Abuja — The first phase of a project to rehabilitate Nigeria’s 210,000 barrels per day Port Harcourt refinery, which had been slated for completion in April this year, may not be finished for another four months at least, refinery and oil ministry sources have told Argus Media. The Nigerian government awarded Italian engineering firm Maire […]
Tag: Petroleum
Abuja — Vice President Yemi Osinbajo yesterday insisted that while the global call for a transition to cleaner fuels may be valid, it would be unreasonable for Nigeria to abandon her fossil fuel deposits at the moment. Osinbajo spoke at the launch of a book in Abuja titled: “Understanding Natural Gas, a Nigerian Perspective,” authored […]
“The allegation is unfounded. It lacks merit and indeed substance,” the minister told the lawmakers. The Minister of Justice and Attorney General of the Federation, Abubakar Malami, has described the alleged “illegal sales of 48 million barrels of crude oil” as baseless and lacking in merit. Mr Malami stated this on Thursday when he finally […]
Chairman of Shell Companies in Nigeria, Osagie Okubor, has said the country suffered a significant loss in oil revenue over the last year, as a result of pipeline vandalism and oil theft. Speaking at the just concluded Nigerian International Energy Summit held in Abuja, Okubo noted that the Trans Niger Pipeline, capable of transporting 180,000 […]
Nigeria was Africa’s top crude oil producer in March 2023, with a production capacity of 1.2 million barrels per day (bpd), even as the Organisation of Petroleum Exporting Countries(OPEC)’s total crude oil production averaged 28.80 million barrels a day in March, lower by 86,000 barrels per day month-on-month. However, the Nigeria has reported the lowest […]
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has dismissed reports claiming that the corporation failed to release funds for the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project. Kyari confirmed that the NNPC had released over $1.1 billion for the project, which is aimed at providing a steady supply of natural gas […]
Abuja — Halliburton Testing and Subsea (TSS) Nigeria has celebrated two significant milestones, including an Early Production Facility (EPF) and processing of its 10 millionth barrel of oil as well as reaching the milestone with zero lost-time incident (LTI) days. The journey to the milestones started in 2019, World Oil reported, with a customer needed […]
LPRA receives pre-application The Liberia Petroleum Regulatory Authority (LPRA) has announced that it has received pre-qualification application from ExxonMobil for four offshore blocks in Liberia. Recently, ExxonMobil expressed interest in Blocks 15, 16, 22 and 24 within the Liberia Basin and the company has now officially applied to be pre-qualified to negotiate for the Blocks, […]
President Hage Geingob has told his South African counterpart Cyril Ramaphosa that they should profit from the recent oil discoveries in Namibia. Geingob said this yesterday during his state visit to South Africa. “Moreover, Shell and Total Energies together with our national oil company, Namcor and investors from Qatar have discovered hydrocarbons not far from […]
The Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami yesterday expressed readiness to provide relevant information on the alleged sale of 48 million barrels of crude oil amounting to over $2.4 billion and crude oil export to global destinations from 2014 to date. The Minister stated this through a letter sent […]
American oil major, ExxonMobil has declared force majeure on oil lifting from several ports in Nigeria. This follows reported industrial action by the company’s in-house workers union, the company said, in a statement yesterday. LEADERSHIP reports that this will lead to another set back to the country which is a member of the Organisation of […]
The petrol pricing issues presently causing mayhem, may seem to be easing off at the moment, but for how long? My findings shows that marketers are hamstrung as monopoly of product import, preference in allocation by the Nigerian National Petroleum Company (NNPC) Limited, extortion by security agencies influence arbitrary hike by multiple marketing associations in […]
Abuja — Crude oil production from the Organisation of Petroleum Exporting Countries (OPEC) and allies fell by 300,000 barrels per day in March as sanctions hit Russian output, the latest Platts survey by S&P Global Commodity Insights, has found. OPEC production decreased 60,000 bpd to 28.97 million bpd, while non-OPEC allies saw output fall by […]
THE International Monetary Fund, IMF, has expressed disapproval of subsidy policies for certain commodities in Nigeria, Kenya and other countries in Sub-Saharan Africa, giving reasons why it should be scrapped. Speaking to the media at the just concluded World Bank and IMF Spring meetings in Washington DC, USA, Mr Abebe Selassie, Director, African Department of […]
Abuja, Nigeria — Nigerian lawmakers are investigating allegations of $2.4 billion in illegal sales of stolen oil to China. The House of Representatives’ ad-hoc committee on oil theft resumed its probe of the unofficial sales in 2015 of 48 million barrels of crude oil to China. Lawmakers were tipped off about the deal by a […]
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Kenya Receives First Consignment of Fuel
Nairobi — Kenya received its first consignment of fuel consisting of petrol, diesel, and jet A-1 fuel used in the aviation industry from the Middle East on Thursday. Two ships ferrying over 160, 000 metric tonnes of fuel which docked at the Kipevu oil Terminal Mombasa were received by Deputy President Rigathi Gachagua along with […]
Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has warned the Federal Government not to contemplate the removal of the subsidy on petrol without local refining capacity, in view of its socio-economic implications on businesses and ordinary Nigerians. This is contianed in a communiqué by NUPENG leaders at the end of the Union’s National […]
Nigeria has spent over N13 trillion or $74 billion on fuel subsidies in 16 years, which is between 2005 and 2021. The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji, who stated this at a policy dialogue on oil swap in Abuja on Thursday, said the removal of fuel subsidy and full […]