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
Nigeria Economy, GDP Projection for 2020: Zainab Ahmed
Nigeria’s economy could contract 8.9% this year without stimulus, Lagos-based ThisDay newspaper reported, citing Finance Minister Zainab Ahmed. Measures being put in place could slow the contraction to 4.4% and if Continue Reading
Nigeria: At 20.89 Billion Litres, Nigeria’s Petrol Imports Hit Six-Year High
Nigeria imported a total of 20.89 billion litres of petrol in 2019, the National Bureau of Statistics (NBS) stated wednesday. Of this figure, the South-west took delivery of the highest Continue Reading
Nigeria: Report Predicts U.S.$17 Billion Decline in Nigerian Oil Revenue
Nigeria’s oil revenue is likely to decline by between 70 per cent and 80 per cent this year, representing between $15 billion and $17 billion, the Chief Executive Officer of Continue Reading
Coronavirus Outbreak in Nigeria Highlights Emerging Threat in Africa: Live Coverage – The New York Times
An outbreak in Nigeria is just one of Africa’s alarming hot spots. The coronavirus has been relatively slow to take hold in Africa, but blazing hot spots are beginning to Continue Reading
Feature: Nigeria awaits sharp downturn from oil price crash, production cuts to intensify
Nigeria’s economy is bracing for a dramatic slump as the fallout from the oil price crash and the coronavirus pandemic will be devastating on its oil and natural gas industry. Continue Reading
Nigeria’s Buhari Calls for Debt Pardon by Multilateral Lenders
Nigerian President Muhammadu Buhari urged international financial institutions to cancel the debt obligations of member states to help them withstand the fallout of the coronavirus pandemic. In a meeting with other Continue Reading
Nigeria: FG Urged to Prioritise Dangote Refinery
The Chief Executive Officer of the New Horizon Systems Solution, Mr. Tim Akano, has advised the federal government to prioritise funding of the Dangote Refinery, as part of its strategy Continue Reading
Even at $10 a Barrel, Oil Traders Balk at Buying Nigeria’s Crude
The oil price crash isn’t getting any easier for Nigeria. Late on Monday, the nation released the prices for most of its crude oil grades for sale in May. The figures Continue Reading
Oil Slump, Coronavirus Create a Perfect Storm for Nigeria’s Economy
The crash in oil prices and the economic fallout from the coronavirus together pose what could be an existential threat for Africa’s largest economy and biggest crude producer. Nigeria, a Continue Reading
Oil Majors May Be Forced To Cut Crude Output In Nigeria
Africa’s largest oil producer, OPEC member Nigeria, has yet to figure out how and from where to cut production as part of the OPEC+ deal, and this has led to Continue Reading
“Complete and Utter Disaster” Nigeria Could See Oil Production Plunge
Nigeria’s independent oil producers are being crushed by the oil price crash, with current prices more than two times lower than the costs of local independents’ production. These small independent Continue Reading
Nigeria: No Buyers Yet for 50m Barrels of Nigeria’s Crude Oil
Global energy data, financial information and analytics company, S&P Global Platts, disclosed that more than 50 million barrels of Nigerian crude oil for late April and May 2020 loading are Continue Reading
Nigerian crude in dire straits, gasping for buyers
The sheer weakness of the physical oil market can be best explained by the state of the Nigerian crude market. The once coveted light sweet Nigerian barrel is facing one Continue Reading
Nigeria: Coronavirus – More Troubles for Nigeria As Oil Price Crashes Below $20 – – Lowest in 18 Years
As countries of the world continue to battle the spread of coronavirus , oil prices crashed below $20 amid a supply glut on Monday. Brent crude fell to $22.58 per Continue Reading
Nigeria: Govt Directs Oil Firms to Cut Offshore Workforce
Offshore drilling. Oil rig. The federal government has directed oil and gas companies to reduce the workforce on their offshore platforms in view of COVID-19 pandemic in the country. Director, Continue Reading
Nigeria Can’t Cope With Global Pandemics Amid Vanishing Oil Revenue
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 Shuts Borders for Four Weeks to Curb Coronavirus
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: Coronavirus – Low Crude Oil Prices May Force Nigeria to Abandon Production
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, Others Risk 85% Drop in Oil Revenue, Opec, IEA Warn
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
Nigeria: Black Smoke and No Jobs in the Oil-Rich Niger Delta
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: Coronavirus – Oil Price Drops Below Nigeria’s 2020 Budget Benchmark
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
Nigeria: Why Excess Crude Account Dropped 78% in Two Months – Official
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
Nigeria: House Pledges to Pass PIGB in June
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
Nigeria: Why Refineries in Nigeria Will Not Work
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
Nigeria Unlikely to Become Net Petrol Exporter in 2020 – Report
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
Nigeria: Oil Theft, Piracy, Cost Nigeria U.S.$750m in 2019 – NNPC
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