LAGOS JANUARY 13TH (NEWSRANGERS)-The prices of refined petroleum products may rise in the coming days following the increase in the cost of Brent, the global benchmark for crude. Crude oil is a major commodity that determines the prices of refined petroleum products. On Sunday, the price of Brent reached $79.76 per barrel. The rise in…
LAGOS NOVEMBER 14TH (NEWSRANGERS)-The Nigerian National Petroleum Company Limited (NNPC Ltd) and its partners have revived up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4standard cubic feet per day (scfd). The company which announced this at a press briefing on Thursday said the feat was achieved in compliance with the…
LAGOS AUGUST 14TH (NEWSRANGERS)-The Group CEO of NNPC Ltd., Mr. Mele Kyari, has called on the military to sustain the war against crude oil theft and pipeline vandalism saying the current onslaught against the menace has yielded improved growth in the nation’s crude oil production. Kyari made this appeal when he received in audience the…
LAGOS JANUARY 29TH (NEWSRANGERS)-President Bola Tinubu has announced a shake-up in the oil sector to ensure transparency amid concerns about declining oil revenue and opaque practices within the NNPC. The President has directed the Central Bank of Nigeria (CBN) to take over responsibility for crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL)….
LAGOS APRIL 4TH (NEWSRANGERS)-Nigeria is still struggling to find buyers for its oil as strikes at French refineries and seasonal maintenance at plants elsewhere in Europe curb demand. Little Nigerian crude traded last week, with more than 20 shipments for April loading still hunting for buyers, according to traders specialising in the West African market….
LAGOS FEBRUARY 3RD (NEWSRANGERS)-Several people are feared dead following an explosion from a crude oil tapping point in Rumuekpe commumity in Emuoha Local Government Area of Rivers State. It was gathered that the explosion occurred when one of the buses loaded with crude oil ‘packaged in bags’ to transport to a refining site had started…
LAGOS MARCH 10TH (NEWSRANGERS)-President Muhammadu Buhari Monday responded to the drastic crash of crude oil in the international markets by constituting a presidential committee to review the 2020 budget and the oil benchmark and recommend realistic options that will make the document significantly implementable. The Nigerian blend, Bonny Light closed at $46.33 Monday from about…
LAGOS DECEMBER 30TH (NEWSRANGERS)-Refineries under the management of the Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, latest report on the operations of the facilities has shown. An analysis of the consolidated operations of the refineries showed that the plants were dormant in July, August…