March 24, 2026
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Oil & Gas

NIGERIA: Oil exploration drops by 150% as stakeholders call for passage of PIB

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NIGERIA: Oil exploration drops by 150% as stakeholders call for passage of PIB   Oil exploration has dropped by 150 percent in Nigeria in the past year, thus causing stakeholders to make case for immediate passage of the Petroleum Industry Bill, PIB into law. In its latest report obtained by The Daily, http://www.thedaily-ng.com, the Organisation of […]

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DPR generates N2.24trn in 8 months, targets N5trn in December

Nigeria to upgrade oil downstream sector — DPR

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The Department of Petroleum Resources (DPR), yesterday, said the Federal Government is making efforts to upgrade the downstream of the petroleum industry to a global standard. The downstream has the capacity to improve revenue from the oil and gas sector, increase contribution to Gross Domestic Product (GDP), and create massive employment, but has been bedeviled

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OIL MARKET: Recent tension in the Middle East posses uncertainty in the market — IEA

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OIL MARKET: Recent tension in the Middle East posses uncertainty in the market — IEA   The recent tension in the Middle East has once again added a layer of uncertainty to the oil market outlook, according to the International Energy Agency, IEA. In its latest Oil Marker report, obtained by The Daily, www.thedaily-ng.com, the IEA, stated: “The

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BREAKING: Nigeria’s Bonny Light price hits $70.15 per barrel

OIL MARKET: Bonny Light price hits $60.52 per barrel

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By Alison Godswill The price of Nigeria’s Bonny Light has risen to $60.52 per barrel, apparently the highest in 2021, as the Organisation of Petroleum Exporting Countries, OPEC continues to pursue its oil cut deal. The prices of other crudes, including Brent, OPEC Basket, and the Urals also rose from over $50 to $61.14, $60.28,

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GAS EXPLOSION: DPR introduces new guidelines to guide operations of downstream gas facilities

OIL SUPPLY: Non-OPEC supply growth in 2021 has been revised down by about 0.2 mb/d — Report

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The Organisation of Petroleum Exporting Countries, OPEC, has revised non-OPEC supply growth in 2021 down by about 0.2 million barrels per day, mb/d, indicating an increase of 0.7 mb/d, to average 63.3 mb/d. In its February 2021 report obtained by The Daily, www.thedaily-ng.com, OPEC stated: “The forecast for non-OPEC supply growth in 2021 has been

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JUST IN: Oil price hits $77.16 per barrel as OPEC+ meets in Vienna

JUST IN: OPEC pleased as Crude Oil Price Movements rise further

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The Organisation of Petroleum Exporting Countries, OPEC said it is well-pleased with Crude oil Price Movements since January, this year. In its February 2021 report obtained by The Daily, www.thedaily-ng.com, OPEC stated: “Crude oil spot prices rose firmly in January, along with a steady rise in futures markets. Major physical crude benchmarks increased about 10%

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DPR generates N2.24trn in 8 months, targets N5trn in December

DPR launches new system to monitor petroleum products distribution, smuggling, hoarding

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The Department of Petroleum Resources, DPR has launched a new digital system to monitor the distribution of petroleum products in Nigeria. Speaking at the launch in Abuja, DPR Director/CEO, Engr. Auwalu Sarki, said: “Out very good information of how the products are been taken out of the borders. To do that, you need to know

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JUST IN: OPEC+ raises Nigeria’s quota to 1.830 million bpd

OIL MARKET: Global demand to rise by 5.8 mb/d in 2021 —OPEC

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The Organisation of Petroleum Exporting Countries, OPEC, has predicted that global demand will rise by 5.8 million barrels per day, mb/d in 2021, as the world continues its battle against the Coronavirus pandemic, which culminated in lockdown, and low demand for oil. In its report obtained by The Daily, www.thedaily-ng.com, it stated: “For 2021, oil

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FUEL SUBSIDY: Oil marketers set to import petrol as CBN liberalizes forex

Fuel subsidy is unsustainable in Nigeria — MOMAN

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.As Bonny Light price rises to $60.52 per barrel THE Major Marketers Association of Nigeria, MOMAN has disclosed that Nigeria’s fuel subsidy, currently incurred by the Federal Government through the Nigerian National Petroleum Corporation, NNPC was not unsustainable. The price of Bonny Light rose from $59 to $60.52, on February 11, 2021, thus increasing the

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