NINETEEN days after the spill at the Santa Barbara Well 1 in Oil Mining Lease, OML 29 operated by Aiteo Eastern Exploration and Production Company, AEEPCO, in the Nembe creek, Continue Reading
Fuel pump. The government says it will target 30 to 40 million people, but it will depend on resources. The federal government will remove fuel subsidy and replace it with Continue Reading
Port Harcourt — Host communities of oil well, Obiavu-5 (OB5), operated by the Nigeria Agip Oil Company, (NAOC), in Omoku, Ogba/Egbema/Ndoni Local Government Area of Rivers State, are now living Continue Reading
The evidence is clear that fossil fuel’s shift in the factory is nearing clock-out time. … starved of oil receipts, as presently structured, the economy will hurt. However, the catch Continue Reading
Highlights Disruptions, declines, and underinvestment dominate oil sector Country’s key oil infrastructure hamstrung by operational issues Rising security threats add to anxiety among oil companies Nigeria’s oil production outlook is Continue Reading
The organization said slow FX reforms and uncertainties regarding the ability to repatriate foreign funds have discouraged new capital inflows. The International Monetary Fund (IMF) has advised the Nigerian government Continue Reading
YENAGOA, Nigeria Nov 19 (Reuters) – Oil has been spilling from a well owned by Nigeria’s Aiteo Eastern E&P and state-run NNPC for two weeks in southern Nigeria, local residents Continue Reading
Amidst consistent underperformance since this year, the Federal Government has indicated that it was rebuilding the upstream sector to ramp up crude oil production by 100 percent to 3.0 million Continue Reading
An official of NOSDRA says the intensity of the leak was hampering investigations at the incident site. The National Oil Spills Detection and Response Agency (NOSDRA) on Sunday said a Continue Reading
The former Director-General, Lagos Chamber of Commerce and Industry says Nigerians are facing a “double jeopardy” of costly food and costly cooking gas. Muda Yusuf, an economist and former Director-General, Continue Reading
Angola’s crude oil production is set to reach 1.3 million barrels per day, according to the Organisation of Petroleum Exporting Countries (OPEC). The decision is expressed in its production table Continue Reading
Sierre Leone president addresses residents at the scene of a deadly oil tanker explosion in Freetown on November 7, 2021. At least 90 people were killed and more than 100 Continue Reading
Onshore oil discoveries are pretty much a thing of the past. The last time anyone got remotely excited about one was in 2017, when giant Repsol discovered 1.2 billion barrels Continue Reading
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
Global oil production was hit hard during the pandemic, but few regions have suffered as badly as West Africa A combination of plunging jet fuel demand, a lack of investment, 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
Italian energy group Eni (ENI.MI) said on Wednesday it had made a giant oil discovery in offshore Ivory Coast which could hold as much as 2 billion barrels of oil. Continue Reading
A guest post by George Kaplan IOC Reserves and Production About the only place where properly audited estimates for OPEC’s claimed reserves are available is sub-Saharan Africa, principally Nigeria and 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
With evidence of an active petroleum system now confirmed after two test wells in Namibia’s 6.3-million-acre Kavango Basin, the game is afoot with 2D seismic and a 6-well exploration drilling 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
The Gambian government said on Tuesday BP (BP.L) has agreed to settle a $29.3 million outstanding commitment to drill an exploration oil well in the West African country’s offshore A1 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
Namibia has every right to celebrate. It’s never produced a barrel, but now, its Kavango Basin test wells have hit hundreds of meters of oil. And the junior exploration company 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
