A militant group in Nigeria’s oil-producing Delta region has threatened to resume attacks amid rising insecurity and disagreements over the share of oil wealth communities should get. The group, called Continue Reading
Long overdue government legislation must come into place in Nigeria if the country hopes to reform its oil industry to make it more accessible for international players and win back Continue Reading
Nigeria’s Egbin Power Plc, the biggest in Africa’s most populous nation, plans to raise $1.8 billion to more than double generation capacity as it seeks to boost output and export Continue Reading
Nigeria’s oil subsidy programme has unwittingly become a drag on the economy. When the price of the commodity rises on the international market, revenue rises, but this gain is more Continue Reading
Nigeria’s currency weakened to a four-year low in the parallel market after the central bank’s efforts to coax banks to sell more dollars to customers failed to bridge the widening Continue Reading
Key fields: Qua Iboe, Forcados, Bonny, Bonga, Escravos faced outages Oil production averaging as low as 1.64 million b/d in 2021 Security concerns, regulatory risks further hamper supply outlook Nigeria’s Continue Reading
The world of Nigerian refining is an enigma shrouded in a mystery. Although the story of Nigeria’s refining has been a friction point for some years already, it boggles the Continue Reading
The Nigerian National Petroleum Corporation (NNPC) yesterday raised the alarm over the continuous rise in the smuggling of petroleum products, despite the establishment of the ‘Operation White’ initiative by the Continue Reading
The Nigerian National Petroleum Corporation (NNPC) yesterday predicted that oil price could climb as high as $200 per barrel, as banks and major International Oil Companies (IOCs) withdraw from funding Continue Reading
Nigeria’s crude oil export revenues slumped by as much as 98 percent from March to April this year because of movements in the price of gasoline, the Nigerian National Petroleum Continue Reading
The Nigerian National Petroleum Corporation (NNPC) has bemoaned the recent spate of attacks on the country’s rail lines, especially from Warri in Delta state to Itakpe in Kogi state, which Continue Reading
The Minister of Science and Technology, Ogbonnaya Onu, says efforts are on ground to ensure Nigeria is prepared for a post-crude oil era. Onu said this in Abuja Thursday at Continue Reading
Bonga Floating Production Storage and Offloading vessel, Nigeria. The OML license for the block partners Shell, Total, Exxon Mobil and Eni were renewed for another 20 years. The Nigerian National Continue Reading
NNPC looking to buy 20% stake in Dangote refinery Dangote expects refinery to come online next year NNPC desperate to reduce fuel imports State-owned Nigerian National Petroleum Corp., or NNPC, Continue Reading
Nigeria’s National Petroleum Corporation this week signed a deal with Shell, Exxon, Total, and Eni to develop an offshore oil block that includes the deepwater Bonga field, the NNPC said Continue Reading
Boats in Bodo Creek in 2011. A total of 30 oil companies spilt 41,216 barrels of oil in Nigeria between 2019 and May this year. Between January 2019 and May Continue Reading
Nigeria lost at least 52 million barrels of crude oil between May and December 2020 to COVID-19-induced compulsory supply cuts imposed by the Organisation of Petroleum Exporting Countries (OPEC), according Continue Reading
The Nigerian Navy yesterday exonerated itself from the loss of 200,000 barrels of crude oil to pipeline vandalisation and illegal refineries, even as it blamed the Nigerian National Petroleum Corporation Continue Reading
Shell’s divestment could deal a fresh blow to the fiscal plan of the Nigerian government, about 90 per cent of whose revenue comes from oil, as it rebalances from the Continue Reading
Nigeria is encouraging Royal Dutch Shell Plc to keep its onshore oil and gas business in the country instead of divesting it, as the company seeks to focus more on cleaner Continue Reading
Royal Dutch Shell does not see its upstream oil operations in Nigeria as compatible with its strategy to become a net-zero energy business, chief executive Ben van Beurden said at Continue Reading
Royal Dutch Shell does not see its upstream oil operations in Nigeria as compatible with its strategy to become a net-zero energy business, chief executive Ben van Beurden said at Continue Reading
The federal government is weighing some options as discussions with Anglo-Dutch oil company, Shell Petroleum Development Company, begin over its plan for total divestment from onshore operations in Nigeria. The Continue Reading
The federal government is encouraging Royal Dutch Shell Plc to keep its onshore oil and gas business in the country instead of divesting it, as the company seeks to focus Continue Reading
In an apparent reflection of the measures taken to achieve stability in the global market by the Organisation of Petroleum Exporting Countries, OPEC, pipeline vandalism and oil theft in the Continue Reading
The Nigerian National Petroleum Corporation (NNPC) sold crude oil worth N267.59 billion in February, while its total daily production stood at 1.42 million barrels per day in the first quarter Continue Reading
Nigeria’s state-owned energy company assured it will continue to meet its financial obligations to the government despite indicating the cost of gasoline subsidies may make it impossible to contribute to Continue Reading
Shell Petroleum Development Company of Nigeria Limited (SPDC) reported that a total of 4,309.18 barrels of crude was spilled into the Niger Delta environment from its operations in the second Continue Reading
Although it is a very rare occurrence to see Nigerian grades trade at levels stipulated by the Nigerian National Petroleum Company (NNPC) every month, the issuance of its official selling Continue Reading
Nigeria’s parliament called on the presidency, armed forces and police to address the country’s mounting security crisis on Tuesday, with the lower house urging President Muhammadu Buhari to declare a Continue Reading
Another pipeline explosion on Sunday evening erupted in Isheri-Idimu community, Egbe-Idimu Local Council Development Area (LCDA) in Lagos State. It was gathered that the inferno broke out after fire gutted Continue Reading
Nigerian President Muhammadu Buhari reversed a government decision to revoke four oil permits from a unit of China’s Sinopec. Buhari “approved the restoration” of the licenses to Addax Petroleum Corp. as Continue Reading
Businesses in Nigeria are losing each year around US$29 billion because of the unreliable power supply, the World Bank said in an estimate about the OPEC country, which is the Continue Reading
Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Continue Reading
As many as 100 oil and gas projects are set to start in Nigeria by 2025, accounting for 23 percent of all projects starts in the industry in Africa within Continue Reading
Few years ago, any economic pundit that thought of the possibility of a privately-owned petroleum refinery that would have the capacity to meet the needs of Nigeria’s downstream sector, and Continue Reading
Oil and gas is the lifeblood of Nigeria’s economy. A total of 1,161 pipeline points were vandalised across Nigeria in the 21 months between January 2019 and September 2020. Nigeria Continue Reading
There is a cloud of uncertainty surrounding $62 billion outstanding taxes and royalties owed Nigeria by operating major oil companies in the country. The federal government had in 2019 taken Continue Reading
Nigeria’s refined petroleum products, especially the Premium Motor Spirit (PMS), otherwise called petrol, is the ‘smuggle gold’ feeding Cameroon, Benin, Togo, Chad and Niger Republic, which all share border with Continue Reading
Nigeria has an urgent insecurity problem . News from the country often emphasises insecurity related to Islamic insurgents in Northern Nigeria, organised armed banditry involving Fulani herdsmen , farmer-herder conflicts, Continue Reading
Suleiman Babamanu’s path to the heart of Nigeria’s biggest solar power program started in disappointment. After university he worked as a trainee geoscientist for a unit of the Nigerian National Petroleum Continue Reading
The International Energy Agency (IEA) forecasts that crude oil capacity in Nigeria will drop by 200,000 barrels to 1.6 million barrels per day by 2026 due to low investment. It Continue Reading
The 24-year-old makes a few thousand nairas ($7-$13) a day, but the work is irregular. “I’ve applied for over 100 jobs since I graduated — at the federal civil service, Continue Reading
Nigeria adopted a new flexible exchange-rate policy for official transactions in a move that effectively marks the third devaluation of the naira in a year. The government will start to Continue Reading
Analysts have criticised the latest move to repair the refinery at a huge sum of $1.5 billion. The Federal Executive Council on Wednesday approved a fresh $1.5 billion for the Continue Reading
An Italian court has ruled that oil giants Royal Dutch Shell PLC and Eni SPA are not guilty in a bribery case involving a Nigerian oilfield that has spanned years, Continue Reading
Environmental and social justice groups on Wednesday condemned Italy’s anti-corruption laws as “unfit for purpose”. The condemnation followed the acquittal of oil multinationals, Shell and Eni, on international corruption charges Continue Reading
Nigeria’s crude oil production declined by 19.6 per cent to an average of 1.52 million barrels per day (mbpd) in the fourth quarter of 2020, compared with the 1.89 mbpd Continue Reading
Unemployment in Africa’s largest economy surged to the second highest on a global list of countries monitored by Bloomberg. The jobless rate in Nigeria rose to 33.3% in the three months Continue Reading
The protesting community says the company was “insensitive to its social obligations to the people.” A crude production flow station operated by Conoil Production at Ango field in Koluama, Southern Continue Reading
