Oil rigs Nigeria, Africa’s biggest oil producer, has come under fire from the International Monetary Fund as well as World Bank for the heavy financial burden it carries in providing Continue Reading
THE Nigerian National Petroleum Corporation, NNPC, yesterday, predicted that the nation needed about $2.7 billion worth of investment to enable it meet the rising demand for petroleum products. In his Continue Reading
Minister of State for Petroleum Resources, Chief Timipre Sylva, has assured that Nigeria would meet the three million barrels per day quota allocated to the country by the Organisation of Continue Reading
Oil prices are expected to reach $100 a barrel, yet, as the rates go up, Nigeria will spend more on fuel importation, frittering its market advantage. Despite oil price rally, Continue Reading
Nigeria’s dependence on crude oil makes its economy vulnerable. But the transition to an economy not based on oil won’t be easy. The oil sector has an outsize influence on Continue Reading
Despite lack of activities at the nation’s four refineries, pipeline vandalism continued across the country with over 151 pipeline points in the first quarter of 2021. This upward trend reflects Continue Reading
Moody’s, a renowned rating agency has said that global annual upstream spending needs to increase by as much as 54 per cent to $542 billion if the oil market is Continue Reading
Petroleum Minister Sylva says the Act will also boost oil reserves from 37 billion barrels to 40 billion barrels. The Petroleum Industry Act (PIA) will assist Nigeria in increasing its Continue Reading
The seeming wastage of Nigeria’s most priced natural resource, crude oil, continued in July, with the country losing a humongous 7.193 million barrels of the commodity to mainly deteriorating facilities Continue Reading
Emmanuel Addeh writes that Nigeria’s inability to meet its allocated oil production quota by the Organisation of Petroleum Exporting Countries (OPEC) for months, not only poses a clear challenge to Continue Reading
THERE are indications that oil and gas explorations dropped in Nigeria as the rig count fell by 49.5 per cent to 53 in the first eight months (January-August) of 2021, Continue Reading
After months of stalling because of Covid restrictions and OPEC cuts, as well as significant international criticism over misplaced funds, Nigeria appears to be optimistic about the future of its Continue Reading
Abuja — For the first time since 2020, Nigeria’s rig count, which had been on the decline, soared to 11 in August, signalling readiness by the Nigerian National Petroleum Corporation Continue Reading
Nigeria’s President Muhammadu Buhari has ordered that the process to incorporate the state oil firm as a private company should begin immediately. This is in line with the recent oil Continue Reading
US Dollars The current challenge of dollar-crunch in the country may hinder plans by Royal Dutch Shell to sell off its onshore and shallow water assets, being managed by its Continue Reading
The pipelines operated by a subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Nigerian Pipelines and Storage Company (NPSC) Limited, experienced a total of 451 breaks and 11 fire Continue Reading
Nigeria is seeing one of its worst cholera outbreaks in years, with more than 2,300 people dying from suspected cases as Africa’s most populous country struggles to deal with multiple Continue Reading
Nigeria has failed to adequately implement and deliver thousands of projects—funded with $14 billion—to help the social, economic, and infrastructure development of the oil-rich but impoverished Niger Delta region, Nigeria’s Continue Reading
Abuja — India, Netherlands and Spain have now filled the vacuum left by the United States as top buyers of Nigeria’s crude oil, according to a document obtained from the Continue Reading
Nigeria’s journey to the Petroleum Industry Act started in 2000 under President Olusegun Obasanjo, who inaugurated an oil and gas sector reform implementation committee. The committee’s report formed the basis Continue Reading
A new wave of security threats in Nigeria poses a major challenge to Africa’s largest oil producer and a key supplier of light sweet crude grades to Europe, industry officials Continue Reading
Refinery: Dangote, Nigeria Owner: Dangote Group Overall capacity: 650,000 b/d Notes: Nigeria’s Nigerian National Petroleum Corporation will supply 300,000 b/d of crude to the 650,000 b/d Dangote oil refinery, which Continue Reading
International oil companies operating in Nigeria owe $4 billion to an agency responsible for fostering development in the Niger Delta, the impoverished wetlands region where much of the industry is Continue Reading
President of the Senate, Ahmad Lawan, yesterday, gave an insight at what the National Assembly did to get the much awaited Petroleum Industry Bill, PIB, passed and eventually signed into Continue Reading
Nigerian President Muhammadu Buhari on Monday signed the country’s newly passed petroleum bill into law, marking the end of 20 years of efforts at Africa’s top oil producer to overhaul Continue Reading
The president’s signing means he accepts the three per cent allocation that dimmed the passage of the bill in July after over a decade. President Muhammadu Buhari has signed the Continue Reading
President Muhammadu Buhari has signed the Petroleum Industry Bill (PIB) into law. Buhari assented to the bill on Monday, according to Femi Adesina, his spokesman. In statement, Adesina said Buhari Continue Reading
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on Friday, said hundreds of investments in the oil and gas sector have been driven away by the growing Continue Reading
Shell Petroleum Development Company, SPDC, of Nigeria Limited, yesterday, told the Federal High Court in Abuja that it would pay about N45 billion judgement debt awarded against it over oil Continue Reading
Sub-Saharan Africa, especially its largest oil producers Nigeria and Angola, will struggle to raise oil output through the middle of this decade, as international majors are shifting their investment priorities, Continue Reading
The federal government has been advised to handover its refineries and other commercially viable projects to the private sector in order to reduce its debts and earn more revenue from Continue Reading
Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote’s oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Continue Reading
Fitch Ratings, a global credit rating agency has said the passage of the Petroleum Industry Bill (PIB) could have positive long-term effects for both the country’s public finance as well Continue Reading
Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years, according to data from the Nigeria Natural Resource Charter (NNRC). Another data from the National Continue Reading
The House of Representatives at the plenary, Thursday stepped down the report of the conference committee on Petroleum Industry Bill (PIB), following a shouting match by Niger Delta lawmakers, who Continue Reading
Apparently in a bid to comply with the output quota of the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped 11.47 per cent year-on-year, YoY, in the second Continue Reading
Africa’s largest oil producer and exporter, Nigeria, is expected to pass its new petroleum bill—twenty years in the making—as early as Wednesday, despite last-minute amendments that have created some controversy. Continue Reading
Oil spill. Shell had claimed the case would be better decided in Nigeria. Now, its subsidiary SPDC will now be part of the lawsuits filed in England against Royal Dutch Continue Reading
The privatization agency in Africa’s largest economy plans to sell or allow private investors to manage 36 state-owned assets to boost government revenues that have come under pressure from lower Continue Reading
Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) said in its latest audit Continue Reading
Seplat Energy Plc, Nigeria’s biggest oil and gas exploration and production company said it hopes passage of the country’s long-awaited Petroleum Industry Bill by lawmakers will spur investment into the Continue Reading
Even as the organised labour and the federal government continue their engagement on what the appropriate price of petroleum motor spirit (PMS), otherwise known as petrol should be, oil marketers Continue Reading
PREMIUM TIMES highlights the history and components of the Petroleum Industry Bill that is again close to being passed by the National Assembly After a 20-year journey, the Petroleum Industry Continue Reading
LAST week, Thursday July 1, the Senate finally passed the long-awaited Petroleum Industry Bill, PIB. A milestone in the history of our legislative affairs. Too many interests had repeatedly scuttled Continue Reading
About 400,000 barrels of crude oil is lost daily to theft, according to data from the federal government. The Minister of Environment, Mr. Mohammed Abubakar, at a town hall meeting Continue Reading
Oil theft The minister says the effects of the destruction of oil and gas facilities had caused huge economic losses. Mohammad Abubakar, Minister of Environment, on Monday, disclosed that Nigeria Continue Reading
Nigeria’s Senate is expected to see on Tuesday the presentation of the country’s petroleum industry bill, a new regulation on the oil industry that has taken 20 years to draft. Continue Reading
The Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, yesterday explained why the national oil company was purchasing a stake in Dangote oil refinery, saying it was Continue Reading
President Buhari responds to threat, says regional issues will be addressed Nigeria producing at only 70% of full capacity due to OPEC+ cuts, technical issues Government under economic strain, militancy Continue Reading
Muhammadu Buhari Photographer: Drew Angerer/Getty Images Nigerian President Muhammadu Buhari expressed concern about new threats by militant group the Niger Delta Avengers to bomb critical oil and gas infrastructure in Continue Reading
