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Oil Price Rises Above $66 on OPEC Deal, US Sanctions

Oil Price Rises Above $66 on OPEC Deal, US Sanctions

Crude oil rose for a fifth day yesterday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that the Organisation of Petroleum Exporting Countries’ (OPEC) supply cuts will prevent a build-up in ...

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Oil: Nigerian Navy Laments Loss Of 277,040 To Illegal Bunkering

Oil: Nigerian Navy Laments Loss Of 277,040 To Illegal Bunkering

Nigerian Navy has said that the nation has lost over a whopping 277,040, barrels of crude oil from illegal oil bunkering activities in 2019. Chief of Training and Operations (COPP), Rear Admiral Mackson Makonju Kadiri, disclosed this during the first ...

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Niger Delta Militants Vow To Stop Oil Flows, Cripple Economy

Niger Delta Militants Vow To Stop Oil Flows, Cripple Economy

Militants under the aegis of the Niger Delta Avengers on Thursday threatened to halt crude oil flow from the Niger Delta and cripple the economy if President Muhammadu Buhari is re-elected. The group decried what it described as the “continuous ...

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Oil Production Falls To 1.99 Million Barrels

Oil Production Falls To 1.99 Million Barrels

The Ministry of Petroleum Resources has announced that Nigeria’s crude oil production including condensate fell to 1.999 million barrels per day in January from 2.081 million bpd in December. Similarly, the Organization of Petroleum Exporting Countries (OPEC), in its latest ...

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Shell Discloses Plans To Support Imo State

Shell Discloses Plans To Support Imo State

In effort to contribute to the society where it operate, Shell Petroleum Development Company of Nigeria Limited (SPDC),  has disclosed its plans to release 11 billion naira worth of funds to 11 communities in Imo State, Nigeria,  to begin implementation of identified ...

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Nigeria wastes 42,160MW as transmission, distribution challenges linger

Nigeria wastes 42,160MW as transmission, distribution challenges linger

Challenges facing the Nigerian Electricity Supply Industry (NESI), have led to the wastage of about 42,160.87 mega watts (MW) of electricity out of the 88,566.43MW generated by power generation companies (GenCOs) last year.  Although the current administration had vowed to ...

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Shell invites bid for new FPSO in Bonga

Shell invites bid for new FPSO in Bonga

Shell Nigeria Exploration and Production Company (SNEPCo), has announced the release of Invitation to Tender (ITT), to contractors for the development of the Bonga South West Aparo (BSWA) oil field. This comes a day after the execution of the Heads ...

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Shell, NNPC Invite Bidders for $10bn Bonga South West Project

Shell, NNPC Invite Bidders for $10bn Bonga South West Project

NNPC Looks to India for Help in Repair of Refineries Exactly seven months after the Minister of State for Petroleum, Dr. Ibe Kachikwu, directed the Nigerian National Petroleum Corporation (NNPC) and Shell Nigeria Exploration and Production Company (SNEPCo) to commence ...

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Global oil demand to fall to 30.6m barrels daily

Global oil demand to fall to 30.6m barrels daily

The Organisation of Petroleum Exporting Countries (OPEC) has said demand for crude oil would fall to 30.59 million barrels per day this year due to global economic realities. While increasing forecast for non-OPEC production by 80,000 bpd to 2.18 million ...

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Another fuel tanker goes up in flames in Anambra

Another fuel tanker goes up in flames in Anambra

Death toll rises to 10 in Saturday’s incident A petrol tanker yesterday went up in flames at a filling station along Nnewi-Okigwe expressway, Nnewi, Anambra State. This is coming barely two days after seven persons were reported dead in another ...

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Nigeria recovers N1.2tr unpaid oil debts, may revoke debtor licencees

Nigeria recovers N1.2tr unpaid oil debts, may revoke debtor licencees

Automation of processes to aid accountability, check seepage Nigeria’s Minister of State for Petroleum Resources, Dr. Emmanuel Kachikwu, disclosed that the Federal Government had recovered no less than N1.2 trillion in unpaid royalty from crude oil sales, following the Ministry’s ...

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Cooking Gas Scarcity Looms as NIMASA Detains NLNG Vessel

Cooking Gas Scarcity Looms as NIMASA Detains NLNG Vessel

Bans waivers, commences clampdown on foreign vessels NNPC’s refineries record N137.5bn operational losses Nigerians may experience scarcity of Liquefied Petroleum Gas (LPG), better known as cooking gas, following the detention of NLNG Limited’s vessel by the Nigerian Maritime Administration and ...

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NNPC Inaugurates $60m Gas Plant In Delta

NNPC Inaugurates $60m Gas Plant In Delta

The Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, on Thursday  inaugurated a $60m Egbeoma gas processing plant in Ebedei Community, Ukwuani Local Government Area of Delta State. At the inauguration ceremony, Baru said the NNPC was ...

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TCN Raises $1.62bn For Power Transmission, Says Distribution Lagging

TCN Raises $1.62bn For Power Transmission, Says Distribution Lagging

The Transmission Company of Nigeria said on Thursday that it had raised a total of $1.623bn for power transmission projects across the country. The Managing Director/Chief Executive Officer, TCN, Mr Usman Mohammed, who disclosed this in Lagos at the inauguration ...

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FG Connects Lagos Riverine Communities To Power Grid

FG Connects Lagos Riverine Communities To Power Grid

Some riverine communities in Lagos have been connected to the national power grid by the Federal Government with the inauguration of 1x30MVA/132/33kV Transmission Substation at Ilashe Island, Oriade Local Government Area, Lagos. The Minister of Power, Works and Housing, Mr. ...

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Oil price declines on rising energy demand, Libya’s output

Oil Production Falls To 1.99 Million Barrels

Oil futures declined on Thursday, pressured by risks to energy demand, a stronger dollar and reports that Libya could soon increase production. While the Brent crude went down to $61.07, WTI, $52.23, Bonny light was up to $63.69 yesterday. The ...

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Uncertainties, security, price to affect Nigeria’s oil sector

Uncertainties, security, price to affect Nigeria’s oil sector

Experts urge politicians to watch comments  The oil and gas sector in Nigeria, particularly upstream, will be affected by policy uncertainties, security, and slump in the price of crude oil, stakeholders have said. Players in the industry, in an outlook, ...

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NUPENG, PENGASSAN urge Buhari to accelerate PIB assent

NUPENG, PENGASSAN urge Buhari to accelerate PIB assent

The leadership of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association (PENGASSAN) has again appealed to President Muhammadu Buhari to accelerate the final executive assent to the entire Petroleum Industry Bill ...

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Crude Oil Not Sold For U.S.$100 In 16 Years Of PDP – Atiku

Crude Oil Not Sold For U.S.$100 In 16 Years Of PDP - Atiku

The Presidential candidate of the Peoples Democratic Party (PDP) on Wednesday punctured the claim by the President Muhammadu Buhari-led federal government that oil price hovered at $100 per barrel in the 16 years of PDP’s rule, saying it was only ...

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Manufacturers Spent N246bn On Fuelling Generators In Two Years —MAN

Manufacturers Spent N246bn On Fuelling Generators In Two Years —MAN

Against the backdrop of the worsening public power supply, new data have emerged showing that manufacturers in Nigeria spent a total of N246.38bn generating their own electricity between 2016 and 2017. Further analysis of the data compiled by the Manufacturers ...

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