Author Archives: steph

Adenuga Closes Gap With Dangote in Forbes Billionaires Ranking

  Globacom Chairman Mike Adenuga Jnr, with interests in oil exploration and real estate has moved up, ranking next to Aliko Dangote as Africa’s second richest man.   Forbes magazine said Adenuga’s net worth rose tremendously from $5.3 billion to $9.2 billion.   He is now just $800million away from Dangote Group President Aliko Dangote, […]

Nigeria records 9% daily crude oil increment in 2018

Nigeria’s crude oil daily production recorded an upward swing of about 2.09million barrels in outgone 2018, translating to a 9 per cent increment, compared with the 2017 average daily production of 1.86million barrels.   Pitched against the low-level daily crude oil production in 2016 and what obtains now, Nigerian National Petroleum Corporation (NNPC) Group Managing […]

Nigeria sees oil rig count decline by 6, as OPEC’s reduces by 11

At a time the oil cartel, the Organisation of Petroleum Exporting Countries, OPEC, embarked on an 800,000 barrels per day production cut for the next six months, with Nigeria contributing about 40,000 barrels, the country’s rig count took a nosedive by 6, as it recorded 28 in November as against 34 recorded in October, latest […]

Fixing Nigeria’s Dilapidated Oil Pipelines

Chineme Okafor reviews a new report that revealed that Nigeria’s petroleum products pipelines are in a state of disrepair and need to be fixed or replaced   The outcome of a study commissioned by the Nigerian National Petroleum Corporation (NNPC) to determine the operational status of the country’s network of petroleum products pipeline it manages […]

Militants ‘Resume Attacks’ On Pipelines in Niger Delta

  Suspected militants may have renewed hostilities against oil companies operating in the Niger Delta.   For example, a group yesterday claimed it was behind the attack on an oil pipeline at Koluama community in the Southern Ijaw Local Government Area of the state.   The Friday explosion reportedly damaged the pipeline belonging to Conoil. […]

Nigeria has capacity to increase oil reserves to 40bn barrels’

  Chief Executive of Brevity Anderson, organisers of the yearly Nigeria Petroleum International Summit (NIPS), James Shindi, has said Nigeria has the capacity to upscale its proven oil reserves to 40 billion barrels within the next few years. Speaking ahead of the forthcoming NIPS 2019 conference and exhibition scheduled to start from January 27; Shindi […]

Oil cargoes from Nigeria, others to US plunge

Crude oil cargoes leaving for the United States from Nigeria and other members of the Organisation of Petroleum Exporting Countries dropped in December to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm, Kpler, showed.   Oil cargoes departing from OPEC nations to the US fell to 1.63 […]

Total, Samsung Confirm First Oil in 200,000 bpd Egina Field

  Efforts by the federal government to boost Nigeria’s oil production has received a boost as French oil major, Total, and global shipbuilding giant, Samsung Heavy Industries (SHI), Wednesday confirmed that crude oil production has started in the 200,000 barrels per day-capacity Egina deepwater oilfield.   Total has also stated that start-up was achieved in […]

Oil Output Hits 2.09m Barrels

Nigeria’s crude oil daily production is up by 9 per cent to about 2.09 million barrels.   Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru said this maintained a line of consistent year-on-year improvement.   Dr. Baru, in a comprehensive end-of-year-message to the NNPC staff, listed Nigerian Petroleum Development Company (NPDC), Nigerian […]