Author Archives: steph

Kachikwu says FG looking beyond N. Delta for alternative gas sources

  The Federal Government, Monday, said it is considering alternative sources of gas supply for the country and is looking beyond the Nigerian Delta region for this new sources.   Speaking at the ongoing Nigerian Gas Association, NGA, 11th International Conference and Exhibition in Abuja, Minister of State for Petroleum Resources, Mr. Ibe Kachikwu also […]

Petrol Subsidy to Exceed $3.85bn Estimate, Says Report

  A bi-monthly update report on the state of Nigeria’s economy prepared by Lagos-based economic research and analyses firm, Financial Derivatives Company (FDC), has disclosed that with the rising prices of crude oil at the international market, petrol subsidy will exceed $3.85 billion initial estimate by the Minister of State for Petroleum Resources, Dr. Ibe […]

Nigeria’s daily oil production rises to 2.16 million barrels

  The nation’s production of crude oil, including condensate, rose to 2.16 million barrels per day last month, the highest level so far this year, the Ministry of Petroleum Resources has said.   Nigeria, Africa’s top oil producer with a maximum production capacity of 2.5 million bpd, had before now suffered declines in output largely […]

NNPC blames vandals for Aba oil pipeline fire

  The Nigerian National Petroleum Corporation, NNPC, yesterday, stated that pipeline vandals and petroleum products thieves have triggered a fire outbreak on its oil pipeline along the Osisioma axis, near Aba depot in its System 2E pipeline network.     Explosion rocks Abia The NNPC, in a statement in Abuja by its Group General Manager, […]

Oil theft in Nigeria, others expected to increase with rising oil prices

A flourishing global black market exists with about US$133 billion worth of fuels stolen or adulterated every year. These practices fund dangerous non-state actors such as the Islamic State, Mexican drug cartels, Italian Mafia, Eastern European criminal groups, Libyan militias, Nigerian rebels and more – and are a major global security concern.   With 90 […]

Death Toll in Oil Pipeline Blasts in Southeastern Nigeria Climbs to 24 – Reports

Explosions of oil pipelines are frequently used by Nigerian militant groups as a tool of political and economic blackmail of both the government and business. At the same time, some companies operating in the African country tend to claim that most cases of oil spills are caused by theft and sabotage to avoid paying compensation […]

Anxiety as Nigeria’s fresh 25 oil cargoes await buyers

  Nigeria’s economy faces significant risks in the days ahead, as the country is currently having difficulties getting buyers for its crude oil in the international market.   Reuters yesterday confirmed that 25 cargoes in the October and November schedules had barely attracted buyers over the last week.   It also revealed that higher offers […]

Oil’s $133 Billion Black Market

  Oil is still the world’s leading energy source, with growing demand, a fluctuating pricing system, and much of its production in volatile regions. The oil market’s value is larger than the world’s valuable raw metal markets combined, with an annual production valued at US$1.7 trillion. A flourishing black market is no surprise, with about […]