The Nigerian government, through its attorney-General, Abubakar Malami, says it is determined to recover over $62 billion from multi-national oil companies for ‘under-payment’ to the country since 1998. Under the Continue Reading
Nigeria may face an easier task to finally fall in line with its share of the OPEC+ production cuts after OPEC has recently raised the African producer’s oil output ceiling. Continue Reading
Nigeria is ready to make the sacrifice and cut its oil production deeper if OPEC and allies decide in December that it is necessary to deepen the cuts, Nigerian Minister Continue Reading
Royal Dutch Shell and Eni are in the clear as far as the US Department of Justice is concerned, after the DOJ on Wednesday notified the two separately that it Continue Reading
Nigeria is currently losing $25 billion annually to illegal oil bunkering and insecurity on the nation’s waterways. This was disclosed by the immediate past minister of transportation, Rt. Hon Rotimi Continue Reading
With a wobbling Gross Domestic Product of $1.8 trillion, countries in Sub-Saharan Africa are on the cusp of economic transformation, with the imminent coming on-stream of the $12 billion Dangote Continue Reading
The bulk of an estimated $90 billion that left Africa annually through illicit financial flow to overseas might have come from Nigeria. The Chairman of the Independent Corrupt Practices and Continue Reading
Yenagoa — Shell Petroleum Development Company of Nigeria Limited (SPDC) has said security remains a major challenge occasioned by continuing crude oil theft and vandalism of oil and gas facilities Continue Reading
Nigeria loses between $7 billion and $12 billion to crude oil theft annually, a study by the Nigeria Natural Resource Charter (NNRC) has found, prompting reactions from stakeholders on the Continue Reading
The new Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, thursday disclosed that the petroleum price of N145 per litre obtainable in Nigeria is the cheapest Continue Reading
Despite Nigeria’s effort to curb the menace of pirates attacks on vessels particularly in the Gulf of Guinea, Nigeria has continued to lead other countries of the world that are Continue Reading
The new Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) Mallam Mele Kolo Kyari yesterday assumed office setting targets that included fixing all the country’s refineries before Continue Reading
A Nigerian court has ordered the seizure of $40 million of luxury items, mainly jewelry and a customized golden iPhone belonging to the ex-minister of Nigeria’s petroleum resources Diezani Alison-Madueke, Continue Reading
About 30 persons were on Monday killed while over 60 suffered various degrees of burns while scooping Premium Motor Spirit, PMS, also known as fuel from a loaded truck that Continue Reading
International oil major Shell and Nigerian stakeholder communities agreed to reopen the flow station for the Oil Mining Licence 25, the regional Rivers state governor said. Shell also agreed in Continue Reading
Nigeria’s crude oil export fell by 1.6 million barrels in May, representing a 6.8 per cent decline from data for April export, according to figures obtained from the Central Bank Continue Reading
Outages at North Sea oilfields have helped put competing for Nigerian oil on pace to arrive in Europe at the highest levels in seven months in June, according to Refinitiv Continue Reading
The Department of Petroleum Resources (DPR) has said that in 2017, a total of 264,938,662 barrels of crude oil were stopped from getting out of oil fields in the country Continue Reading
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, says the country’s daily oil production is currently 2.32million barrel per day. Mr Baru disclosed this on Tuesday when Continue Reading
Citing the danger of continuous sabotage to people and environment, and attendant loss of revenue, Shell Nigeria has called for stakeholders’ support to curb the incessant vandalism of crude oil Continue Reading
Nigeria’s four refineries operated at just 5.55 percent of their combined nameplate capacity of 445,000 barrels daily (b/d), according to latest data released by Nigerian National Petroleum Corporation (NNPC), underlining Continue Reading
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, Continue Reading
OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, Continue Reading
Royal Dutch Shell, the parent body of Shell Nigeria Exploration and Production Company Limited (SNEPCo), has attributed the persistent oil pipeline spillage in the Niger Delta region of the country Continue Reading
Facts emerged yesterday that the April 18, 2019 oil well fire on Chevron Nigeria Limited (CNL)’s Ojumole Well 1 in Polobubo (Tsekelewu) community in Warri North Council, Delta State, is Continue Reading
A report has revealed that oil theft has replaced activities of militants, with Nigeria losing 100,000 barrels daily, running into trillions of naira. The report by Bloomberg showed that between Continue Reading
Facts emerged yesterday that the April 18, 2019 oil well fire on Chevron Nigeria Limited (CNL)’s Ojumole Well 1 in Polobubo (Tsekelewu) community in Warri North Council, Delta State, is Continue Reading
Dr. Emmanuel Kachikwu, Minister of State, Petroleum, in President Buhari’s just-ended first term has said that the future of the Nigerian oil and gas sector lies in private sector refining, Continue Reading
Nigeria will be in a vulnerable position if oil prices fall again and further borrowing becomes too expensive or no longer feasible, a report has warned. Andrew Roche, sovereign debt Continue Reading
The Senate, yesterday, raised the alarm that the nation has spent not less than N11 trillion on oil subsidy payment in six years, warning that further payment could kill the Continue Reading
The Department of Petroleum Resources (DPR), international oil companies (IOCs), security agencies, community leaders and other stakeholders yesterday warned that oil theft was retarding the national economy and fuelling environmental Continue Reading
Port Harcourt — The Nigerian Army has said it destroyed no fewer than 120 illegal refining sites in the Niger Delta, insisting that its action was in line with its Continue Reading
Nigeria’s government has authorized a local oil company to operate a new floating crude oil export terminal off the coast of the Rivers state in the oil-rich but still troubled Continue Reading
Chinese President Xi Jinping held talks with Nigerien President Mahamadou Issoufou on Tuesday. Calling China and Niger good friends, partners and brothers, Xi hailed the constantly strengthening political mutual trust and Continue Reading
President Muhammadu Buhari yesterday in Abuja said the destruction of oil facilities by vandals was having adverse effects on host communities as well as the majority of the people and Continue Reading
The Nigerian unit of Royal Dutch Shell doesn’t have any plans to return to exploring or producing oil in Ogoniland in Nigeria’s Rivers state after it ceased operations there in Continue Reading
As President Muhammadu Buhari, who doubles as the petroleum minister, completes his first term in office, stakeholders in the oil and gas sector have insisted that his performance in the Continue Reading
A major fire outbreak has occurred on Trans Forcados Pipeline, TFP, late Sunday night. Vanguard gathered that the fire started in Yeye community, Burutu Local Government Area, Delta State. Chairman Continue Reading
The inferno which engulfed oil wells operated by Chevron Nigeria Limited in Ojumole communities in Ilaje Local Government Area of Ondo State has continued unabated 32 days after it started. Continue Reading
There are indications that Nigeria has lost significant oil as a result of increasing pipeline vandalism and oil theft in the Nigeria Delta. Investigation by Vanguardover the weekend showed that Continue Reading
All On, which is a seeded company of Shell, has advised Nigeria to initiate and implement a graduated and weighty tax system on the production, assemblage and importation of power Continue Reading
Daily, about 126 heavy-duty trucks jot across a massive land area that is seven times the size of Victoria Island. This is aside the 750 heavy-duty equipment stationed in what Continue Reading
The Federal Government has accused former President Goodluck Jonathan and the former Minister of Petroleum Resources, Diezani Alison-Madueke, of accepting bribes and breaking the country’s laws to broker a $1.3 Continue Reading
The Movement for the Survival of the Ogoni People (MOSOP) said it had uncovered plans by the Nigerian government to commence oil drilling in Ogoniland using security agencies and criminally Continue Reading
Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of Continue Reading
Nigeria’s deepwater operations have generated over $180 billion following a capital investment of more than $65billion made by the players in the oil and gas industry, the Group Managing Director, Continue Reading
The United States refineries have upped their imports of Iraqi, Nigerian, Brazilian, and Angolan crude oil, with May volumes, double that of April levels, data from Refinitiv Eikon has shown. Continue Reading
A key oil pipeline and a logistics base in Nigeria’s oil-rich Niger Delta have been impacted by a shutdown and protests, the operator of the facilities said on Monday, in Continue Reading
The Nigerian government is seeking about $3.5 billion in damages from oil giants Eni and Shell over the controversial Malabu oil deal, PREMIUM TIMES has gathered. The new claim is Continue Reading
Protesters in Nigeria’s Nembe region barricaded the logistics base of oil company Aiteo on Sunday and briefly disrupted its operations, the company said. Aiteo had just reopened its Nembe Creek Continue Reading
