Author Archives: steph

‘Crude oil production witnessed nine per cent increase in 2018’

  NNPC lists sector’s achievements The Nigerian National Petroleum Corporation (NNPC) yesterday said daily crude oil production recorded an upward swing of about 2.09million barrels in the outgone 2018. The increase, which translates to 9 per cent, when compared with the 2017 average daily production of 1.86million barrels, is an indication that the nation maintained year-on-year […]

We’ll sustain improved operations against oil theft, maritime crime — Navy

  Flag Officer Commanding Central Naval Command, Rear Admiral Suleiman Garba gave the assurance, weekend, at the ceremonial sunset at Nigerian Navy Ship, NNS, Warri, Delta State.   He said the security body would also consolidate the chokepoints regime as a “force multiplier in support of our operations.”   He said: “The command has ensured […]

Oil price drops to $48, $12 below 2019 budget benchmark

The price of crude oil, yesterday, dropped from $50 to $48 in the international market, showing $12 below Nigeria’s $60 per barrel 2019 budget reference price.   Specifically, the price of Brent, West Texas Intermediate, WTI and the Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $48.00, $43.38 and $47.92 per […]

Nigeria’s continued import of refined products unacceptable — NUPENG

Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, has told President Muhammadu Buhari, that the Union is no longer at ease with the country’s continued dependence on imported refined products, begging the president to do everything within his power to put an end to it.   This came as the Union equally informed the […]

More trouble for Nigeria’s 2019 budget as oil price slides to $53

The implementation of the 2019 budget presented recently to the National Assembly by President Muhammadu Buhari has continued to face increasing threats as oil prices dropped further yesterday, nearing their lowest level this year.   The global stock markets also declined after they came under pressure from concern about a United States government shutdown and […]

Atiku: $1bn Fuel ‘Subsidy’ in 2019 Budget is Buhari’s Campaign Slush Fund

  The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, has come down hard on the Nigerian National Petroleum Corporation (NNPC) over what he described as huge abuse of financial procedures in the running of the state oil company, alleging that the $1 billion voted in the 2019 budget to fund the […]

Swiss Close To Revealing Nigerian Beneficiaries Of $1.1b Malabu Oil Bribes

Materials in a suitcase seized nearly three years ago by Swiss authorities may unlock the identities of the Nigerian recipients of the $1.1billion in corrupt payments by Shell and ENI over the purchase of OPL 245 from Malabu Oil.   A Geneva prosecutor is now reviewing the materials and will decide what can be shared […]

OPEC cuts Nigeria’s oil production quota to 1.68 million bpd

  Nigeria is expected to cut its crude oil production by 3.04 per cent to 1.685 million barrels per day for the first half of next year, as part of efforts by the Organisation of Petroleum Exporting Countries to reduce oversupply.   OPEC and 10 non-OPEC countries agreed earlier this month to cut oil production […]

Total To Launch Oil Exports From New Nigerian Field In February

Just as OPEC and partners will have started the new round of production cuts to reduce oversupply, France’s Total is set to begin exports from the new ultra-deep Egina oil field offshore Nigeria in February 2019, at an initial rate of just over 100,000 bpd, Bloomberg reported on Thursday, quoting a copy of a loading […]