Oil

The Nigeria Extractive Industries Transparency Initiative, NEITI, yesterday, accused Federal Government’s agencies in the mining and oil and gas industries of frustrating national planning, natural resource governance and public finance management.

Ongoing efforts by the Nigerian National Petroleum Corporation (NNPC) to provide qualitative healthcare services to Nigerians in all walks of life received a major boost over the weekend with the formal accreditation of the NNPC Health Maintenance Organization (HMO) by the National Health Insurance Scheme (NHIS).

The Executive Vice President of China National Offshore Oil Corporation (CNOOC), Mr. Lu Yan Ji, said the company has invested over $16 billion in Nigeria’s oil industry and described the country’s one of its largest investment destinations.

The Edo State Commissioner for Minerals, Oil and Gas, Hon. Joseph Ikpea, has assured of reforms that will reposition the ministry for optimal service delivery, suing for support from ministry officials for a successful tenure as commissioner.

Oil dropped below $65 a barrel on Thursday, declining for the first time in six days, after the U.S. Federal Reserve dampened hopes for a string of interest rate cuts and as rising U.S. output helped keep the market well supplied.

Senator Ifeanyi Ubah, Young Progressives Party, YPP, yesterday said that the task ahead of the newly announced standing Committees by Senate President, Senator Ahmad Lawan, is enormous.

The oil giant, whose operation was grounded by the Securities and Exchange Commission (SEC) when it laid siege to its head office with the police, weathered the storm and recorded a six per cent increase in revenue of N315.4 billion, from N297.3 billion, in comparative period of 2018.

The African Development Bank (AfDB) has called for the constriction of an economic bridge to link Nigeria and Democratic Republic of Congo (DRC) to unlock potentials in the two countries for the development of Africa.

Oil giant, Chevron Nigeria Limited (CNL), operator of Joint Venture (JV) between the NNPC and CNL (NNPC/CNL JV), says the fire that gutted its Ojumole Well No 1 has been put out.

Oil prices rose more than one dollar a barrel on Monday after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting in Vienna.

Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East.

Oil fell on Tuesday amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East, Reuters reported.

Oil, one of the world’s biggest source of income as well as trouble. Senegal being the latest country to be afflicted.

Presidential Amnesty Programme (PAP) has empowered 2,187 already trained beneficiaries in small and medium scale business enterprises.The beneficiaries are spread across Rivers, Bayelsa, Delta, Akwa Ibom, Ondo, Edo, Cross River, Abia and Imo states.

Iran's atomic energy agency has said the country plans to quadruple production of low-level enriched uranium and will reach the limit of the stockpile allowed under the nuclear deal within days.

Ahead of Eid-el-Fitr celebration, prices of rice and vegetable oil have remained stable in major markets in Enugu metropolis.

The Ministry of Petroleum Resources has expressed deep sympathy with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on the demise of its president, Mr Francis Olabode Johnson.

In unprecedented scenes in Khartoum, hundreds of workers in suits and ties alongside their neatly dressed women colleagues have gone on strike to protest what they call Sudan’s “total economic collapse”.