France’s Total will officially endorse a decision to proceed with the development of a new project offshore Nigeria, the Ikike project, Patrick Pouyanné, the chief executive of the oil and Continue Reading
Country loses estimated N995.2bn annually A new report on the age-long crude oil theft in Nigeria has revealed how International Oil Companies (IOCs) in the Niger Delta region steal and Continue Reading
Oil thieves illegitimately refining crude oil at Otor-Edo and surrounding communities in Ughelli South Local Government Area, Delta State, and soldiers from the 222 Battalion, Agbarha-Otor, in the state are Continue Reading
Nigeria ranks among the top 10 cheapest petrol selling countries in the world, a policy group has revealed in its latest report. In its report released on 15 January, the Continue Reading
Nigerian presidential hopeful Atiku Abubakar on Wednesday branded the state-run oil company a “mafia organisation” and pledged to privatise it if he is elected. Abubakar said he had tried to Continue Reading
The Nigerian National Petroleum Corporation (NNPC), bemoaned the rising incidents of pipeline vandalism across the country, stating that in October 2018, its pipeline network suffered a 42.9 per cent increase Continue Reading
The Dangote Oil Refining Company (DORC) Limited, said it took delivery of one of the major components of its refinery equipment; the regenerator for the residual Fluid Catalytic Cracker last Continue Reading
The United Nations says Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, mainly due to oil-related crimes. This is according to a new ‘Report by the Secretary-General Continue Reading
Chineme Okafor reviews a new report that revealed that Nigeria’s petroleum products pipelines are in a state of disrepair and need to be fixed or replaced The outcome of a Continue Reading
Suspected militants may have renewed hostilities against oil companies operating in the Niger Delta. For example, a group yesterday claimed it was behind the attack on an oil pipeline at Continue Reading
The federal government will spend over N3 billion on fuel, generators and plants across 602 ministries, departments and agencies this year. These figures do not include money voted by the Continue Reading
Egina field to push output by 10% in 2019 Energy bill key to sector’s renaissance Fiscal, militancy challenge ahead of elections London — Nigeria’s oil sector is in urgent need Continue Reading
Days before OPEC’s production cuts started on January 1, France’s Total had started up oil production from Nigeria’s ultra-deepwater oil field Egina, which is expected to produce 200,000 bpd at Continue Reading
France-based Total said Wednesday it started production in the Egina field in offshore Nigeria which will eventually reach 200,000 barrels of crude oil per day. The new production, which will Continue Reading
Nigeria’s crude oil daily production recorded an upward swing of about 2.09million barrels in 2018, translating to a 9 per cent increment, compared with the 2017 average daily production of Continue Reading
The price of crude oil, yesterday, dropped from $50 to $48 in the international market, showing $12 below Nigeria’s $60 per barrel 2019 budget reference price. Specifically, the price of Continue Reading
The Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), and 22 other oil companies are yet to pay to remit $3,632,075 to the Federation Continue Reading
Minister of State for Petroleum Resources, Ibe Kachikwu , has spent over three years in office. In this interview with KINGSLEY JEREMIAH and JOKE FALAJU, Kachikwu spoke on his achievements, Continue Reading
Just as OPEC and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil Continue Reading
Controversy trailed Wednesday’s revelation by the Federation Accounts Allocation Committee (FAAC) that the excess crude revenue account savings has been depleted to only $631 million within three weeks. Barely three Continue Reading
An Italian judge, Giusy Barbara yesterday said oil groups Eni and Royal Dutch Shell were fully aware that their purchase of a Nigerian oilfield in 2011, would result in corrupt Continue Reading
Nigerian oil minister, Ibe Kachikwu, projects that Nigeria may increase output by about 60 percent within two years. Kachikwu (L) is shown here during a visit to Italy in January Continue Reading
Minister of State for Petroleum Resource, Dr. Ibe Kachikwu yesterday said the President Muhammadu Buhari-led government has not spent a dime on the country’s four refineries, an achievement not many Continue Reading
Despite assurances that Nigeria is working to diversify its economy away from oil, the African OPEC member continues to depend heavily on oil exports, and consequently, on oil prices, for Continue Reading
Last Friday’s resolution by the Organisation of Petroleum Exporting Countries (OPEC) to cut 800,000 barrels, or 2.5 per cent of members daily output, will see Nigeria’s daily oil production drop Continue Reading
Petroleum product Marketers and Depot Owners Associations, gave the government, a seven day ultimatum last week, to redeem their long overdue balance for over N800bn for fuel, already sold at Continue Reading
Nigerian National Petroleum Corporation (NNPC) has assured petroleum products consumers across the country not to engage in panic buying in the countdown to depot shutdown by Depot and Petroleum Products Continue Reading
The management of the Nigerian National Petroleum Corporation (NNPC) said it was compelled to award the surveillance contract of the strategic 87-kilometre Trans Forcados Pipeline (TFP) to a new contractor Continue Reading
Petrol queues at gas stations often return during industrial disputes (Guardian ) Nigerians should brace up for another period of petrol scarcity, unless a resolution arrives soon enough. And no, Continue Reading
Plans by Nigerian government to fix Nigeria’s moribund refineries and make them work in utmost capacity will not materialise until 2020, Ibe Kachikwu, Nigeria’s oil minister has said. Mr Kachikwu Continue Reading
Nigeria will lose an estimated $6 billion in revenue to international oil companies, Shell and Eni, over the deal on the controversial oil block, widely known as Oil Prospecting License Continue Reading
Nigeria’s rig count — a standard yardstick used in measuring a nation’s activeness in exploration and production of crude oil and gas — for the month of October, 2018 increased Continue Reading
Nigerian opposition candidate Atiku Abubakar will seek to boost investment in the country’s oil sector if he becomes president next year, according to a draft copy of his manifesto. He Continue Reading
A presidential candidate from the People’s Democratic Party has said the Niger Delta communities could keep all of the revenues the oil-rich province produces. In an interview with the Africa Continue Reading
The Senate yesterday said it again uncovered illegal multiple withdrawals of $1.151 billion from the dividends accounts of the Nigeria Liquefied Natural Gas (NLNG) by the Nigeria National Petroleum Corporation Continue Reading
Shell Petroleum Development Company (SPDC) on Monday decried the high rate of vandalism on its pipeline network at its oilfields in Bayelsa resulting to oil leaks and pollution of the Continue Reading
Nigeria will raise its crude oil production to 1.8 million bpd in 2019 from around 1.6 million bpd currently, the head of the Nigerian National Petroleum Corporation (NNPC) told Reuters Continue Reading
Nigerian oil production is set for a timely boost, climbing to around 2.2 million b/d by early next year with the startup of the giant 200,000 b/d Egina field, oil Continue Reading
Nigeria’s state oil company is mulling over the signing of two more oil swap deals, with Exxon and Shell, after last week it sealed an oil-for-products deal with BP, Reuters Continue Reading
The Nigerian National Petroleum Corporation (NNPC) Thursday said it had signed a six-month crude-for-product deal with BP Oil International Ltd, to supply Nigeria petrol ahead of the upcoming Yuletide and Continue Reading
A total of $22.06 billion and N481.75 billion oil and gas revenues are yet to be remitted to the federation account by the Nigeria National Petroleum Corporation (NNPC), the Nigeria Continue Reading
A new report by GlobalData, a data and analytics company has said that effort by Nigeria to revive its ailing refineries alongside other upcoming private refinery projects will place the Continue Reading
The Chairman, Senate Committee on Petroleum Resources, Upstream, Donald Omotayo Alasoadura, has said that Nigeria has lost no less than $10 billion revenue in the last 18 years due to Continue Reading
The Department of Petroleum Resources (DPR) in Adamawa on Wednesday said it would limit supply of petroleum products to border areas to control the illegal exportation of products. Ibrahim Chiroma, Continue Reading
The Nigerian National Petroleum Corporation (NNPC) on Thursday said the fire incident that happened on System 2E pipeline network in Umuaduru and Umuimo communities in Abia state was caused by Continue Reading
The theft of crude oil in Nigeria has cost the country €9 billion in the last two years. DW’s Fred Muvunyi traced the illicit flow of ‘fungue’ to a port Continue Reading
Nigerian Senate on Wednesday blamed the Nigeria National Petroleum Corporation (NNPC) and Department of Petroleum Resources (DPR) for the death of over 150 Nigerians involved in spillage. The 150 persons Continue Reading
The Senate on Tuesday resolved to probe the alleged mismanagement of $3.8 billion Subsidy Recovery Fund, SRF, by the Nigeria National Petroleum Corporation, NNPC. This is sequel ta o a Continue Reading
THE death toll from last Friday’s Osisioma pipeline explosion in Abia is said to have risen to over 24, even as Eze Ikechukwu Chiavoghilefu, Chairman, Osisioma Local Government Traditional Rulers Continue Reading
The Monetary Policy Committee (MPC) sounded the warning during its 120th meeting last week. The Central Bank of Nigeria (CBN) committee said Nigeria risks slipping into another recession. All key Continue Reading
