Nigeria’s Oil Rig Count Dips By 30% in One Month
Nigeria’s active rig count has dropped significantly by 30 per cent to seven in October 2020 as against 10 recorded in the previous month. The rig count is a reflection Continue Reading
Nigeria: NNPC Targets 3 Million Bpd Oil Production
The Nigerian National Petroleum Corporation, NNPC, said it targets to achieve 3million barrels per day, bpd, oil production in no distant time. The Group Managing Director, NNPC, Mele Kyari stated Continue Reading
Nigeria: Explosions Rock Shell, AGIP Facilities in Bayelsa
Explosions have damaged oil and gas facilities belonging to the Shell Petroleum Development Company of Nigeria and the Nigerian Agip Oil Company around Ikarama in the Yenagoa Local Government Area Continue Reading
Nigeria Weaning Itself Off Oil in Five-Year Plan to Rescue Economy
Nigeria has this past week indicated its gradual departure from over-dependence on oil sales in a new plan that banks on five major sectors of the economy. According to the Continue Reading
Nigeria Needs N3tn to Tackle Infrastructure Deficit, Says Moody’s
One of the leading global rating agencies, Moody’s Investors Service, has stated that the infrastructure in Nigeria is behind other emerging market peers, with about $3 trillion needed over 30 Continue Reading
Nigeria Goes on Offensive Against Youth Protesting Police Brutality
Nigeria’s leaders have made a show of responding to the demands of a massive youth-led uprising over police brutality that recently brought the country to a standstill and captured global Continue Reading
Nigeria: Fuel Crisis Looms As Oil Workers Begin Strike
Oil worker. Nigeria may be heading towards another economic crisis with crude oil production threatened as the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has directed its Continue Reading
Nigeria: Oil Firms to Lose Licences Over Neglect of Host Communities
The new Petroleum Industry Bill (PIB) before the National Assembly is proposing the revocation of licenses for oil and gas companies who neglect their obligations to the host communities. The Continue Reading
Nigeria to get output boost from start-up of Anyala-Madu fields
Oil production from Nigeria’s Anyala West field, located in the shallow offshore blocks of OML 83 and 85, has commenced, indigenous producer FIRST E&P and state-owned Nigerian National Petroleum Corporation Continue Reading
Nigerian police mobilize to quell worst unrest in two decades
Nigeria’s police chief ordered the immediate mobilization of all force resources on Saturday to try to control the worst street violence in Africa’s most populous country in two decades stemming Continue Reading
Young Nigerians Came to Protest Police Brutality. Then the Shooting Started.
The first sign that something was wrong at Lekki Toll Gate came when the lights went out. David Emmanuel, Feyishara Temitope and hundreds of other Nigerian protesters had gathered on Continue Reading
Nigerian Protests Haven’t Disrupted Oil Industry Yet
Nigeria’s oil production and exports have not been disrupted by the escalating protests against police brutality in the biggest oil producer and exporter in Africa, according to shipping data and Continue Reading
Nigerian Sars protests on brink of hitting oil output, demand
Nigeria is bracing for fresh disruption to its oil production and demand after violence sparked by weeks of nationwide protests against police brutality began spreading into the country’s key oil Continue Reading
Nigerian military offered Wednesday to deploy in Lagos if needed: governor
The Nigerian military offered on Wednesday to deploy in Lagos state if needed amid protests, the governor said on Thursday. Unrest has broken out across the state, which is under Continue Reading
Nigerian protesters say security forces fired on them, fueling global outrage
Global outrage mounted Wednesday after security forces in Africa’s largest city opened fire into a crowd of protesters, deepening unrest spurred by anger at Nigerian police. Ten people died and Continue Reading
Nigeria’s Lagos under 24-hour lockdown after protesters fired on
Lagos was under lockdown on Wednesday as a heavy police presence enforced a round-the-clock curfew, hours after soldiers opened fire on protesters in Nigeria’s biggest city, witnesses said. Slideshow ( Continue Reading
Lagos imposes indefinite curfew to curb Nigeria protests, police deploy anti-riot squad
Authorities on Tuesday imposed a round-the-clock curfew on the Nigerian state of Lagos – including Africa’s biggest city – in response to protests against alleged police brutality which they said Continue Reading
Nigeria’s Army Says It Is Prepared to Step In to Quell Protests
A demonstration in Lagos, Nigeria, on Thursday continued more than a week of protests against police brutality. Nigeria’s army signaled it was prepared to intervene in a standoff between a Continue Reading
Nigerian State Oil Firm Says It Slashed Losses In Rare Financial Release
The Nigerian National Petroleum Corporation (NNPC) said in a very rare financials release on Thursday—the second in over four decades—that its losses shrank by 99.7 percent in 2019, while “the Continue Reading
Nigeria sets new target to raise oil reserves to 40 billion barrels
Nigeria’s oil industry regulator, the Department of Petroleum Resources, said Oct. 13 that the country is now aiming to increase its oil reserves, including condensates, substantially to 40 billion barrels Continue Reading
Nigeria cuts oil output, price assumptions for 2021 as president warns of revenue hit
Highlights President Buhari urges quick passage of oil reform bill Says amnesty program for militants to stay in place No U-turn on recently announced end to fuel subsidies Lagos, Nigeria Continue Reading
Nigeria Looks To Ramp Up Its Oil Refining Capacity
Nigeria, Africa’s largest crude oil producer and exporter, expects to end its crude-for-fuel swap deals by 2023 when its refining capacity is set to increase with state refineries revamped and Continue Reading
Nigeria to End Crude-for-Fuel Swaps in 2023, Thisday Says
Nigeria will end the exchange of its crude for fuel by 2023 as domestic refining capacity improves, ThisDay newspaper reports, citing Mele Kyari, head of the state-owned oil company. The rehabilitation Continue Reading
Why Nigeria’s Oil Company Is Considering An IPO
Africa’s oil and gas industry is facing a financial onslaught as a result of a combination of COVID-19, activist shareholders and the so-called Greening of IOCs such as Shell, Total Continue Reading
Nigeria: Days of Crude Oil Are Numbered – Govt
STRONG indications emerged Monday that hardship looms in Nigeria following the nation’s over-reliance on oil as the Federal Government has raised the alarm that the days of crude oil are Continue Reading
Nigeria Considers Privatizing Its State Oil Firm
Nigeria will look to privatize its state oil firm Nigerian National Petroleum Corporation (NNPC) under a draft new petroleum law currently in Parliament for discussion, Reuters reported on Monday, quoting Continue Reading
Nigeria – a New Refinery in the Horizon
Chineme Okafor , tracks the progress of work at Waltersmith’s first phase refinery project and reports that all things being equal Nigeria could get its first structured modular refinery in Continue Reading
Nigeria Economy Latest: Floods Destroy Rice Harvest
Floods washed away at least two million tons of rice in Nigeria, the second-largest importer of the grain. That is more than 25% of the previously projected national output of Continue Reading
Nigeria’s Three Refineries Processed Zero Crude but Cost Nation N10 Billion in June
Despite processing no crude oil in June this year, Nigeria’s three refineries still cost the country N10.23 billion in expenses, a report published by the Nigerian National Petroleum Corporation (NNPC) Continue Reading
Nigeria’s Aliko Dangote, Africa’s Richest Man, Bets on a Vast Oil Refinery
On a peninsula east of Lagos, 30,000 workers are employed on a project that holds out the promise of transforming Nigeria’s economic fortunes. It’s here that Aliko Dangote, Africa’s richest man, Continue Reading
Nigeria Prepares For An Extended Period Of Low Oil Prices
Nigeria is preparing for an extended period of low oil prices, Muhammadu Buhari, the president of the biggest oil producer in Africa, said at an energy event on Friday. Nigeria Continue Reading
Nigeria: Ministry to Present Oil Reform Bill to Buhari – Sources
President Muhammadu Buhari. The Ministry of Petroleum Resources will soon present a long-awaited oil and gas reform bill to the president aimed at boosting output and attracting foreign investment, three Continue Reading
Nigeria’s Agbami key sticking point in OPEC+ compliance
Nigeria’s full compliance to the OPEC+ deal hangs on a key oil grade being treated as a condensate. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Continue Reading
Nigeria: Panic Buying, As Tanker Drivers Begin Strike
NIGERIANS, weekend, engaged in panic buying of fuel, as Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday ordered full compliance as members of the Petroleum Tanker Drivers, PTD, Continue Reading
Africa’s Largest Oil Refinery Opens Next Year
AFRICA’S largest oil refinery, which is anticipated to be the biggest single-train structure, is set to be opened early next year. The Dangote Oil refinery is the brainchild of Africa’s Continue Reading
Nigeria Looks To Settle Export Dispute With Big Oil Firms
The Nigerian National Petroleum Corporation (NNPC) has signed a preliminary agreement with two companies over a dispute about foreign firms exporting Nigerian oil from some offshore fields, which could pave Continue Reading
Nigerian banks squeezed as central bank shores up naira
* Fitch predicts 20% hit to Nigerian bank revenues this year * Central bank measures exacerbate lending, FX shortage woes * Economy faces COVID-19, oil price shock double whammy By Continue Reading
Nigeria: As Covid-19 Delays Dangote Refinery – Oil Import Takes Toll On Earnings
The COVID-19 pandemic has affected the completion of the Dangote Refinery and also crippled a critical segment of the Ebute-Metta to Apapa segment of the Lagos to Ibadan rail project. Continue Reading
Nigeria: OPEC Insists On Total Compliance With Oil Production Cuts
The Organisation of Petroleum Exporting Countries (OPEC) and its allied oil producers, known as OPEC+, yesterday insisted that defaulting countries, including Nigeria, must adhere to total compliance with the oil Continue Reading
Pirates Attack FPSO and Kidnap 9
The Sendje Berge FPSO was attacked by pirates offshore Nigeria on July 2. BW Offshore has revealed that its FPSO Sendje Berge was attacked by pirates offshore Nigeria on July Continue Reading
Saudi Arabia Discusses Progress Of OPEC+ Deal With Nigeria
Saudi Arabia’s Crown Prince Mohammed and the president of Nigeria Muhammadu Buhari, discussed the progress of the OPEC+ oil production cut deal this week in a phone call, the Saudi Continue Reading
Nigeria: As Oil Pollution Continues…
Government is not sincere about the much-touted clean-up of Ogoni land and beyond. The recent statement by the National Oil Spill Detection and Response Agency (NOSDRA) Director-General, Idris Musa that an Continue Reading
Clean-Up of Oil Spills in Nigeria Lacks Progress, Groups Say
Nigeria and Royal Dutch Shell Plc have failed to implement most recommendations made by the United Nations to clean up oil pollution in the Niger River delta, according to a Continue Reading
Nigeria: Three Refineries Gulped N1.6trillion in Cumulative Losses in 5 Years, Says NNPC Audit Report
Oil refinery (file photo). Three of Nigeria’s four refineries gulped N1.64 trillion in cumulative losses recorded in their operations since 2014, details from the first-ever audited accounts and financial statements Continue Reading
Nigeria Oil Quota in OPEC+: Latest Details
Nigeria said it reaffirms its commitment to the OPEC+ deal struck on Saturday and “subscribes to the concept of compensation” from members pumping above their quota. “We are in full Continue Reading
Oil Price Collapse Could Strain Nigeria’s Federal System
The collapse in international oil prices, having dealt a devastating blow to Nigeria’s finances, now threatens the West African nation’s shaky federal political system. Earnings from crude sales will plunge 80% Continue Reading
Nigeria Loses N160bn to Opec Production Cut
Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries Continue Reading
Nigeria News: Plan for the Second-Largest Hydro Plant in Africa
Nigeria will build the second-largest hydroelectric plant in Africa after the government settled a legal dispute that was delaying the project, Power Minister Sale Mamman said. “We have now overcome the Continue Reading
China Scoops Up Cheap Nigerian Oil
The submersion of East Asian markets into coronavirus-induced recession has pulled down several major oil producers, most notably Nigeria whose breakeven price is well above $100 per barrel (Fitch puts Continue Reading
UK Judge Dismisses $1B Nigeria Bribery Case Against Eni, Shell
A UK judge dismissed on Friday a lawsuit against Eni and Shell brought by the Nigerian government alleging that the oil and gas supermajors knew about US$1.1 billion in bribes Continue Reading