Author Archives: steph

Oil workers take up arms against IOCs, NLNG over unfair practices

THE issue of unfair Labour practices by International Oil Companies, IOCs, operating in Nigeria has become legendary unfortunately due to their local collaborators both in the corridors of power and outside, who shield these IOCs for personal aggrandizement to the detriment of other Nigerians, especially oil workers. But news from the Nigeria Union of Petroleum […]

FG files appeal challenging High Court verdict on $55m debt recovery suit against Agip Oil, Brasoil

The Federal Government has filed a Notice of Appeal, challenging the decision of a Federal High Court in Lagos, which dismissed a 55 million debt recovery suit it filed against Nigeria Agip Oil Company Ltd, and Brasoil over undeclared oil revenue.   Just hours earlier, Justice Mojisola Olatoregun of the high court had dismissed the […]

Nigerian oil independents on red alert as IOCs plan further divestment

Nigerian investors and industry players will be keeping an eagle eye on a current wave of investment opportunities about to open up for local companies as International Oil Companies (IOCs) move to fully divest from onshore assets. According to sources, oil majors in Nigeria are expected to be selling off their onshore assets while focusing […]

Daily Crude Oil Production to Rise by 160000 barrel

Nigeria’s crude production may rise further by additional 160,000 barrels per day (bpd) with the completion of Pan Ocean Oil Corporation Nigeria Limited’s three oil and gas infrastructure.         Although Federal Government key assumptions and micro-framework for the 2019 budget is based on a projection of 2.3 million bpd oil production, oil […]

Gunmen kidnap a Canadian and Scot from an oil rig in Nigeria – the second abduction there in less than a week

Gunmen kidnapped two foreign workers from an oil rig in Nigeria’s Delta region on Saturday, the military said – the second abduction there in less than a week.   ADVERTISEMENT The attackers raided the rig owned by Niger Delta Petroleum Resources at around 8am, the spokesman for the area’s military operations, Major Ibrahim Abubakar, said. […]

NNPC shifts 40 billion oil reserves target to 2025

The Nigerian National Petroleum Corporation has said it seeks to increase the nation’s crude oil reserves to 40 billion barrels and production capacity to four million barrels per day by 2025.       The Federal Government in 2010 set the target of 40 billion barrels of crude oil reserves and production of four million […]

House to Probe $27bn Oil Revenue Loss

The House of Representatives has resolved to investigate Nigeria’s loss of $27 billion crude oil revenue to international oil companies (IOCs) since 1999.   This is coming as some members of the Islamic Movement in Nigeria (IMN) attempted to break into the premises of the National Assembly, forcing the lawmakers to hurriedly conclude the business […]

Nigeria Still a Long Way From Diversifying Its Exports, Says EU

Despite commitments by present and past administrations on economic diversification, the European Union (EU) has stated that Nigeria is still a long way from diversifying its exports, as only about fiveof Nigerian exports are non-oil exports.   Reiterating the need for the country to consider West Africa-EU Economic Partnership Agreement (EPA) to diversify its export, […]

Techno Oil commences commercial production of gas cylinders

The Nigerian Army has taken delivery of LPG cylinders manufactured by a Nigerian company for the flag off of its LPG Welfare Scheme, aimed at promoting LPG adoption among its officers and men. The cylinders were produced at Techno Oil’s newly-built LPG manufacturing plant in Lagos, which started rolling out cylinders earlier this year. The […]

Nigeria oil output to decrease 8 percent daily after fire

WARRI, Nigeria (AP) – An oil company in Nigeria is declaring a “force majeure” shutdown after a fire. ADVERTISEMENT The temporary closure is expected to cut Nigeria’s oil production by about 8 percent per day. Aiteo Oil Exploration and Production Company said the shutdown took place Sunday. The Nembe Creek Trunk Line has a carrying […]