Category: Oil & Gas
Senate uncovers fresh $1.151b illegal withdrawals from NLNG
By Energy Worth Online The Senate on Wednesday said it again uncovered illegal multiple withdrawals of $1.151 billion from the dividends accounts of the Nigeria Liquefied Natural Gas (NLNG) by the Nigeria National Petroleum Corporation (NNPC). This is apart from the $1.05 billion NNPC Group Managing Director Maikanti Baru earlier admitted to. The investigative committee,…
Nigeria to lift crude oil production to 1.8 million bpd in 2019 —NNPC
By Tsvetana Paraskova Nigeria will raise its crude oil production to 1.8 million bpd in 2019 from around 1.6 million bpd currently, the head of the Nigerian National Petroleum Corporation (NNPC) told Reuters on Tuesday. The African OPEC member also aims to increase its production of condensate—a type of ultra light oil—to 500,000 bpd…
OPEC’s first female president may be extradited back to Nigeria
By Tsvetana Paraskova Nigeria is looking for the extradition of former oil minister and the first female president of OPEC from the UK to face trial in her home country, because a corruption investigation in Britain is taking too long, the head of Nigeria’s Economic and Financial Crimes Commission (EFCC) said on Monday. Diezani Alison-Madueke…
How thieves wreak havoc on Nigeria’s oil industry
By Tsvetana Paraskova Nigeria’s crude oil and condensate production stood at 2.09 million bpd in October, oil ministry data showed on Friday, with output down by some 70,000 bpd compared to September, due to increased sabotage attacks on oil infrastructure by oil thieves. In September, Nigeria’s crude oil and condensate production was 2.158 million…
NNPC targets 10% global LNG market share
As part of its strategic aspirations to drive maximum value from Nigeria’s abundant natural gas resources, the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Mailkanti Baru, has said the Federal Government was targeting 10 percent of the world’s market share in traded Liquefied National Gas (LNG). Baru, who stated this at NNPC…
Tension as NNPC sacks 500 workers for failing promotion exam
No fewer than 500 employees are about to be dropped from the payroll of the Nigerian National Petroleum Corporation (NNPC) for reportedly failing to scale through a mandatory personnel assessment and promotion examinations the corporation recently conducted, THISDAY has gathered. Very reliable sources within the state oil company said the issue was already causing disquiet…
Documents show Buhari’s govt. illegally diverted N378bn NLNG dividend
The federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products, PREMIUM TIMES can report today. The diversion details are coming amidst revelations from accusations the Nigerian National Petroleum Corporation (NNPC) has a $3.5…
Africa Oil Week ends with promising outlook for oil and gas industry
By Oke Peter The leading event dedicated to the African Oil and Gas industry, Africa Oil Week (AOW) 2018 has come to an end, after a five-day content-packed conference and exhibition in Cape Town, South Africa. The intelligence business platform saw over 1,500 delegates from around the world exchanged thoughts and latest insights taking place…
Nigeria to grow by 1.9% due to fewer distruptions in oil production
The International Monetary Fund (IMF), says Nigeria is expected to grow by 1.9 per cent in 2018, up from 0.8 per cent in 2017, mostly owing to fewer disruptions in oil production. Mr Amine Mati, the IMF Senior Resident Representative for Nigeria, said this while presenting the “Fall 2018 Regional Economic Outlook for Sub-Saharan Africa’’…
USA now world’s biggest crude oil producer
The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat. In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday. That’s a threefold increase from the U.S. low reached a…