Nigerian National Petroleum Corp said Thursday it had agreed new funding arrangements with four foreign partners to develop new oil fields in the Niger Delta that will substantially increase Nigerian Continue Reading
Shell Petroleum Development Company has disclosed that its operation is still threatened by insecurity in the Niger Delta. The company indicated in its latest report that crude oil theft, sabotage Continue Reading
International Oil Companies (IOCs) and their indigenous counterparts may soon be forced to halt operation, as the cost of producing a barrel of crude oil remains high. The Minister of Continue Reading
After trading at over U.S.$100 per barrel for some years, the price of oil began to tomble down around July, 2014, falling to below U.S.$30 per barrel. The collapse of Continue Reading
More than 50 people were killed in a Boko Haram ambush on an oil exploration team in northeast Nigeria earlier this week, multiple sources told AFP news agency on Thursday, Continue Reading
Nigerian media reported Thursday the federal government opted to halt crude oil exploration in part of the Niger Delta because of heightened security concerns. Militants struck a crude oil pipeline Continue Reading
Nigeria is now saying that “era of oil booms” may be over—for good. According to its national petroleum policy approved this week by the federal executive council, the country plans Continue Reading
Nigerian crude oil production was lowered following a militant tank on an oil pipeline, the state oil company said. File photo by vanhurck/Shutterstock July 25 (UPI) — A militant attack Continue Reading
The continual disruption blighting the impoverished delta region threatens plans to exceed 2 million barrels a day, according to Wood Mackenzie. (Bloomberg) — The Agbada 2 flow station should have Continue Reading
The U.S. Justice Department on Friday filed a civil complaint seeking to recover about $144 million in assets obtained through paying bribes to a former Nigerian oil minister, the department Continue Reading
Officials from a state oil company in Libya brief representatives from Norwegian energy company Statoil about the potential to bring production back to normal levels. Photo courtesy of the Libyan Continue Reading
Shell’s Nigerian unit declared a force majeure on Bonny Light crude oil exports effective 12:00 local time on Thursday, just two weeks after it had lifted a previous force majeure Continue Reading
The steady recovery of oil production in Libya and Nigeria in recent months has prompted OPEC to consider limiting the output of the two African producers that are currently exempt Continue Reading
Nigeria supports OPEC’s efforts to stabilize oil prices, but it wants to wait before deciding whether join the cartel’s cuts in oil production, its oil minister said on Wednesday. “Hopefully, Continue Reading
A report Thursday from oil pricing group Platts stated that more production is possible from OPEC members Libya and Nigeria, adding to supply-side concerns. A survey of production from members Continue Reading
Minister of State for Petroleum Resources, Ibe Kachikwu Wednesday stated that the present oil that has remained the main stay of the nation’s economy may not last beyond 39 years. Continue Reading
The plan by the Nigerian National Petroleum Corporation (NNPC) to grow the nation’s crude oil reserves to 40 billion barrels by the year 2020 received a major boost yesterday with Continue Reading
The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that the Nigeria National Petroleum Corporation (NNPC) is supposed to remit over $21.8 billion billions to the Federation Account. The agency’s Continue Reading
Nigerian crude exports will top 2 million barrels per day in August, reaching a 17-month high, according to new data compiled by Reuters on Thursday. Attacks by militants in the Continue Reading
On 2nd May 2017, Nigeria’s House of Representatives rejected a motion requesting that the House compel international oil companies (IOCs) to relocate their headquarters to the Niger Delta. The initiative Continue Reading
Upward production trend could be maintained Producer faces joining OPEC pact as output recovers August exports seen surging to 18-month high Security situation fragile despite fall in attacks Nigerian oil Continue Reading
A coalition of Niger Delta militant groups rose from a meeting in Port Harcourt, Rivers State yesterday ordering all northerners to quit the oil-rich region. The militants threatened to attack Continue Reading
Shell Petroleum Development Company Limited has officially lifted force majeure on exports of Nigeria’s Forcados crude oil, thus increasing the nation’s oil output by additional 200,000 barrels per day. Force Continue Reading
Shell lifts force majeure on Forcados oil in Nigeria Royal Dutch Shell (ticker: RDSA) lifted force majeure on exports of Nigeria’s Forcados oil grade, returning about 250 MBOPD to world Continue Reading
The resumption of operations at a crude oil export terminal in Nigeria could lead to stronger output from the OPEC member, industry analysts say. File photo by Pavel Shlykov/Shutterstock June Continue Reading
The Shell Petroleum Development Company of Nigeria Ltd (SPDC) operator of the Shell/NNPC Joint Venture on Tuesday lifted the 17 months force majeure placed on Forcados Export Terminal following the Continue Reading
Warri — A militant group, New Delta Avengers, yesterday vowed to resume disruption of oil exploration activities in Delta State. The militants declared “Operation Cripple Oil and Gas Production’ saying Continue Reading
Although crude oil theft has long been the subject of intense media attention in Nigeria, the downstream theft of hydrocarbons has remained under the radar. Despite this, downstream hydrocarbon theft Continue Reading
Nigerian stream back after 15-month halt caused by sabotage Extra barrels equate to about a fifth of OPEC supply curbs Royal Dutch Shell Plc lifted restrictions on exports of a Continue Reading
The Nigerian Senate approved on a motion to suspend a concession agreement for the Port Harcourt refinery with a subsidiary of Eni on Tuesday because the deal allegedly lacked transparency. Continue Reading
Nigeria again got members of the Organisation of Petroleum Exporting Countries (OPEC) and its other non-producers allies led by the Russian Federation, to exempt it from limiting the volume of Continue Reading
The Nigerian government, Wednesday, said it has witnessed no pipeline vandalism arising from militant activities in the Niger Delta in the past three months. The Minister of State for Petroleum Continue Reading
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that it has started the processes of a comprehensive independent audit of the oil and gas sector, as well as revenues Continue Reading
Nigeria detained a vessel with crew members from countries including Pakistan, Indonesia and Ukraine for alleged theft of crude from a facility owned by Royal Dutch Shell Plc, the navy Continue Reading
The Human and Environmental Development Agenda, HEDA Resource Centre, has petitioned Vice President Yemi Osinbajo, requesting the representation of Nigeria as an aggrieved party in the hearing of the Milan Continue Reading
Central bank Governor Emefiele said to tolerate naira dropping Naira forward contracts jump to highest levels since March Nigeria’s central bank will let the market determine the naira’s rate in Continue Reading
This Thursday a Milan court is to decide whether to go ahead with criminal proceedings against the oil giant Shell and its Italian partner ENI in connection with the purchase Continue Reading
The latest developments in a multi-billion dollar corruption scandal show how the net is closing in on oil bosses who allow shady deals to happen on their watch – and Continue Reading
Bonga, Forcados facilities will restart by July after work OPEC must extend cutbacks to keep prices above $50 a barrel Nigeria will revive oil production this summer as it completes Continue Reading
Transaction under investigation amid allegations of corruption Company previously said it was unaware minister would be paid Royal Dutch Shell Plc said it knew some of the $1.1 billion paid Continue Reading
Former President Goodluck Jonathan probably received as much as $200 million to approve the controversial $1.3 billion sale of OPL 245 oil field, Italian prosecutors said in court documents. The Continue Reading
After repeated denials in various countries, Anglo-Dutch oil giant, Royal Dutch Shell, on Monday finally admitted it had foreknowledge that the $1.3 billion itself and ENI paid to Nigerian government Continue Reading
Oil majors Royal Dutch Shell and Eni reiterated on Monday that neither they nor their personnel had been involved in any wrongdoing in Nigeria, including improper payments to Nigerian officials. Continue Reading
Nigerian President Muhammadu Buhari’s nascent campaign to negotiate with separatists in the oil-rich Niger Delta has proven to be more effective in restoring oil output to pre-conflict highs than his Continue Reading
Nigeria’s crude oil and condensate production averaged 1.676 million b/d in March, a fall of over 200,000 b/d from the previous month, the country’s petroleum ministry said Tuesday. The ministry Continue Reading
A memorandum of understanding with GE Oil & Gas could help lift more oil out of a Nigerian basin, regional exploration company Lekoil said. Lekoil, a company focused on West Continue Reading
The Nigerian National Petroleum Corporation, NNPC, yesterday, disclosed that it is committed to the Trans Saharan Gas Pipeline, TSGP, and that the project was still on track. According to a Continue Reading
Royal Dutch Shell PLC oil spills that haven’t been cleaned up for over eight years have contributed to “astonishingly high” levels of pollution in a Nigerian community, according to a Continue Reading
Nigeria has given contractors 30 days to resume delayed development projects in the Niger Delta oil region or face prosecution, the presidency said on Tuesday. The government has been trying Continue Reading
Faced with a contracting economy, surging inflation and a rigid exchange rate, Nigeria’s central bank will have little choice but to keep its key interest rate unchanged on Tuesday. The Continue Reading
