Category: Oil & Gas
US slashes imports of Nigerian crude by 43%
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 surpassed OPEC oil quota in Feb —Report
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…
Buhari approves NNPC’s operational budget for 2019
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…
Shell rules out force majeure on oil export after Nembe fire …As Aiteo begins investigation
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…
NNPC recovers N771m assets from defaulting marketers
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…
Saudi’s $100bn investment in India threatens Nigeria’s oil export
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…
Oil: OPEC output cut, US/China tariff truce force prices up
Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China are close to a deal to end a year-long tariff row. International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. U.S. West…
Nigeria’s oil exports drop as Aiteo shuts pipeline
The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export. The NCTL, which is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil…
Nigeria’s refineries post N114.3bn loss in 11 months
By Oke Peter Nigeria’s refineries posted a cumulative loss of N114.3 billion in the first 11 months of 2018, the latest industry data have revealed. Figures obtained from the Nigerian National Petroleum Corporation (NNPC) on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical…
Dutch prosecutors target Shell over Nigeria oil deal
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore oilfield OPL 245 in 2011. Shell said in a statement on its website that it had been informed by the Dutch Public Prosecutor’s Office (DPP) that it had nearly concluded its investigation and is preparing to prosecute…