Commuters were, yesterday, stranded in Lagos, Abuja, Oyo and some other states, as the ongoing fuel crisis bites harder in the country. The scarcity, which started in Abuja about three Continue Reading
Nigeria output at multi-decade low, Angola close to the nadir of the early 2000s: S&P Global Nigeria, Angola show biggest over compliance to quotas among OPEC producers Persistent underinvestment, low Continue Reading
There were indications, weekend, that the fuel shortage noticed in Lagos and its environs would worsen, as independent marketers said they have not been supplied for days. An investigation by Continue Reading
Nigeria, Algeria and Niger Republic yesterday moved to reactivate the $13 billion Trans- Saharan Natural Gas Pipeline (TNGP) project as demand pressure continues to mount from within the continent and Continue Reading
Still struggling with its oil production quota, the Organisation of Petroleum Exporting Countries (OPEC) yesterday revealed that Nigeria reported a paltry 1.024 million barrels per day production in May, a Continue Reading
May production slumps 14% to average 1.28 million b/d Maintenance carried out at Qua Iboe, Bonny Light Political risks may worsen ahead of 2023 elections, say analysts Nigerian crude oil Continue Reading
Shell Plc is set to receive two final offers this week for its onshore oil and gas fields in Nigeria, according to people with knowledge of the matter. Local companies Heirs Continue Reading
Motorists queuing for several hours at petrol pumps in the Nigerian capital, Abuja, has become the new normal after an acute scarcity in fuel earlier this year. In February, the Continue Reading
Motorists wait for hours in Abuja, Nigeria to fill their cars with petrol, due to the ongoing fuel shortage. Motorists queuing for several hours at petrol pumps in the Nigerian Continue Reading
Low crude oil production means Nigeria is barely able to cover the cost of imported petrol from its oil and gas revenue, Finance Minister Zainab Ahmed told Reuters on Thursday. Continue Reading
Oil theft Lagos — The oil and gas sector, for years the main revenue generator in Africa’s largest economy, is the sole under-performer in Nigeria’s economic recovery. The monthly economic Continue Reading
Buildings destroyed during the Russian invasion wait to be renovated or demolished in Irpin, Ukraine on May 26. Photographer: Christopher Furlong/Getty Images Africa’s largest crude producer doubled its spending on Continue Reading
The cost of importing petroleum products of all kinds into Nigeria has soared to over $28 billion on an annual basis, Blackgold Energy Authorities, an oil and gas consulting and Continue Reading
French multinational oil and gas giant, TotalEnergies has launched the sale of its10 per cent stake in Nigerian joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Shell Continue Reading
THERE are indications that despite the rise in crude oil prices in the international market, Nigeria’s economy may not reap the benefits due to the continued increase in theft and Continue Reading
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This showed a decrease of 13.3 percent compared Continue Reading
Licence to import own Jet fuel The Nigeria National Petroleum Corporation (NNPC) Ltd, airline operators and marketers have resolved on a common ground in the interim to take measures that Continue Reading
Oil rigs Years of government neglect and unemployment in Nigeria’s Niger Delta region have given rise to a widespread industry of illegally refining stolen oil. It is estimated that about Continue Reading
The head of Nigerian state oil firm NNPC and the central bank governor told the national assembly and the country’s airline association on Monday that they were unable help with Continue Reading
African airlines are clubbing together to negotiate better prices and a steady flow of jet fuel, a move to help stave off a potential crisis caused by supply issues and Continue Reading
Conex Energy Inc., the sole company supplying jet fuel to airlines coming to Liberia has alerted the shortage of jet fuel in the region as a result of the Russia-Ukraine Continue Reading
Nigeria will become the first nation to ground flights on Monday as surging prices for aviation fuel make the business unprofitable. Airline operators “will discontinue operations nationwide” until further notice, Continue Reading
Nigeria had to buy emergency supplies of Canadian potash in April after the country was unable to import the key fertilizer from Russia due to the impact of Western sanctions, Continue Reading
Nigeria recorded significantly less oil production losses in the February/March drilling cycle, with shutdowns arising from sabotage, force majeure, crude production assets’ breakdowns and community issues markedly down to 1.69 Continue Reading
France’s supermajor TotalEnergies plans to sell its minority stake in an onshore oil-producing joint venture in Nigeria in what will be the latest divestment of Nigerian oil assets by an Continue Reading
Oil Palm Nigeria was once the world’s largest palm oil producer but today, it produces too little it imports. Indonesia’s surprise ban on palm oil exports offers Nigeria a lucrative Continue Reading
Nigeria’s president has said the country is in “shock and trauma” following the deaths of at least 100 people from an explosion at an illegal oil refinery. President Muhammadu Buhari Continue Reading
Nigerian inflation quickened in March to its highest in five months on rising food prices, fuel shortages and supply shocks caused by the war in Ukraine. Consumer prices rose 15.9% Continue Reading
All is not well in Nigeria’s oil industry as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated that oil output dropped to an average of 1.24 million barrels per day Continue Reading
Nigeria’s national electricity grid has collapsed for the second time in a month, the federal ministry of power said on Saturday, leaving the parts of the country it serves, including Continue Reading
The rising cost of crude oil will increase the cost of Nigeria’s gasoline subsidy by nearly ten times what it had originally budgeted, Nigeria’s President Muhammadu Buhari said in a Continue Reading
Nigeria has struggled to meet its production goals in recent years. With oil prices remaining above $100 per barrel, Nigeria is eager to ramp up its production. Shallow-water oil fields Continue Reading
Akwa Ibom State government has dragged ExxonMobil to court over an attempt to sell off some of its assets without informing it as a critical partner about the intention to Continue Reading
The Federal Government has raised an alarm over the rising rate of crude oil theft in the Niger Delta, disclosing that about $3.27 billion worth of oil has been lost Continue Reading
Oil prices continued to crash, yesterday, as speculators abandoned the volatile market, while Russia claimed it wants the Iranian nuclear deal to be signed as soon as possible. This is Continue Reading
Italian oil major, Eni, has promised to lift the force majeure on the Ogoda/Brass 24 oil pipeline in Bayelsa State this week. Eni in an updated statement issued yesterday, said Continue Reading
The developments could deal a blow on Nigeria, which has plans to export oil in the neighbourhood of 1.5 million bpd in March. Shell Petroleum Development Company, the local unit Continue Reading
Aviation fuel marketers in the country have given insight into why they give priority to foreign airlines as against local airlines, saying since the foreign airlines pay for Jet A1 Continue Reading
BP and Eni have formed a new independent company named Azule Energy through the combination of the two companies’ Angolan businesses. BP and Eni have signed an agreement to form Continue Reading
Eni and BP have completed a deal to merge their oil and gas operations in Angola, the groups said on Friday, confirming what sources earlier exclusively told Reuters. The deal Continue Reading
Domestic airlines are currently groaning under acute scarcity of aviation fuel, popularly called Jet A1, with only few operators getting supplies from marketers. This is just as the Chief Executive Continue Reading
Flares burn at an oil flow station in Idu, Rivers State, Nigeria. A governor in one of Nigeria’s crude producing states has declared “total war” against rampant oil theft and Continue Reading
Some drivers say they spend nights at filling stations to get petrol. Fuel scarcity worsened across Nigeria weekend despite repeated assurances from the government that the crisis would soon be Continue Reading
The ongoing shortage of Petroleum Motor Spirit, PMS, worsened in Lagos, Abuja, Ibadan, Enugu and other major cities across the country, yesterday, with motorists spending hours on queues at filling Continue Reading
ExxonMobil has reached an agreement to sell its equity interest in its subsidiary Mobil Producing Nigeria Unlimited to Seplat Energy. U.S. supermajor ExxonMobil has reached an agreement to sell its Continue Reading
ExxonMobil logo. The multinational holds 40 per cent in the partnership through MPNU and NNPC the remainder. Seplat Energy has entered into a contract with a Nigerian unit of Texas-based Continue Reading
French energy company TotalEnergies has made a “massive” oil discovery on its block off the Namibian shore – another block in which the National Petroleum Corporation of Namibia (Namcor) owns Continue Reading
Nigeria suffered a drop of $3.7 billion in taxes and royalties from Shell Companies in the country as the oil major paid just $900 million in 2020, down from $4.6 Continue Reading
A London court will on Wednesday begin to hear a lawsuit launched by Nigeria against U.S. bank JP Morgan Chase, claiming more than $1.7 billion for its role in a Continue Reading
Oil rigs The International Monetary Fund (IMF) has once more advised Nigeria’s federal government to increase Value Added Tax (VAT), while also offering other fiscal measures that the country could Continue Reading
