Author Archives: steph

Indonesia to buy more Nigeria’s crude oil

INDONESIA has expressed the desire to buy more crude oil from Nigeria, which is expected to further boost Nigeria’s business relationship with the country.   The indication was made by the Head of Economic Affairs of the Indonesian Embassy, Mr DwiyatnaWidinugraha, who led a delegation from the country on a courtesy call on the Group […]

PwC says oil production to add 2% growth to Nigeria’s GDP in 2018

  PricewaterhouseCoopers (PwC), Nigeria said that Nigeria’s real Gross Domestic Product (GDP), will grow at 2.0% year-on-year in 2018, propelled by oil production increase and government spending, Vanguard reports.   The multinational professional services firm in its latest economic report said significantly higher oil sector growth in the first quarter of 2018 due to base […]

CRIMEGas-Flaring: Environmentalist Wants Stiffer Punishment Against Defaulters

  The National Secretary, Nigerian Environmental Society (NES), Mr Paul Akporowho, has called for stiffer punishment against multinational oil companies involved in gas-flaring in the country. Akporowho told News Agency of Nigeria (NAN) on Tuesday in Warri that sanctioning the companies would help to end persistent gas-flaring, especially in the Niger Delta.   He also […]

Nigeria’s refinery overhaul projects to begin in Q2 2018 – NNPC

  An official from Nigeria’s state oil company, NNPC said on Tuesday that refinery overhaul projects will begin in the country as soon as the second quarter in an effort to reduce its reliance on imported fuel, Reuters reports.   “We believe that by the second quarter of this year we will …start getting the […]

APC presidential aspirant pledges to restore US import of Nigeria crude

  All Progressives Congress, APC presidential aspirant, Dr. SKC Ogbonnia has said that he would cause the United States to resume importation of Nigerian crude oil if he wins the presidential office.   Ogbonnia, himself a petroleum entrepreneur in a statement made available to Vanguard cited corruption for the United States decision to shut out […]

Oil market lull affecting indigenous operators – PETAN

  There are indications that the continued low oil price and uncertain regulatory environment have further destabilized operations in Nigeria’s oil and gas industry, Vanguard reports.   Investigations showed that the situation was fuelled by many problems, especially a significant drop in projects, contracts and bank lending. Mazi Bank-Anthony Okoroafor, chairman of Petroleum Technology Association […]

Nigerian crude faces glut as buyers reject cargoes

    Indications emerged Thursday that a glut in Nigeria’s oil supply to the international market looms. A trader said the development comes as ample supply of light and medium grades from the North Sea and the Mediterranean continues to limit buying interest for Nigerian crude. The Nigerian cargoes, reckoned to be near 50 cargoes, […]

Nigeria State Oil Company Hasn’t Explained Missing Billions

An agency tasked with cleaning up Nigeria’s murky oil industry says even though financial accountability has improved the state oil company still hasn’t explained billions of dollars of missing revenue.   While energy producers have cooperated and complied with requirements to publish payments, the Nigeria Extractive Industries Transparency Initiative has struggled with the state-owned Nigerian […]