Category: Oil & Gas
Oil tops $73 on Venezuela turmoil, Saudi support for OPEC cuts
Agency Report Oil prices topped $73 on Tuesday as Venezuela’s opposition leader called on the military to back him to end Nicolas Maduro’s rule and after Saudi Arabia said a deal between producers to curb output could be extended beyond June to the end of 2019. The situation in Venezuela, an OPEC member whose oil…
Saudi Arabia set to invest in Nigeria’s refineries, build new plant —FG
Damilola Shittu — Abuja The government of Saudi Arabia has expressed readiness to sign a memorandum of understanding with Nigeria for the revamp of Nigerian refineries and for the construction of a new one. This was revealed by the Federal Ministry of Petroleum Resources. It said based on the proposed MoU, Saudi Arabia had expressed…
Chevron’s oil wells catch fire in Ondo
No fewer than five oil wells, belonging to Chevron Nigeria Limited, in some communities in Ilaje Local Government Area of Ondo State, caught fire on Thursday. A source disclosed that the fire started in the Ajegunle Ikorigho community and spread to communities like Ojumole, which is located in Ikorigho land in the local government. According…
NNPC postpones 40 billion oil reserves target
Damilola Shittu – Abuja The Nigerian National Petroleum Corporation (NNPC) has said it seeks to increase the nation’s crude oil reserves to 40 billion barrels and production capacity to four million barrels per day by 2025. The Federal Government in 2010 set the target of 40 billion barrels of crude oil reserves and production of…
Come and invest in our refineries, Kachikwu tells Saudi Arabia
By Oke Peter In its determination aimed at ensuring that Nigerian refineries are functional, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the Federal Government is asking Saudi Aramco for some investment into the nation’s refineries. Kachikwu stated this on Wednesday while speaking with ‘Bloomberg Daybreak: Americas’ on the sidelines of…
Nigeria’s oil exports threatened as Aiteo declares force majeure
The nation’s crude oil exports have suffered a setback as Aiteo Eastern Exploration and Production Company Limited declared force majeure on Nembe Creek Trunk Line following a fire outbreak. The NCTL, a major crude oil transportation channel used for export, evacuates crude to the Bonny Crude Oil Terminal. It is 100 kilometres long and has…
Oil price hits six-month high of $74
Oke Peter with Agency Report The international oil benchmark, Brent crude, surged on Monday to its highest level since late October 2018 after the United States President, Donald Trump, announced the decision to end waivers that allowed some countries to buy crude oil from Iran without facing US sanctions. Brent, against which Nigeria’s oil is…
Malabu oilfield licence, nine others set to expire in 2020, 2021
Ten oil block licences, including the controversial Oil Prospecting Licence 245, held by international and local firms will expire in 2020 and 2021. The Punch has reported. OPL 245, better known as Malabu oil block, is one of the biggest sources of untapped oil reserves on the African continent with reserves estimated at nine billion…
Oil exports: Nigeria slashes selling prices to attract buyers
Nigeria has cut its official selling prices of a basket of May-loading crude oil grades in a bid to attract buyers. The nation’s crude oil has had a difficult time clearing in recent weeks, as offer levels were too high to attract buying interest from European refineries. Nigeria released its official selling prices for May,…
$1.2bn Malabu oil deal: Court orders arrest of Adoke, Etete, others
A High Court of the Federal Capital Territory (FCT) in Jabi has ordered the arrest of two former ministers – Mohammed Adoke (Justice) and Deazia Louya Etete (aka Dan Elete) (Petroleum Resources). The News Agency of Nigeria (NAN) has reported. Also to be arrested are Raph Wezels, Casula Roberto, Pujato Stefeno and Burrato Sebastino, who…