Militants attacked a Chevron ( CVX.N ) platform in Nigeria’s oil-rich Niger Delta region late on Wednesday, a navy spokesman said on Thursday, amid growing fears of a revived militant Continue Reading
Indications have emerged that Nigeria will export about 52 cargoes of crude oil in June, representing a drop from 55 cargoes slated for May in the futures market. The preliminary Continue Reading
Figure dwarfs previous government estimate of $5.5 billion Nigerian Vice President Yemi Osinbajo said about $15 billion was lost by the previous administration to fraudulent security spending, almost three times Continue Reading
The Conference of Nigeria Political Parties (CNPP) has issued a seven-day ultimatum to the Ministry of Petroleum Resources to end fuel queues cross the country or face organised labour, civil Continue Reading
Nigeria deployed police and soldiers to gasoline stations to maintain order as fuel shortages grip Africa’s biggest oil producer. The most severe fuel scarcity in a year in Africa’s most Continue Reading
Social and economic activities have been paralysed in five states of the North West as the scarcity of petrol bites harder, the News Agency of Nigeria (NAN), reports. A check Continue Reading
In February 2016, Royal Dutch Shell plc announced in its fourth quarter 2015 financial statement that it was postponing the final investment decision (FID) on the Bonga South West/Aparo (BSWA) Continue Reading
In Africa’s top economy, the oil bust is beginning to hit the streets. With 187 million people, and trillions of dollars in untapped crude oil, Nigeria was meant to power Continue Reading
Nigeria is currently dealing with one of its worst fuel shortages in years. The crisis has been dragging on for over a month already, and, despite promises from the head Continue Reading
Despite being one of the world’s biggest oil producers, Nigeria imports most of its fuel and is currently facing a severe shortage. It does not have enough oil refineries and Continue Reading
Fuel lines stretched for more than a kilometer (half-mile) on Friday in Nigeria’s capital because of a fuel shortage in sub-Saharan Africa’s top oil-producing country. Drivers in Abuja groaned and Continue Reading
The United States stands ready to assist Nigeria in diversifying its economy beyond the oil sector, a regional U.S. secretary said from Washington, D.C. The International Monetary Fund warned the Continue Reading
The National Oil Spill Detection and Response Agency (NOSDRA) has confirmed a pipeline blast at an oil field operated by Nigeria Agip Oil Company (NAOC) in Bayelsa. Three maintenance workers Continue Reading
Amid the denial by the Nigerian National Petroleum Corporation (NNPC) of the allegation by the Auditor- General of the Federation ( AuGF), Mr. Samuel Ukura, that it didn’t remit into Continue Reading
The Royal Dutch Shell says security issues surrounding the safety of its people, sabotage and theft are some of the major risks and challenges affecting its operations in Nigeria. The Continue Reading
State oil firm Nigerian National Petroleum Corp failed to remit Naira 3.2 trillion ($16.2 billion) in proceeds from the sale of crude oil into the government account in 2014, local Continue Reading
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) on Tuesday urged President Muhammadu Buhari to declare a ‘State of Emergency’ in the petroleum industry to end fuel Continue Reading
Nigeria’s state-owned oil company has failed to pay the government $16bn (£11bn) in a suspected fraud, according to an official audit. The Nigerian National Petroleum Corporation (NNPC) provided no explanation Continue Reading
China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Zao LingXiang, Economic and Commercial Counsellor of the Chinese Embassy Continue Reading
Nigerian unions on Thursday ended a day-old strike against the revamp of the beleaguered state oil firm after a minister promised there would be no job cuts. The strike, launched Continue Reading
Angry oil workers have shut down all offices and facilities of the Nigerian National Petroleum Corporation, NNPC, in protest of Tuesday’s splitting of the state oil company by the federal Continue Reading
The minister of state for petroleum resources, Dr Ibe Kachikwu, has disclosed the federal government’s plans to end the importation of petrol within the next 18 months. Disclosing this in Continue Reading
Growth in Nigeria, Africa’s biggest economy and oil exporter, slowed in the fourth quarter as crude revenue fell and manufacturers struggled amid a shortage of foreign-exchange for imports. Gross domestic Continue Reading
Nigerian President Muhammadu Buhari has approved the unbundling of the Nigerian National Petroleum Corporation into seven divisions, the Premium Times reported March 8. Five divisions will focus on core production Continue Reading
State-owned oil company of Nigeria to be divided into 30 discrete entities. IMF warned last week the economy may need to reform to address pressures from lower crude oil prices. Continue Reading
Key members of the Organization of Petroleum Exporting Countries intend to meet with other producers in Russia on March 20 to renew talks on an agreement to cap oil output, Continue Reading
The Organization of the Petroleum Exporting Countries (OPEC) logo is pictured at its headquarters in Vienna June 10, 2014. Some members of OPEC plan to meet other oil producers in Continue Reading
Nigeria will break up its state-owned oil company into 30 separate units within weeks in a bid to reform the unprofitable entity, Managing Director Emmanuel Kachikwu said. Each company will Continue Reading
The long fuel queues which appeared over the weekend at some major cities across the country have grown worse, Daily Trust findings revealed. This is just as the Nigerian National Continue Reading
Two Nigerian communities can sue Royal Dutch Shell PLC’s Nigerian unit in the U.K. over oil spills in the West African country, a London court ruled Wednesday, testing whether energy Continue Reading
Oil giant Shell is being sued in London for the second time in five years over spills in the Niger Delta. Two communities are claiming compensation and want Shell to Continue Reading
The International Energy Administration (IEA) expected Nigeria’s oil production to decline by 70,000 barrels per day (bpd) by 2021 to 1.85 million bpd due to reduction in investment in the Continue Reading
Failure of Shell Petroleum Development Company, SPDC , to ensure environmental protection by maintaining and protecting oil pipelines may leave it vulnerable to pay series of compensation claims from several Continue Reading
The OPEC cartel needs to take action to stabilize the oil market because crude prices have fallen to “totally unacceptable” levels, Nigerian President Muhammadu Buhari said on Sunday. Nigeria, Africa’s Continue Reading
The Pentagon is poised to send dozens of Special Operations advisers to the front lines of Nigeria ’s fight against the West African militant group Boko Haram, according to military Continue Reading
Citigroup Inc. said deals in Nigeria, Africa’s biggest oil producer, have plummeted because investors are too scared to spend money when it’s expected that the naira will have to be Continue Reading
Nigerian President Muhammadu Buhari will fly to Saudi Arabia to discuss with King Salman ways to stabilize crude oil prices, the presidency said in a statement on Sunday. Buhari will Continue Reading
Nigeria backed Saudi Arabia and Russia in freezing oil production while giving Iran and Iraq a way out to regain some of their lost market share due to sanctions and Continue Reading
Nigeria’s crude oil export operation has suffered a serious setback following a major crack-up of a giant underwater pipeline at the Forcados export terminal. Following the incident, crude oil lifting Continue Reading
The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the Continue Reading
Nigeria is in talks with oil majors and banks to raise capital for new drilling and to repay up to $4 billion in debt that the state oil firm has Continue Reading
Of all the mysteries surrounding Boko Haram, the marauding militant jihadist group that has terrorized Nigeria and its neighbors, the use of women and girls as suicide bombers is among Continue Reading
The federal government on Thursday in Abuja accused oil majors operating in the country of not being sincere in their plans to downsize their workforce, stating that profit motive is Continue Reading
Nigeria’s crude oil output increased by 252,800 barrels per day in January, up from the 1.697 million barrels per day it recorded in December to 1.949 million barrels per day. Continue Reading
Actors and other stakeholders in the Nigerian movie industry, a.k.a Nollywood, said on Tuesday that the industry is a potential alternative to the ailing oil sector. In separate interviews with Continue Reading
Record government spending — and having to borrow to fund almost half of it — spells trouble for investors in the bonds of Africa’s biggest oil producer. Nigeria’s naira debt Continue Reading
OWING to a further slide in prices and additional shut-in of about 35,000bpd in Usan and Yoho Terminals, Nigeria’s export earnings in 2015 from the sale of crude oil declined Continue Reading
Minister of Labour and Employmen Chris Ngige has called on the major oil companies planning to lay off workers due to the dwindling price of crude in the international market Continue Reading
The state oil company in Nigeria, Africa’s biggest producer of crude, made a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division. Sales of 2 Continue Reading
Obviously in response to the lingering fuel crisis and the loud complaints by suffering consumers, the management of the Department of Petroleum Resources, DPR, may have decided that enough was Continue Reading
