Nigeria – Illegal Oil Refineries Thriving Despite Government Crackdown
“I want to give my family the best I can afford. We cannot just stay and survive. We really want to live,” Tam G (not his real name) said. “This Continue Reading
Nigeria’s Trans-Niger Pipeline Runs Dry Due to Oil Theft – Report
A new report showed that Nigerian oil revenue underperformed due to significant shortfalls such as shut-ins resulting from pipeline vandalism and crude oil theft. The Trans-Niger Pipeline, a major pipeline Continue Reading
Nigeria: Retaining Petrol Subsidy in 2023 Will Cost Nigeria Nearly N6.7 Trillion – – Govt
The government presents two scenarios, one involving the continuation of subsidy payment and another assuming partial payment until subsidy is phased out in 2023. Retaining petrol subsidy will cost Nigeria Continue Reading
TotalEnergies begins production from Ikike field in Nigeria
French oil and energy company TotalEnergies (TTEF.PA) has begun production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per Continue Reading
EU looks to replace gas from Russia with Nigerian supplies
The European Union is seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts, Matthew Baldwin, deputy director general of the European Commission’s energy department, Continue Reading
Nigeria Unable To Benefit From High Oil Prices
Nigeria’s debt has exceeded its revenue in the first four months of the year despite high oil prices, Nigeria’s Budget Office has revealed on its website . Oil-rich Nigeria, unlike Continue Reading
Nigeria: Retaining Petrol Subsidy in 2023 Will Cost Nigeria Nearly N6.7 Trillion – – Govt
The government presents two scenarios, one involving the continuation of subsidy payment and another assuming partial payment until subsidy is phased out in 2023. Retaining petrol subsidy will cost Nigeria Continue Reading
Nigeria petrol subsidy seen nearly 70% higher at $16.2 bln next year
Nigeria could spend up to 6.72 trillion naira ($16.2 billion) next year if it keeps a fuel subsidy in place, Finance Minister Zainab Ahmed said on Thursday, a nearly 70% Continue Reading
Nigerian Authorities Relinquish Management of State-Owned Oil Company
Nigeria’s president, Muhammadu Buhari, has unveiled a revamped national oil company that he called commercially driven and not relying on government funding. Buhari says the Nigerian National Petroleum Company would Continue Reading
Nigeria: Crude Oil Theft – Joint Ventures Are Most Hit, Bleeding – Akabueze
The Director General, Budget Office of the Federation, Ben Akabueze, yesterday stated that Joint Ventures (JVs) are bleeding the most as a result of rising crude oil theft and rampant Continue Reading
Nigeria: With 614,000bpd June Underperformance, Nigeria’s Oil Losses Exceed $2bn
Out of the 1.772 million barrels per day crude oil allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC) in June, Nigeria was only able to produce Continue Reading
Libya’s NOC lifts force majeure on exports from Zueitina, Brega terminals
Highlights Oil terminals opened to allow tanker to carry condensate Libya’s oil supply crisis has slashed output by more than half It pumped 650,000 b/d in June, lowest since Oct Continue Reading
Nigeria: Shell, ExxonMobil to Enforce $1.8bn Arbitration Award Against NNPC
An appeal court in U.S on Friday said ExxonMobil Corp and Royal Dutch Shell Plc affiliates may try to enforce part of a $1.8 billion arbitration award against the Nigerian Continue Reading
Nigeria: As Aviation Fuel Crisis Escalates Cost of Flight Operations
Flight operations in Nigeria have become precarious as airlines face abrupt disruption of flights due to scarcity and high prices of aviation fuel, which may impair profitability, writes Chinedu Eze Continue Reading
Nigeria lost $1 billion in Q1 revenue to crude oil theft
Nigeria lost $1 billion in revenue during the first quarter of this year due to crude oil theft, the petroleum regulator said on Friday, warning the practise was a threat Continue Reading
Nigerian Experts Praise Trans-Saharan Gas Pipeline Project
As Europe seeks to wean itself off Russian natural gas, Algeria, Niger, and Nigeria have revived a decades-old, multi-billion-dollar gas project. The Trans-Saharan Gas Pipeline (TSGP) could send up to Continue Reading
Nigeria ramping up output to meet August OPEC quota: Oil minister
Highlights Eyes around 500,000 b/d in increase in next two months OPEC may not raise output quotas at August meeting Nigeria is increasing crude oil production and has set a Continue Reading
Nigeria: Commuters Stranded in Lagos, Abuja, Oyo, Others As Fuel Scarcity Bites Harder
Commuters were, yesterday, stranded in Lagos, Abuja, Oyo and some other states, as the ongoing fuel crisis bites harder in the country. The scarcity, which started in Abuja about three Continue Reading
Nigeria, Angola won’t meet OPEC output quotas for at least another year: IEA
Nigeria output at multi-decade low, Angola close to the nadir of the early 2000s: S&P Global Nigeria, Angola show biggest over compliance to quotas among OPEC producers Persistent underinvestment, low Continue Reading
Nigeria: Fuel Shortage Hits Lagos As Scarcity Bites Harder in Abuja, Oyo
There were indications, weekend, that the fuel shortage noticed in Lagos and its environs would worsen, as independent marketers said they have not been supplied for days. An investigation by Continue Reading
Nigeria, Others Move to Revive $13bn Trans-Saharan Gas Pipeline As Demand Pressure Mounts
Nigeria, Algeria and Niger Republic yesterday moved to reactivate the $13 billion Trans- Saharan Natural Gas Pipeline (TNGP) project as demand pressure continues to mount from within the continent and Continue Reading
Nigeria’s Oil Production Fell to Record 1.024m Bpd Low in May – OPEC
Still struggling with its oil production quota, the Organisation of Petroleum Exporting Countries (OPEC) yesterday revealed that Nigeria reported a paltry 1.024 million barrels per day production in May, a Continue Reading
Pipeline closures, maintenance drag Nigerian oil output to new lows
May production slumps 14% to average 1.28 million b/d Maintenance carried out at Qua Iboe, Bonny Light Political risks may worsen ahead of 2023 elections, say analysts Nigerian crude oil Continue Reading
Shell Said to Be Receiving Two Local Bids for Nigeria Oil Fields
Shell Plc is set to receive two final offers this week for its onshore oil and gas fields in Nigeria, according to people with knowledge of the matter. Local companies Heirs Continue Reading
Nigeria Disturbed By Acute Fuel Shortfalls
Motorists queuing for several hours at petrol pumps in the Nigerian capital, Abuja, has become the new normal after an acute scarcity in fuel earlier this year. In February, the Continue Reading
Nigeria Disturbed By Acute Fuel Shortfalls
Motorists wait for hours in Abuja, Nigeria to fill their cars with petrol, due to the ongoing fuel shortage. Motorists queuing for several hours at petrol pumps in the Nigerian Continue Reading
Nigeria finance minister: low oil output barely enough to cover petrol imports
Low crude oil production means Nigeria is barely able to cover the cost of imported petrol from its oil and gas revenue, Finance Minister Zainab Ahmed told Reuters on Thursday. Continue Reading
Nigeria: Vandals Fuel Nigeria Oil Sector’s Decline
Oil theft Lagos — The oil and gas sector, for years the main revenue generator in Africa’s largest economy, is the sole under-performer in Nigeria’s economic recovery. The monthly economic Continue Reading
Nigeria Doubles Gasoline Subsidy Costs on War in Ukraine
Buildings destroyed during the Russian invasion wait to be renovated or demolished in Irpin, Ukraine on May 26. Photographer: Christopher Furlong/Getty Images Africa’s largest crude producer doubled its spending on Continue Reading
Nigeria Imports Refined Petroleum Products Worth $28bn Yearly, Says Energy Consultant
The cost of importing petroleum products of all kinds into Nigeria has soared to over $28 billion on an annual basis, Blackgold Energy Authorities, an oil and gas consulting and Continue Reading
Nigeria: Divestment – TotalEnergies Puts Up 16 Oil Assets in Nigeria for Sale
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
Nigeria: Scandalous Oil Theft – Nigeria Loses N3.038 Trillion in One Year
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
Nigeria’s Oil Output Drops 13.3 Percent to 1.3 Mbpd
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
Nigeria: Aviation Fuel – Airline Operators to Get 3 Months’ Supply At N480 – NNPC
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
Nigeria’s NNPC, cenbank tell airlines they cannot help fix jet fuel prices
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 Join Forces to Stave Off Jet-Fuel Price Crisis
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 Is First Nation to Ground Flights as Fuel Costs Soar
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
Exclusive: Nigeria buys emergency Canadian potash to replace lost Russian supply
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: Again, Nigeria Cuts Oil Production Losses From Sabotage, Assets’ Breakdowns, Force Majeure in March
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
TotalEnergies Looks To Divest Nigerian Asset, Joining Big Oil Exodus
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
Nigeria: As Indonesia Bans Palm Oil Exports, Nigeria Unable to Seize Lucrative Opportunity
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 in trauma after Imo refinery deaths
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
Nigeria Inflation Accelerates to Highest This Year at 15.9%
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
Nigeria’s Oil Production Dips to 1.24m Bpd, Lowest This Year
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 electricity grid collapses for the second time in a month
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
Gasoline Subsidy To Cost Nigeria 10 Times More Than Budgeted
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
Nigeria: Akwa Ibom Govt Sues ExxonMobil Over Attempt to Sell Assets Without Consent
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
Nigeria: $3.27bn Lost to Oil Thieves in 14 Months, Govt Cries Out
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
Nigeria: Oil Prices Plunge Below $100 As Nigeria Fails to Meet Opec Quota
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
Nigeria: Eni – Force Majeure On Vandalised Oil Facilities to Be Lifted This Week
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