Category: Oil & Gas

Fresh from his comfortable re-election, Nigerian President Muhammadu Buhari faces a huge hurdle to keep his vow to end the economy’s addiction to oil: win a lasting peace in the crude-rich Niger River delta. The 76-year-old former military ruler will have to score a breakthrough that’s eluded previous governments in an area where armed groups…

Eight months after the signing of the Front End Engineering Design contract for Train 7 of the Nigeria LNG Limited, there is still uncertainty as to when the shareholders will take the final investment decision on the project. The Punch newspaper has reported. The Nigeria National Petroleum Corporation (NNPC), which is one of the shareholders,…

By Oke Peter The United States cut its imports of Nigerian crude oil by 48.87 million barrels or 43 percent in 2018, according to the latest data released by the Energy Information Administration. The US imports of Nigerian crude fell to 64.06 million barrels last year from a five-year high of 112.92 million barrels in…

Nigeria, Africa’s top oil producer, pumped more crude oil in February than the quota given by the Organisation of Petroleum Exporting Countries (OPEC), a new survey has shown. OPEC and 10 non-OPEC countries agreed in December to cut oil production by 1.2 million barrels per day effective from January for an initial period of six…

Damilola Shittu – Abuja President Muhammadu Buhari has approved the 2019 operational budget of the Nigerian National Petroleum Corporation (NNPC), the Group Managing Director of e state oil company, Dr. Maikanti Baru, disclosed Wednesday. Although Baru did not state how much the corporation’s budget for 2019 was worth, he however disclosed that Buhari was gracious…

Royal Dutch Shell has disclosed that it does not have plans to declare force majeure on Bonny Light exports after a fire in an area around a key pipeline. A force majeure is usually declared to protect an oil exporter against any liability with buyers because of its inability to meet obligation. Shell stated that…

By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Tuesday announced that it had recovered assets worth over N771 million from some oil marketers who under-paid for petroleum products supplied to them from the Kaduna depot of the Petroleum Products Marketing Company. NNPC’s Anti-Corruption Committee Chairman, Mike Balami, said the committee, in collaboration with…

In the wake of growing uncertainty in the price of crude oil, Nigeria faces the challenge of losing its market in Asia as Saudi Arabia has concluded plans to invest $100 billion in India, Nigeria’s major oil importer, thus threatening future importation of the country’s crude by India. According to Thisday The move by Saudi…