The Department of Petroleum Resources (DPR), has issued a warning to depot owners against hoarding of petroleum products in their facilities. Mr Sarki Auwalu, Director, DPR issued the warning in a statement on Wednesday in Lagos. Auwalu said that the warning had become imperative following reports received by the agency on the unwholesome activities of some depot owners who have creat...

The Department of Petroleum Resources (DPR) says Nigeria will earn about $500 million from the signature bonuses to be awarded for 57 marginal oilfields in the country. The agency said the bid round processes for the oilfields which began in June 2020 would be concluded by the end of the first quarteruarter of 2021. Mr Sarki Auwalu, a Director in DPR, made the disclosure while spea...

The Department of Petroleum Resources (DPR) has clarified the process it uses for accounting for crude production in the country, noting that most incidents relating to oil theft occurs from the land terminals. Mr Paul Osu, Head, Public Affairs, DPR, disclosed  this in a statement made available to TBI africa in Lagos  on Thursday. said Engr. Sarki Auwalu, Director, DPR made the cl...

Efforts at addressing major challenges being faced by players in the Nigerian oil and gas industry received a major boost last week with the launch of the National Oil and Gas Excellence Centre Lagos to improve safety, optimise value and ensure cost efficiency in the industry, reports Peter Uzoho Last week, players in the Nigerian oil and gas industry received a great relief with the ...

Nigeria’s oil and gas sector appears set for a major turnaround after years of lull in the sector occasioned by a low oil price regime and the coronavirus pandemic which saw US oil prices turning negative for the first time in history on April 20, 2020. A floodgate of unwanted oil in the market caused the West Texas Intermediate (WTI), the benchmark price for US oil, to plummet to almos...