Nigerian crude in dire straits, gasping for buyers
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
Nigeria: Coronavirus – More Troubles for Nigeria As Oil Price Crashes Below $20 – – Lowest in 18 Years
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
Nigeria: Govt Directs Oil Firms to Cut Offshore Workforce
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
Nigeria Can’t Cope With Global Pandemics Amid Vanishing Oil Revenue
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 Shuts Borders for Four Weeks to Curb Coronavirus
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: Coronavirus – Low Crude Oil Prices May Force Nigeria to Abandon Production
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, Others Risk 85% Drop in Oil Revenue, Opec, IEA Warn
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
Nigeria: Black Smoke and No Jobs in the Oil-Rich Niger Delta
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
Nigeria: Coronavirus – Oil Price Drops Below Nigeria’s 2020 Budget Benchmark
Nigeria’s budget estimate appears threatened as oil price drops $5 below the 2020 benchmark on global fears over the impact of the Coronavirus epidemic. Brent crude which is the international Continue Reading
Nigeria: Why Excess Crude Account Dropped 78% in Two Months – Official
Oil field State governors, who are members of the National Economic Council (NEC), on Thursday explained why the Excess Crude Account ( ECA ) balance dropped by about 78.2 per Continue Reading
Nigeria: House Pledges to Pass PIGB in June
House of Representatives Wednesday said it would pass the Petroleum Industry Governance Bill (PIGB) before the end of June. The Speaker of the House, Hon. Femi Gbajabiamila, said though PIGB Continue Reading
Nigeria: Why Refineries in Nigeria Will Not Work
At the backdrop of the announcement of the Federal Government’s plans to rehabilitate the country’s refineries by the Minister of State, Petroleum Resources, Timipre Sylva, experts in the petroleum downstream Continue Reading
Nigeria Unlikely to Become Net Petrol Exporter in 2020 – Report
A new report – the Benchmarking Exercise Report (BER) 2019 – by the Nigerian Natural Resource Charter (NNRC) has said it is unlikely that Nigeria will become a net exporter Continue Reading
Nigeria: Oil Theft, Piracy, Cost Nigeria U.S.$750m in 2019 – NNPC
The Nigerian National Petroleum Corporation, NNPC, Tuesday, decried the growing activities of oil thieves and pirates, stating that Nigeria lost about $750 million to oil theft in 2019. In a Continue Reading
Africa’s Largest Oil Nation Could See Production Drop 35%
Nigeria’s oil production could drop by 35 percent in the next ten years as regulatory uncertainty and costs amid languishing oil prices may prompt oil majors to postpone final investment Continue Reading
Nigeria: One Billion Barrel of Crude Oil Discovered in North-East – Minister
Oil field The Minister of State for Petroleum Resources, Timipre Slyva, said that about one billion barrels of crude oil have been discovered in the Northeastern part of Nigeria. Mr Continue Reading
Nigeria: 2020 Could Be Shell’s Year of Reckoning – Amnesty International
Amnesty says that Nigerian regulations lay down that a clean-up should start within 24 hours of an oil spill, but that three years on, the people of Bodo are still Continue Reading
Port chaos leaves Liberian fuel pumps dry
Liberians have faced long queues at petrol pumps for nearly two weeks as sloppy bookkeeping and poor port infrastructure have triggered economically damaging fuel shortages. Incorrect fuel-reserve figures in the Continue Reading
Nigeria: Uncertainty As Coronavirus Pushes Oil Prices Below Nigeria’s Budget Benchmark
The outbreak of coronavirus in China has caused uncertainty among concerned operators in the Nigerian economy as oil prices continue to slide downward below the nation’s budget benchmark. PREMIUM TIMES’ Continue Reading
Nigeria: 1.6 MBPD Modular Refineries Contribution Hits Dead End
There are indications that the Federal Governments’ plan to add additional 1.6 million of barrels per day, through new modular refinery may meet dead end, as lack of funds and Continue Reading
China Takes The Lead In This Emerging Energy Frontier
Several weeks ago, we have looked into a very recent Russian initiative to increase their presence in the southern part of the Gulf of Guinea, encompassing a new product pipeline Continue Reading
Nigeria Records 2,181 Vandalised Pipeline Points in One Year
The Nigerian National Petroleum Corporation, NNPC, said that the country recorded 2,181 vandalised pipeline points within one year period between October 2018 and October 2019. Investigation shows that this development Continue Reading
At Least Five Dead In Nigerian Oil Pipeline Explosion
At least five people died and dozens of others were rushed to hospital late on Sunday after an oil pipeline exploded in Nigeria in a blast that the authorities believe Continue Reading
Nigeria: ‘NNPC Records 45,347 Pipeline Breaks in 18 Years’
In the wake of the dastard act that threw major parts of Lagos into mourning Sunday evening, the Nigerian National Petroleum Corporation (NNPC) has revealed that the numbers of pipeline Continue Reading
Angola Set To Finally Boost Its Oil Production
After years of declines in crude oil production, one of OPEC’s largest African producers, Angola, is finally about to see its production rising in the coming years, with several new Continue Reading
Total To Drill World’s Deepest Well In Angola
Total will drill an ultra deepwater well off the coast of Angola that will be the deepest in the world, Bloomberg reports , citing Maersk Drilling, which has been hired Continue Reading
Ghana: ghana Loses Over Us$200m in Downstream Petroleum Revenue Annually – Veep
The Vice President, Dr Mahamudu Bawumia, has said that the country loses over 200 million dollars per annum in tax revenues due to illicit activities in the downstream petroleum sector. Continue Reading
Exxon Considers Sale of Oil Assets in Equatorial Guinea
Exxon Mobil Corp. XOM -0.89% is in talks to sell its oil assets in Equatorial Guinea, the country’s oil minister said, and might be replaced there by a Russian company—among other options—as U.S. companies Continue Reading
Nigeria to focus on condensate output, will meet OPEC+ quota
Nigeria is shifting its upstream work towards NGLs and natural gas, to better comply with its crude production quota under the OPEC+ agreement, the head of the country’s national oil Continue Reading
Nigeria Imported 19bn Litres of Petroleum Products in 2019 – PPPRA
The Petroleum Products Pricing Regulatory Agency, PPPRA, yesterday, stated that Nigeria imported 19.18 billion litres of petroleum products in 2019, while the country’s refineries produced only 166.33 million litres of Continue Reading
Senegal Greenlights Start Of First Oil Field
Senegal’s government has given the go-ahead to the development at its first oil project, the Sangomar offshore field, operated by Australia’s Woodside Petroleum. The start of production from the $4.2-billion Continue Reading
Extreme weather leaves Congo capital residents underwater
Paulin Bolumbu thought his family lived a safe distance from the Congo River, but in November the water overran its banks by more than half a kilometer, inundating his corrugated Continue Reading
Nigeria: Oil Price – Govt Revenue Shrinks As Petrol Subsidy Rises
Lower amounts of revenue might be available for sharing by the three tiers of government through the Federation Accounts Allocation Committee (FAAC) in the coming months as the cost borne Continue Reading
Nigeria’s energy sector faces slowdown on lack of reforms
Nigeria’s oil sector may not get a much-needed revamp in 2020 as President Muhammadu Buhari’s state-led economic model will likely throttle reform and blunt efforts to increase oil production in Continue Reading
Nigeria: 2020s – Nigeria Is Sclerotic, Only Radical Reforms Can Stem Deepening Decline
Nigeria, like the rest of the world, enters a new decade this new year, 2020; it’s the decade of the twenties!How Nigeria starts the new decade, that is, how it Continue Reading
Europe Can’t Get Enough Of This Popular Crude
One of the most spectacular stories of 2019 started off in the first days of the outgoing year. Some 150 kilometers off the Nigerian coast, the oil major Total and Continue Reading
Nigeria LNG moves ahead with $10B expansion; 30 Mtpa
The partners in Nigeria LNG (NLNG)—Nigeria National Petroleum Corporation (NNPC) (49%), Shell (25.6%), Total (15%) and Eni (10.4%)— have taken the final investment decision (FID) for the expansion project of Continue Reading
Nigeria’s LNG capacity to grow by 35% with Bonny plant expansion
Nigeria’s planned Train-7 project, part of its expansion at the Bonny LNG plant, has received a full investment decision, operator Nigeria LNG said Friday. The project, expected to start up Continue Reading
Nigeria: Adoke Now With Us, to Face Trial Over Malabu Scandal – EFCC
The anti-graft agency, EFCC, says it now has a former justice minister, Mohammed Adoke, in its custody. Mr Adoke returned to Nigeria on Thursday from Dubai, where he was arrested, Continue Reading
Nigeria: Interview-Nigeria Needs to ‘Be Ready’ for Oil Decline, Says Environment Minister
Nigerian Environment Minister Mohammad Mahmood Abubakar poses for a picture in front of his country’s office at the U.N. climate conference in Madrid, December 11, 2019. Madrid — “If the Continue Reading
Chevron’s Nigerian oil output threatened as workers strike
Senior Nigerian employees of US oil major Chevron have started strike action this week to protest against job cuts and non-payment of allowances, with the potential to disrupt the company’s Continue Reading
BP Makes Large Gas Discovery Offshore West Africa
BP has found high quality natural gas reservoirs in all three wells it has recently drilled offshore Senegal and Mauritania in West Africa, the UK oil and gas supermajor said Continue Reading
Nigeria: Govt Spends N462bn On Fuel Subsidy in Nine Months
The Federal Government has spent N462.10 billion on under-recovery, also known as a subsidy, on Premium Motor Spirit, PMS, in nine months, from January to September 2019, according to data Continue Reading
Nigeria: Dangote Refinery Will Save Nigeria of $10bn – Minister
The Dangote Refinery would save the country of $10 billion spent on crude importation when it comes on stream, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said Continue Reading
1.5 Billion Barrels Of Oil Discovered Offshore Ghana
A Ghana-based private company and its local partners have discovered 1.5 billion barrels of oil in place offshore the West African country, the company Springfield E&P said on Wednesday. Springfield Continue Reading
Nigeria: As Dangote Sets Pace in Refinery Construction
Chineme Okafor writes that recent developments in the 650,000 barrels a day (bd) refinery project of Dangote Group suggest the project could define how best to build largescale refineries in Continue Reading
Nigeria: Sell the Refineries
In the continuing efforts to revive the nation’s four refineries in Port Harcourt, Warri and Kaduna, the Federal government signed Memoranda of Understanding [MoUs] with China, India, Saudi Arabia and Continue Reading
Pirates Hijack Fully Loaded Supertanker Off Nigeria
A gang of pirates have kidnapped 19 sailors after waylaying then boarding a supertanker loaded with oil, according to various media reports . Hong Kong-flagged crude supertanker the Nave Constellation, Continue Reading
Nigeria Flared Gas Worth $1bn, 3,000MW in 2017 – Sylva
The Minister of State for Petroleum Resources, Mr. Timipre Sylva has disclosed that Nigeria flared about 324 billion cubic feet (bcf) of natural gas in 2017. Sylva, who said this Continue Reading
Nigeria: Dangote Refinery Receives World’s Largest Crude Distillation Equipment
The world’s largest crude distillation column equipment designed for crude oil processing for Dangote Refinery yesterday arrived in Lagos. The equipment is the largest in terms of distilling capacity which Continue Reading