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
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
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
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
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
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
Fitch Solutions, an affiliate of global rating agency, Fitch, has predicted that Nigeria’s weak performance in the oil and gas sector may continue to slow down the country’s economy in Continue Reading
A floating production, storage and offloading (FPSO) vessel exploded offshore Nigeria early on Wednesday with 10 crew members on board, the company operating the vessel said on Thursday. The supertanker-sized Continue Reading
The oil sector is likely to witness further contraction as escalating theft and underinvestment have become a clog in the wheel of progress of the industry. Experts lament the oil Continue Reading
Shell had resolved tax dispute with NNPC only last year Development a blow to Nigeria’s quest to raise oil output Shell has delayed expansion work at its Nigerian offshore Bonga Continue Reading
A floating production, storage, and offloading (FPSO) vessel has exploded, caught fire, and sunk at the Ukpokiti Terminal in Nigeria. A floating production, storage, and offloading (FPSO) vessel has exploded, Continue Reading
The Chairman of Heirs Holdings, Mr. Tony Elumelu, yesterday, disclosed that Nigeria lost $4 billion worth of crude oil to thieves in the first nine months of 2021. Among this, Continue Reading
Nigeria was once more unable to meet its oil production allocation by the Organisation of Petroleum Exporting Countries (OPEC) in January. The country was only able to pump 1.46 million Continue Reading
There appears to be no end in sight to the financial and resource hemorrhage in Nigeria’s oil and gas industry, with the country once more losing as much as 6.596 Continue Reading
Attempts by the Rivers State Governor Nyesom Wike to identify and shut all the illegal oil refineries in local communities of the state have unsettled many in the after areas, Continue Reading
The African Petroleum Producers Organisation (APPO) has said the Dangote oil refinery will cut the importation of petroleum productions in Africa by 36 per cent. APPO also said the success Continue Reading
The NLC boss alleged that some people are profiting from the dysfunctional state of the country’s refineries. The President of Nigeria Labour Congress (NLC) , Ayuba Wabba, has blamed the Continue Reading
With a daily underperformance figure of 78,000 barrels per day in December, Nigeria lost as much as 2.418 million barrels of crude in the last month of 2021, data released Continue Reading
Oil rigs Nigeria is producing far less oil than it did 25 years ago when the estimated population was much less than what it is today and government spending was Continue Reading
In spite of its current struggles, Nigeria’s oil production will hit 1.7 million barrels per day in 2022, a new report by CardinalStone Research, has indicated. Stressing that it expects Continue Reading
Abuja — Some monarchs and civil society groups in the Niger Delta have dragged the National Assembly to the Federal High Court in Abuja, seeking a restraining order in the Continue Reading
Oil theft is a major problem for Nigeria, and it’s beginning to drive international investors away. Oil revenue lost was equal to $3.5 billion in 2021 alone, or around 10 Continue Reading
As damning as a recent report that Nigeria may have lost about 200 million barrels to organised theft in the first 11 months of 2021 would seem, it came as Continue Reading
In 2021, the Nigerian oil and gas industry witnessed unarguably the level of activities that had not been witnessed in a long while. From the enactment of the Petroleum Industry Continue Reading
Royal Dutch Shell Plc halted crude shipments from Nigeria’s Forcados export terminal, dealing another blow to the African nation, which has struggled to stem falling production. Shell Petroleum Development Co. Continue Reading
