Earlier this month, shortly before the global outbreak of the Coronavirus, also known as COVID-19, the price of oil tumbled from $68 to $30 per barrel. It’s a double whammy Continue Reading
Nigeria, Africa’s top oil producer, announced a one-month lockdown to limit the spread of the coronavirus, banning all international flights and shutting land borders. Authorities are advising residents of the commercial Continue Reading
Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries ( OPEC ) if crude oil prices decline further by at Continue Reading
Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas is projected to fall by between Continue Reading
Decades of exposure to gas flaring by the foreign oil refineries in Niger Delta has harmed the health of residents. The harmful plumes of smoke are their constant reminder of Continue Reading
Nigeria’s budget estimate appears threatened as oil price drops $5 below the 2020 benchmark on global fears over the impact of the Coronavirus epidemic. Brent crude which is the international Continue Reading
Oil field State governors, who are members of the National Economic Council (NEC), on Thursday explained why the Excess Crude Account ( ECA ) balance dropped by about 78.2 per Continue Reading
House of Representatives Wednesday said it would pass the Petroleum Industry Governance Bill (PIGB) before the end of June. The Speaker of the House, Hon. Femi Gbajabiamila, said though PIGB Continue Reading
At the backdrop of the announcement of the Federal Government’s plans to rehabilitate the country’s refineries by the Minister of State, Petroleum Resources, Timipre Sylva, experts in the petroleum downstream Continue Reading
A new report – the Benchmarking Exercise Report (BER) 2019 – by the Nigerian Natural Resource Charter (NNRC) has said it is unlikely that Nigeria will become a net exporter Continue Reading
The Nigerian National Petroleum Corporation, NNPC, Tuesday, decried the growing activities of oil thieves and pirates, stating that Nigeria lost about $750 million to oil theft in 2019. In a Continue Reading
Nigeria’s oil production could drop by 35 percent in the next ten years as regulatory uncertainty and costs amid languishing oil prices may prompt oil majors to postpone final investment Continue Reading
Oil field The Minister of State for Petroleum Resources, Timipre Slyva, said that about one billion barrels of crude oil have been discovered in the Northeastern part of Nigeria. Mr Continue Reading
Amnesty says that Nigerian regulations lay down that a clean-up should start within 24 hours of an oil spill, but that three years on, the people of Bodo are still Continue Reading
The outbreak of coronavirus in China has caused uncertainty among concerned operators in the Nigerian economy as oil prices continue to slide downward below the nation’s budget benchmark. PREMIUM TIMES’ Continue Reading
There are indications that the Federal Governments’ plan to add additional 1.6 million of barrels per day, through new modular refinery may meet dead end, as lack of funds and Continue Reading
The Nigerian National Petroleum Corporation, NNPC, said that the country recorded 2,181 vandalised pipeline points within one year period between October 2018 and October 2019. Investigation shows that this development Continue Reading
At least five people died and dozens of others were rushed to hospital late on Sunday after an oil pipeline exploded in Nigeria in a blast that the authorities believe Continue Reading
In the wake of the dastard act that threw major parts of Lagos into mourning Sunday evening, the Nigerian National Petroleum Corporation (NNPC) has revealed that the numbers of pipeline Continue Reading
Nigeria is shifting its upstream work towards NGLs and natural gas, to better comply with its crude production quota under the OPEC+ agreement, the head of the country’s national oil Continue Reading
The Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, stated that Nigeria imported 19.18 billion litres of petroleum products in 2019, while the country’s refineries produced only 166.33 million litres of Continue Reading
Lower amounts of revenue might be available for sharing by the three tiers of government through the Federation Accounts Allocation Committee (FAAC) in the coming months as the cost borne Continue Reading
Nigeria’s oil sector may not get a much-needed revamp in 2020 as President Muhammadu Buhari’s state-led economic model will likely throttle reform and blunt efforts to increase oil production in Continue Reading
Nigeria, like the rest of the world, enters a new decade this new year, 2020; it’s the decade of the twenties!How Nigeria starts the new decade, that is, how it Continue Reading
One of the most spectacular stories of 2019 started off in the first days of the outgoing year. Some 150 kilometers off the Nigerian coast, the oil major Total and Continue Reading
The partners in Nigeria LNG (NLNG)—Nigeria National Petroleum Corporation (NNPC) (49%), Shell (25.6%), Total (15%) and Eni (10.4%)— have taken the final investment decision (FID) for the expansion project of Continue Reading
Nigeria’s planned Train-7 project, part of its expansion at the Bonny LNG plant, has received a full investment decision, operator Nigeria LNG said Friday. The project, expected to start up Continue Reading
The anti-graft agency, EFCC, says it now has a former justice minister, Mohammed Adoke, in its custody. Mr Adoke returned to Nigeria on Thursday from Dubai, where he was arrested, Continue Reading
Nigerian Environment Minister Mohammad Mahmood Abubakar poses for a picture in front of his country’s office at the U.N. climate conference in Madrid, December 11, 2019. Madrid — “If the Continue Reading
Senior Nigerian employees of US oil major Chevron have started strike action this week to protest against job cuts and non-payment of allowances, with the potential to disrupt the company’s Continue Reading
The Federal Government has spent N462.10 billion on under-recovery, also known as a subsidy, on Premium Motor Spirit, PMS, in nine months, from January to September 2019, according to data Continue Reading
The Dangote Refinery would save the country of $10 billion spent on crude importation when it comes on stream, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said Continue Reading
Chineme Okafor writes that recent developments in the 650,000 barrels a day (bd) refinery project of Dangote Group suggest the project could define how best to build largescale refineries in Continue Reading
In the continuing efforts to revive the nation’s four refineries in Port Harcourt, Warri and Kaduna, the Federal government signed Memoranda of Understanding [MoUs] with China, India, Saudi Arabia and Continue Reading
A gang of pirates have kidnapped 19 sailors after waylaying then boarding a supertanker loaded with oil, according to various media reports . Hong Kong-flagged crude supertanker the Nave Constellation, Continue Reading
The Minister of State for Petroleum Resources, Mr. Timipre Sylva has disclosed that Nigeria flared about 324 billion cubic feet (bcf) of natural gas in 2017. Sylva, who said this Continue Reading
The world’s largest crude distillation column equipment designed for crude oil processing for Dangote Refinery yesterday arrived in Lagos. The equipment is the largest in terms of distilling capacity which Continue Reading
Barely two months after petroleum tanker explosion killed scores of persons in Onitsha, Anambra State, fear of another disaster is waiting to happen at Ekpan, Uvwie LGA of Delta State Continue Reading
Nigeria, which has pumped above its OPEC quota for months to the ire of other members, brought down its crude oil production in November to fully comply with its cap, Continue Reading
Hundreds of legitimate workers, including drivers and fuel station attendants, are now idling away following the ban on the supply of petroleum products to filling stations in Nigeria’s land border Continue Reading
The Nigeria Customs Services (NCS) has ramped up efforts to curtail smuggling with a directive to the Nigerian National Petroleum Corporation (NNPC), Petroleum Products Pricing Regulatory Agency (PPPRA) and all Continue Reading
President Muhammadu Buhari on Monday in London signed the amended Deep Offshore Act. The president in his statement that was made available by his Senior Special Assistant on Media and Continue Reading
Nigeria’s Dangote refinery — set to be Africa’s biggest at 650,000 b/d plant — was expected to be ready to process crude by early 2021, officials said Monday. Receive daily Continue Reading
Nigeria expects to retain international auction houses to have US$40 million worth of jewelry, which was seized from a former oil minister accused of corruption, sold. The Economic and Financial Continue Reading
Nigeria must do all within its powers to reduce the cost of crude oil production to help boost revenue generation for economic growth and national development, the Minister of State Continue Reading
The recent decision by the Federal Government through the Office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, to demand from the international joint venture Continue Reading
Russia is looking to strengthen ties with Africa’s largest oil producer with a focus on reforming Nigeria’s downstream and gas sector, the Russian energy ministry said late Wednesday. Russia’s energy minister Continue Reading
Nigeria’s crude oil production, including condensates and natural gas liquids, stood at 1.93mbpd or 59.83 million barrels in August 2019, according to the latest monthly economic report of the Central Continue Reading
Nigeria’s President Muhammadu Buhari and Russia’s President Vladimir Putin during the official welcoming ceremony by Russian President Vladimir Putin for the heads of state and government of states participating in Continue Reading
Oil theft A report by the Nigeria Natural Resource Charter (NNRC) has revealed that the highest ever reported crude oil theft in the world has taken place in Nigeria, with Continue Reading
