion deficit in revenue projection of the government…

Nigeria’s Minister of State for Petroleum Resources, Ibe Kachikwu, was quoted two years ago to have said he would resign if Nigeria continued to import fuel by 2019. His 2019 projection was hinged on the proposed completion of Dangote’s refinery at the time. Despite sustaining the flow of products with minor issues in the last…

In the 19th century, the luddites in England who were working in cotton mills destroyed the machines because they saw it as a great threat to their jobs. These workers who refused to upgrade their skills went on a massive offensive against the harmless jobs in their morbid fear of being redundant. In the end the…

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel.    Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which runs from January-June,…

The United States refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes, double that of April levels, data from Refinitiv Eikon has shown.     Oil imports from Nigeria and other countries to the United States spiked as oil supply from Iran and Venezuela dried up, and as reduced OPEC production…

The European Union (EU) and German government are to boost activities in Nigeria’s non-oil sector by empowering medium scale enterprises (SMEs) and aiding their access to regional and international markets.