Nigeria’s oil sector is estimated to have lost over 754,000 barrels per day (bpd) in February, to production shut-in occasioned by pipeline vandalism, according to the latest monthly financial report Continue Reading
Oil is the lifeblood of the modern world. Its importance in the global economic scene cannot be overemphasised. Without oil, industrialisation of the world would have not happened at the Continue Reading
The Akwa Ibom Police Command on Sunday confirmed the arrest of a village head and four suspects for allegedly abducting 19 ExxonMobil staff members. MacDon Achebe, the State Police Public Continue Reading
Africa’s richest man Aliko Dangote, who is financing the construction of one of the world’s largest oil refineries, believes that the 650,000-bpd facility could be near its full capacity by Continue Reading
The Nigerian National Petroleum Corporation (NNPC) has said that the country will increase crude oil reserves by one billion barrels yearly to meet 40 billion barrels target by 2020. Group Continue Reading
Delta has destroyed about 1500 illegal refineries with swamp buggy in the Delta creeks in the last two months. The Commander of the ship, Commodore Ibrahim Dewu, disclosed this to Continue Reading
Nigeria was recently rated the poorest country in the world, ahead of India, and that’s despite several hundred billion dollars in oil earnings over the last decade, a transparency group Continue Reading
The latest discovery of oil in the deep waters of OPEC-member Angola could hold as much as 300 million barrels of oil, Italian energy company Eni said. Eni discovered oil Continue Reading
Disputes with Senegal’s government over oil and gas exploration rights offshore may head to an international panel for arbitration, African Petroleum said. The company, which has headquarters in London and Continue Reading
Drilling completed in an emerging West African oil prospect in land-locked Niger. Photo courtesy of Savannah Petroleum June 22 (UPI) — Oil prospects from frontier basins in West Africa could Continue Reading
By the year 2019, Nigeria is not only aiming to end fuel importation but to becoming a net exporter of the product, the Group Managing Director of the Nigerian Petroleum Continue Reading
Nigeria may be ensnared in another budget deficit as members of the Organization Petroleum Exporting Countries (OPEC) head for a crucial meeting to decide on output policy, which could crash Continue Reading
Global leaders must have a rethink on energy poverty in order to save around three billion people using unclean fuels for cooking and over one billion others without access to Continue Reading
Nigeria is sitting on between 20 and 34 million barrels of unsold crude, Nigerian media report , quoting a Platts survey of tenders for July loadings. This goes counter to Continue Reading
There are indications that international oil market is haunted by low demand as unsold Nigerian stocks have been estimated at between 20 and 34 million barrels. A market survey by Continue Reading
OPEC could add a new member at its meeting on Friday, with the Republic of Congo seeking to join the producer group. Congo, which produces about 250,000-300,000 b/d, would become Continue Reading
Niger Delta Activists Forum, NDAF, has warned of planned attacks on oil facilities in the Niger Delta belonging to Nigeria Agip Oil Company, NAOC. Addressing newsmen yesterday, the group said Continue Reading
NIGERIA suffered a major power cut on the first day of its World Cup campaign, according to local reports. The power grid melt down came on the same day the Continue Reading
A leak of private property data in Dubai has shed new light on how the proceeds of a notorious $1.3 billion oil deal involving Shell may have been spent on Continue Reading
Economic recovery for Angola, an OPEC member coping with declining production, is progressing but it’s still uncertain over the long term, the International Monetary Fund found. IMF data show Angola’s Continue Reading
With continued plummeting of crude oil prices, Nigeria now records a monthly average of N15.859 billion as under-recovery on importation of petrol or Premium Motor Spirit (PMS) into the country. Continue Reading
The Federal Republic of Nigeria and the Kingdom of Morocco on Monday in Rabat, Morocco, signed three agreements, which includes a regional gas pipeline that will see Nigeria providing gas Continue Reading
The Federal Government has remained docile over the need to review the Production Sharing Contract (PSC) signed about 25 years ago between the Nigerian National Petroleum Corporation (NNPC) and International Continue Reading
The Federal Government has remained docile over the need to review the Production Sharing Contract (PSC) signed about 25 years ago between the Nigerian National Petroleum Corporation (NNPC) and International Continue Reading
Attack on oil and gas facilities in the oil-producing region of Niger-Delta remains one of the biggest challenges for government and investors in Nigeria’s energy sector. It also creates health Continue Reading
OPEC member Angola’s southern neighbor, Namibia, could be a focal point with a quarter-million barrels of potential reserves, an Atlantic-focused company said. Atlantic-focused Chariot Oil & Gas Ltd. had little Continue Reading
Although Nigeria has managed to restore its oil production to around 1.8 million bpd, following major militant attacks on oil infrastructure in 2016, sabotages in parts of the oil-rich Niger Continue Reading
A massive oil spillage from Shell Petroleum Development Company, SPDC pipeline has been reported in Aghoro communities in Ekeremor Local Government Area of Bayelsa State. Confirming the spillage to newsmen, Continue Reading
A coalition of Niger Delta groups yesterday maintained that the recent protests against the Joint Task Force (JTF), a special security outfit fighting criminalities in the region, was a case Continue Reading
With the introduction of Amnesty, training and capacity building of youths in the Niger Delta, expectations were high that the development would culminate in increased peace and end to vandalism, Continue Reading
A coalition of militant groups in Niger Delta, the Joint Revolutionary Council, has threatened to resume hostilities, if the Federal Government fails to address the problems in the region. JRC Continue Reading
With the current price of Brent crude oil at N75 per barrel during the trading hours of Monday, Nigeria is losing about N2.7 billion daily, as the 100,000 barrels per Continue Reading
A pioneering liquefied natural gas project in Equatorial Guinea bogged down by delayed financing, ran into further trouble after U.S. oil services company Schlumberger pulled out of the venture, two Continue Reading
There is a strategic interest emerging in oil from offshore Senegal, where a project can break even at $35 per barrel, the chairman of developer FAR Ltd. said. FAR is Continue Reading
Following disruptions of the oil flows on the pipeline feeding the Forcados terminal in Nigeria, the facility faces more than two weeks of delays of oil cargo loadings, and no Continue Reading
A coalition of militant groups in Niger Delta, the Joint Revolutionary Council, has threatened to resume hostilities, if the Federal Government fails to address the problems in the region. JRC Continue Reading
Total announced it’s made a $1.5 billion final investment decision to get more oil out of a field in the deep waters off the coast of OPEC-member Angola. File Photo Continue Reading
International Oil Companies (IOCs) operating in Nigeria may have devised means to compel the Federal Government into changing its fiscal policy on the Petroleum Industry Governance Bill (PIGB). The Guardian Continue Reading
Nigerian oil and gas exploration company Oranto Petroleum will be cooperating with Russia’s largest oil producer Rosneft to develop 21 oil assets across Africa, an Oranto official told S&P Global Continue Reading
The recent closure of the Trans- Forcados Pipeline (TFP) following the May 7, 2018, suspected explosion on the facility at the Diebiri-Batan community in Warri, South West Local Government Area Continue Reading
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday indicated that but for the timely interventions of the government, first through back-channel consultations and then open dialogues Continue Reading
Nigeria’s state oil firm, NNPC, on Wednesday gave reasons why some of its mega filling stations in Abuja and environs have been out of service for almost two months now. Continue Reading
OPEC member Angola is halving the tax rates on development of oil discoveries with less than 300 million barrels of reserves as new President Joao Lourenco is trying to incentivize Continue Reading
None of Nigeria’s four refineries worked up to 50 per cent of their capacity at any time during 2017, official figures from the state oil firm, NNPC show. The NNPC Continue Reading
The minister of Mineral Resources and Oil, Diamantino Azevedo, on Monday in Porto Amboim, central Cuanza Sul Province, admitted that the decline in crude-oil production was caused by the substantial Continue Reading
The crude production target of 2.3 million barrels per day proposed in the 2018 budget will not be achieved because of acts of sabotage in the lead-up to the 2019 Continue Reading
Seven years ago, two middlemen launched civil lawsuits to seek payment for helping arrange a $1.3 billion oil deal in Nigeria. Now, nine current and former executives or contractors from Continue Reading
The Nigerian subsidiary of Shell has declared force majeure on Bonny Light exports because of the shutdown of the Nembe Creek pipeline, which has led to the accumulation of lots Continue Reading
West African country Ghana, a relative newcomer to the oil industry, plans to award as many as nine offshore blocks off its west coast in 2018 and 2019, Ghana’s energy Continue Reading
It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money. The Nigerian National Petroleum Corporation, the Abuja-based behemoth that dominates Nigeria’s Continue Reading
