Nigeria has given its state oil firm the green light to acquire a 20% stake in Dangote’s oil refinery for $2.76 billion, junior oil minister Timipre Sylva said on Wednesday. Continue Reading
Fitch Ratings, a global credit rating agency has said the passage of the Petroleum Industry Bill (PIB) could have positive long-term effects for both the country’s public finance as well Continue Reading
Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years, according to data from the Nigeria Natural Resource Charter (NNRC). Another data from the National Continue Reading
No oil discovery narrative appears to have captured investor attention this year as much as Reconnaissance Africa’s ( TSXV:RECO , OTC:RECAF ) acquisition of the rights to Namibia’s giant, 6.3-million-acre Continue Reading
The House of Representatives at the plenary, Thursday stepped down the report of the conference committee on Petroleum Industry Bill (PIB), following a shouting match by Niger Delta lawmakers, who Continue Reading
Apparently in a bid to comply with the output quota of the Organisation of Petroleum Exporting Countries, OPEC, Nigeria’s oil output dropped 11.47 per cent year-on-year, YoY, in the second Continue Reading
Africa’s largest oil producer and exporter, Nigeria, is expected to pass its new petroleum bill—twenty years in the making—as early as Wednesday, despite last-minute amendments that have created some controversy. Continue Reading
Oil spill. Shell had claimed the case would be better decided in Nigeria. Now, its subsidiary SPDC will now be part of the lawsuits filed in England against Royal Dutch Continue Reading
The privatization agency in Africa’s largest economy plans to sell or allow private investors to manage 36 state-owned assets to boost government revenues that have come under pressure from lower Continue Reading
Nigeria lost 42.25 million barrels of crude oil valued at 2.77 billion dollars to oil theft in 2019, the Nigeria Extractive Industries Transparency Initiative (NEITI) said in its latest audit Continue Reading
Seplat Energy Plc, Nigeria’s biggest oil and gas exploration and production company said it hopes passage of the country’s long-awaited Petroleum Industry Bill by lawmakers will spur investment into the Continue Reading
Even as the organised labour and the federal government continue their engagement on what the appropriate price of petroleum motor spirit (PMS), otherwise known as petrol should be, oil marketers Continue Reading
A small Canadian oil explorer may have shocked the industry this year when it published initial results that pointed to the potential of a giant oil discovery in Namibia’s Kavango Continue Reading
PREMIUM TIMES highlights the history and components of the Petroleum Industry Bill that is again close to being passed by the National Assembly After a 20-year journey, the Petroleum Industry Continue Reading
LAST week, Thursday July 1, the Senate finally passed the long-awaited Petroleum Industry Bill, PIB. A milestone in the history of our legislative affairs. Too many interests had repeatedly scuttled Continue Reading
About 400,000 barrels of crude oil is lost daily to theft, according to data from the federal government. The Minister of Environment, Mr. Mohammed Abubakar, at a town hall meeting Continue Reading
Oil theft The minister says the effects of the destruction of oil and gas facilities had caused huge economic losses. Mohammad Abubakar, Minister of Environment, on Monday, disclosed that Nigeria Continue Reading
Angola owes foreign oil field operators some $1 billion, Reuters has reported , citing unnamed sources, adding this level of debt had forced the country to put up stakes for Continue Reading
Nigeria’s Senate is expected to see on Tuesday the presentation of the country’s petroleum industry bill, a new regulation on the oil industry that has taken 20 years to draft. Continue Reading
The Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mele Kyari, yesterday explained why the national oil company was purchasing a stake in Dangote oil refinery, saying it was Continue Reading
President Buhari responds to threat, says regional issues will be addressed Nigeria producing at only 70% of full capacity due to OPEC+ cuts, technical issues Government under economic strain, militancy Continue Reading
What we think is shaping up to potentially be the last great onshore oil discovery in the world has just announced encouraging results in the first section of its second Continue Reading
Muhammadu Buhari Photographer: Drew Angerer/Getty Images Nigerian President Muhammadu Buhari expressed concern about new threats by militant group the Niger Delta Avengers to bomb critical oil and gas infrastructure in Continue Reading
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
Aliko Dangote, Africa’s richest person, said he plans to diversify his group’s investments in Cameroon, starting with energy. “We have plans to expand our investment to other sectors beginning with 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
Exxon is leaving a deepwater prospect in Ghana after seismic work failed to produce good enough results. Bloomberg reports that the supermajor relinquished its whole stake in the Deepwater Cape 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
After very promising results on their first well in Namibia’s giant Kavango basin, global attention has turned to this small Canadian explorer as it drills its second well in a 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
A study conducted by the Institute for Energy Security (IES) has revealed that the country is likely to miss a huge opportunity to rake in billions of dollars from the 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
