2021: FX Stability Crucial to the Nigerian Oil and Gas Industry

The stability and predictability of the Nigerian foreign exchange market would prove critical to repositioning the oil and gas industry in 2021 said Dr. TominiyiOwolabi,  Partner, Oil and Gas, Olaniwun Ajayi LP. Owolabi said beyond the passage and signing of the petroleum industry bill (PIB), Nigeria needs to build an environment that encourages investments and […]

Oil price rises above $57, highest in 12 months

The international oil benchmark, Brent crude, rose more than two per cent on Tuesday, hitting a 12-month high after major crude producers showed they were reining in output roughly in line with their commitments. Brent crude, against which Nigeria’s oil is priced, was up $1.27, or 2.3 per cent, at $57.62 a barrel by 1320 […]

Cardinal Safety at Caracal

One of the best well-captured thoughts that reflect the Caracal standpoint on health and safety is, “Safety is not expensive, it’s priceless”. Because we uphold and practice an effective workplace health and safety principle to engender a healthy, safe, and occupational hazard-free environment. As a company that places a premium on the safety of its […]

Caracal: A Chronicle of Our Journey So Far

In this era of the new normal, any business entity that attempts to dig its feet into the new reality thrust upon it by the unexpected emergence of the COVID-19 pandemic, and still stands firm, such a company is deserving of accolades. For Caracal, with a mission to be West Africa’s leading indigenous provider of […]

Oil Prices Jump by 10% over Pfizer’s Report on Covid-19 Vaccine

Oil prices jumped by almost 10 percent yesterday for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

Oil, gas exports hit $3.71bn in 13 months

Nigeria exported crude oil and gas worth $3.71bn from August 2019 to August 2020, as latest statistics released by the Nigerian National Petroleum Corporation have shown.

Oil Accounted for 88% US Imports from Nigeria in 2019

The Congressional Research Service (CRS), a non-partisan group that provides legislative research and analysis for the United States Congress, has disclosed that crude oil accounted for 88 percent of the country’s $4.4 billion imports from Nigeria in 2019. In its updated research paper titled, “Nigeria: Current Issues and US Policy”, authored for the American lawmakers […]

Below 40% of 5,120km pipeline operational in Nigeria, says NNPC

Nigerian National Petroleum Corporation (NNPC), has revealed that only 38 percent of the over 5,120 kilometres owned by the state oil company is functioning. Although the Group Managing Director, NNPC, Mele Kyari, while admitting that pipelines remained the safest way to move crude oil and products, he said the Corporation has struggled to efficiently operate […]

DPR Prohibits Cylinder to Cylinder Gas Refilling

The Department of Petroleum Resources has warned Liquefied Petroleum Gas retail outlets against cylinder to cylinder gas refilling and decanting to avoid associated risks. While speaking at a one-day sensitisation meeting with gas retailers in Adamawa state on Monday in Yola, the Operations Controller, Yola DPR Office, Mr.Sadeq Ibrahim, said the development was necessary to […]