OIL & GAS

Saudi Arabia, the world’s largest crude oil exporter, has cut all official selling prices for its crude sales to Asian and the United States clients in August, signalling mounting competition for Nigeria and others. The country’s state-owned oil company, Saudi …

Organization of Petroleum Exporting Countries (OPEC’s) oil output is likely in July to reach its highest in recent history, according to Reuters survey found on Friday, last week as Iraq pumps more and Nigeria manages to export additional crude despite …

Nigeria is ready to deploy troops to the Niger delta in a showdown with militants who have wreaked havoc on the nation’s key oil infrastructure since the start of the year, the army says. But local leaders have warned against …

Global oil giant, Royal Dutch Shell, on Thursday said its liquids production available for sale in Nigeria plunged by 41 per cent in the second quarter of this year. Shell announced a 72 per cent drop in second quarter earnings …

Five months after it was attacked and shut down, Shell’s Forcados export line remains offline, causing the country a loss of about $1.6bn (N356.6bn) in revenue.  It is still uncertain when the pipeline would come back on stream, although the …

President Muhammadu Buhari has directed the management of the Nigerian National Petroleum Corporation to fast-track oil exploration in the North, specifically in the Chad Basin and Kolmani River. The Group Managing Director, NNPC, Dr. Maikanti Baru, stated that the President’s …

The drop in Nigeria’s crude oil revenue in the first quarter of 2016, put at N53.72bn, is higher than the total amount the nation lost in the whole of 2015 (N51.3bn) as a result of incessant attacks on pipelines conveying …

In a bid to boost access to the $600m Nigerian Content Development Fund, the Nigerian Content Development and Monitoring Board and the Bank of Industry have launched a new fund for oil industry operators. The NCDMB described the $100m Nigerian …

*Lost N51billion  to pipeline vandalism in 2015 The Nigerian National Petroleum Corporation, NNPC, has lamented that the country is losing about 700,000 barrels per day (BPD) of crude oil, due to cases of militancy, pipeline vandalism, theft and sabotage of …

The Federal Government on Wednesday reached a truce with some major oil marketers to recall sacked workers. This was outcome of a meeting involving Minister of Labour and Employment, Chris Ngige, officials of Petroleum Natural Gas Senior Staff Association (PENGASSAN), …

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday, said Nigeria lost about N51.3 billion to petroleum theft in 2015.Baru made the disclosure when he led a delegation of NNPC top management on a …

A Russian firm, Safinet Group, has expressed interest in establishing a 7,000-barrels-per-day-capacity refinery in Calabar with a plan to increase its capacity to 65,000bpd in the near future. The Chairman, Safinet, Mr. Arsen Mudonov, disclosed this during a meeting with …

A number of Indian state-owned refiners have been actively picking up Malaysian oil cargoes for loading in July and August amid growing uncertainty over the exports of Nigeria’s crude grades, according to regional sweet crude traders. Bharat Petroleum Corporation Limited …

Oil traded near $46 a barrel in New York as the market weighs a force majeure declared by Exxon Mobil on crude shipments out of Nigeria against excess US oil and product inventories. Futures fluctuated between losses and gains in …

The electricity crisis in the country is lingering because of the overreliance on gas for power generation and hydroelectricity, the Minister of Science and Technology, Dr. Ogbonnaya Onu, has said. Onu said this at the opening of a two-day workshop …

The Nigerian Electricity Regulatory Commission on Thursday said it would uphold the court ruling mandating it to reverse the 45 per cent increase in electricity tariffs across the country, six months after implementing the Multi Year Tariff Order 2, which …

The Board of Directors of the Nigeria LNG Limited on Thursday approved the appointment of Mr. Tony Attah as the new Managing Director and Chief Executive Officer of the company. Mr. Babs Omotowa, who has held the position for nearly …

The International Energy Agency (IEA) has reported that oversupply of crude oil in the international market has refused to ease, thus acting as a dampener on the prices, despite the robust growth in demand. This is coming as the prices …

The Petroleum and Natural Gas Senior Staff Association of Nigeria in the early hours of Wednesday suspended its six-day strike after deliberations with officials of the Federal Government and employers in the oil sector. The oil workers’ union called on …

No fewer than 700 oil workers, including expatriates, are being evacuated by International Oil Companies (IOCs) and their local counterparts from oil and gas platforms in Bayelsa State. This came as the Federal Government is considering the request of the …