Business

A major Nigerian independent oil and gas firm, Seplat Petroleum Development Company Plc, is looking to cut costs by at least 30 per cent to counter a crash in crude prices, its Chief Financial Officer, Roger Brown, has said. Royal...

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. The country has had to grapple with an unprecedented excess of...

The Federal Government has begun consultations with relevant stakeholders on a possible reduction of the pump price of petrol in the wake of the crash of crude oil prices globally. The Minister of State, Petroleum Resources, Mr Timipre Sylva, disclosed...

The naira traded between N364 and N380 to a dollar on Friday at the Bureau De Change segment of the market, recording an improvement over its previous exchange rates earlier in the week. On Thursday, the naira exchanged between N405...

Despite a slump in the global economy as a result of the negative impact of the coronavirus pandemic, the Central bank of Nigeria (CBN) on Thursday insisted the time was not ripe for the call for the devaluation of...

The Akanu Ibiam International Airport, Enugu, which was closed in August 2019 for rehabilitation work, will be reopened for use before Easter 2020, the Minister of Aviation, Senator Hadi Sirika, has said. Sirika gave the commitment after an inspection visit...

President Muhammadu Buhari has said that the sudden crash in crude oil price by 45 per cent heightens the need for Nigeria to promote growth in other sectors of its economy. Buhari stated that the development, occasioned by the outbreak...

Energy giant Saudi Aramco said Wednesday it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies. The decision came a day after Saudi Arabia, the...

Energy Minister Alexander Novak on Tuesday said Russia would likely raise its oil production to between 200,000 and 300,000 barrels per day in the short term. Mr Novak who cited the country’s competitiveness in the global market. added that the...

Oil marketers under the aegis of the Major Oil Marketers Association of Nigeria have said access to the dollar at N306 will enable them to resume importation of Premium Motor Spirit (petrol). The marketers also said there was an urgent...