Highlights President Buhari urges quick passage of oil reform bill Says amnesty program for militants to stay in place No U-turn on recently announced end to fuel subsidies Lagos, Nigeria Continue Reading
Nigeria, Africa’s largest crude oil producer and exporter, expects to end its crude-for-fuel swap deals by 2023 when its refining capacity is set to increase with state refineries revamped and Continue Reading
Nigeria will end the exchange of its crude for fuel by 2023 as domestic refining capacity improves, ThisDay newspaper reports, citing Mele Kyari, head of the state-owned oil company. The rehabilitation Continue Reading
Africa’s oil and gas industry is facing a financial onslaught as a result of a combination of COVID-19, activist shareholders and the so-called Greening of IOCs such as Shell, Total Continue Reading
STRONG indications emerged Monday that hardship looms in Nigeria following the nation’s over-reliance on oil as the Federal Government has raised the alarm that the days of crude oil are Continue Reading
Nigeria will look to privatize its state oil firm Nigerian National Petroleum Corporation (NNPC) under a draft new petroleum law currently in Parliament for discussion, Reuters reported on Monday, quoting Continue Reading
Chineme Okafor , tracks the progress of work at Waltersmith’s first phase refinery project and reports that all things being equal Nigeria could get its first structured modular refinery in Continue Reading
Floods washed away at least two million tons of rice in Nigeria, the second-largest importer of the grain. That is more than 25% of the previously projected national output of Continue Reading
Despite processing no crude oil in June this year, Nigeria’s three refineries still cost the country N10.23 billion in expenses, a report published by the Nigerian National Petroleum Corporation (NNPC) Continue Reading
On a peninsula east of Lagos, 30,000 workers are employed on a project that holds out the promise of transforming Nigeria’s economic fortunes. It’s here that Aliko Dangote, Africa’s richest man, Continue Reading
Nigeria is preparing for an extended period of low oil prices, Muhammadu Buhari, the president of the biggest oil producer in Africa, said at an energy event on Friday. Nigeria Continue Reading
President Muhammadu Buhari. The Ministry of Petroleum Resources will soon present a long-awaited oil and gas reform bill to the president aimed at boosting output and attracting foreign investment, three Continue Reading
Nigeria’s full compliance to the OPEC+ deal hangs on a key oil grade being treated as a condensate. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Continue Reading
NIGERIANS, weekend, engaged in panic buying of fuel, as Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday ordered full compliance as members of the Petroleum Tanker Drivers, PTD, Continue Reading
AFRICA’S largest oil refinery, which is anticipated to be the biggest single-train structure, is set to be opened early next year. The Dangote Oil refinery is the brainchild of Africa’s Continue Reading
The Nigerian National Petroleum Corporation (NNPC) has signed a preliminary agreement with two companies over a dispute about foreign firms exporting Nigerian oil from some offshore fields, which could pave Continue Reading
* Fitch predicts 20% hit to Nigerian bank revenues this year * Central bank measures exacerbate lending, FX shortage woes * Economy faces COVID-19, oil price shock double whammy By Continue Reading
The COVID-19 pandemic has affected the completion of the Dangote Refinery and also crippled a critical segment of the Ebute-Metta to Apapa segment of the Lagos to Ibadan rail project. Continue Reading
The Organisation of Petroleum Exporting Countries (OPEC) and its allied oil producers, known as OPEC+, yesterday insisted that defaulting countries, including Nigeria, must adhere to total compliance with the oil Continue Reading
The Sendje Berge FPSO was attacked by pirates offshore Nigeria on July 2. BW Offshore has revealed that its FPSO Sendje Berge was attacked by pirates offshore Nigeria on July Continue Reading
Saudi Arabia’s Crown Prince Mohammed and the president of Nigeria Muhammadu Buhari, discussed the progress of the OPEC+ oil production cut deal this week in a phone call, the Saudi Continue Reading
Government is not sincere about the much-touted clean-up of Ogoni land and beyond. The recent statement by the National Oil Spill Detection and Response Agency (NOSDRA) Director-General, Idris Musa that an Continue Reading
Nigeria and Royal Dutch Shell Plc have failed to implement most recommendations made by the United Nations to clean up oil pollution in the Niger River delta, according to a Continue Reading
Oil refinery (file photo). Three of Nigeria’s four refineries gulped N1.64 trillion in cumulative losses recorded in their operations since 2014, details from the first-ever audited accounts and financial statements Continue Reading
Nigeria said it reaffirms its commitment to the OPEC+ deal struck on Saturday and “subscribes to the concept of compensation” from members pumping above their quota. “We are in full Continue Reading
The collapse in international oil prices, having dealt a devastating blow to Nigeria’s finances, now threatens the West African nation’s shaky federal political system. Earnings from crude sales will plunge 80% Continue Reading
Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries Continue Reading
Nigeria will build the second-largest hydroelectric plant in Africa after the government settled a legal dispute that was delaying the project, Power Minister Sale Mamman said. “We have now overcome the Continue Reading
The submersion of East Asian markets into coronavirus-induced recession has pulled down several major oil producers, most notably Nigeria whose breakeven price is well above $100 per barrel (Fitch puts Continue Reading
A UK judge dismissed on Friday a lawsuit against Eni and Shell brought by the Nigerian government alleging that the oil and gas supermajors knew about US$1.1 billion in bribes Continue Reading
Nigeria’s economy could contract 8.9% this year without stimulus, Lagos-based ThisDay newspaper reported, citing Finance Minister Zainab Ahmed. Measures being put in place could slow the contraction to 4.4% and if Continue Reading
Nigeria imported a total of 20.89 billion litres of petrol in 2019, the National Bureau of Statistics (NBS) stated wednesday. Of this figure, the South-west took delivery of the highest Continue Reading
Nigeria’s oil revenue is likely to decline by between 70 per cent and 80 per cent this year, representing between $15 billion and $17 billion, the Chief Executive Officer of Continue Reading
An outbreak in Nigeria is just one of Africa’s alarming hot spots. The coronavirus has been relatively slow to take hold in Africa, but blazing hot spots are beginning to Continue Reading
Nigeria’s economy is bracing for a dramatic slump as the fallout from the oil price crash and the coronavirus pandemic will be devastating on its oil and natural gas industry. Continue Reading
Nigerian President Muhammadu Buhari urged international financial institutions to cancel the debt obligations of member states to help them withstand the fallout of the coronavirus pandemic. In a meeting with other Continue Reading
The Chief Executive Officer of the New Horizon Systems Solution, Mr. Tim Akano, has advised the federal government to prioritise funding of the Dangote Refinery, as part of its strategy Continue Reading
The oil price crash isn’t getting any easier for Nigeria. Late on Monday, the nation released the prices for most of its crude oil grades for sale in May. The figures Continue Reading
The crash in oil prices and the economic fallout from the coronavirus together pose what could be an existential threat for Africa’s largest economy and biggest crude producer. Nigeria, a Continue Reading
Africa’s largest oil producer, OPEC member Nigeria, has yet to figure out how and from where to cut production as part of the OPEC+ deal, and this has led to Continue Reading
Nigeria’s independent oil producers are being crushed by the oil price crash, with current prices more than two times lower than the costs of local independents’ production. These small independent Continue Reading
Global energy data, financial information and analytics company, S&P Global Platts, disclosed that more than 50 million barrels of Nigerian crude oil for late April and May 2020 loading are Continue Reading
The sheer weakness of the physical oil market can be best explained by the state of the Nigerian crude market. The once coveted light sweet Nigerian barrel is facing one Continue Reading
As countries of the world continue to battle the spread of coronavirus , oil prices crashed below $20 amid a supply glut on Monday. Brent crude fell to $22.58 per Continue Reading
Offshore drilling. Oil rig. The federal government has directed oil and gas companies to reduce the workforce on their offshore platforms in view of COVID-19 pandemic in the country. Director, Continue Reading
Earlier this month, shortly before the global outbreak of the Coronavirus, also known as COVID-19, the price of oil tumbled from $68 to $30 per barrel. It’s a double whammy Continue Reading
Nigeria, Africa’s top oil producer, announced a one-month lockdown to limit the spread of the coronavirus, banning all international flights and shutting land borders. Authorities are advising residents of the commercial Continue Reading
Nigeria may soon slip out of reckoning as a profitable oil producer in the Organisation of Petroleum Exporting Countries ( OPEC ) if crude oil prices decline further by at Continue Reading
Nigeria and other developing countries that rely heavily on oil revenue are set to witness a decline as their income from oil and gas is projected to fall by between Continue Reading
Decades of exposure to gas flaring by the foreign oil refineries in Niger Delta has harmed the health of residents. The harmful plumes of smoke are their constant reminder of Continue Reading
