Author Archives: steph

PETAN: Nigeria Must Take Advantage of Opportunities in Oil Industry

The Petroleum Technology Association of Nigeria (PETAN) has urged Nigerians in the oil and gas industry to build capacity in order take full advantage of the growing opportunities in the sector.   PETAN, an association of Nigerian Indigenous Technical Oilfield service companies in the upstream and downstream sectors of the oil industry has over 89 […]

World Bank lowers forecast for Nigeria’s economic growth to 2.1%

The World Bank yesterday lowered its forecast for Nigeria’s economic growth in 2019 to 2.1 percent, citing stagnant oil production, high inflation and policy distortions.         World Bank This represents 0.1 percentage point lower than the 2.2 percent forecast made by the bank last year October.   The new forecast was contained […]

Excess crude account depletes amid oil price volatility

Programme Coordinator of the Nigeria Natural Resource Charter (NNRC), Tengi George-Ikoli, has expressed fears that the dip in oil prices could send the country back to recession going by the depletion of the Excess Crude Account (ECA). Recalling the calls for transparency and accountability on the running of the account, she, however, noted that the […]

Shell Emerges Nigeria’s Most Impactful Local Content Company

Shell Companies in Nigeria have emerged the International Oil Company with the most impactful Local Content Initiatives in the upstream category at the 2019 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) held recently in Yenagoa, Bayelsa State.   Shell beat other competitors ,Total and Exxon Mobil to the second and third positions, […]

OPEC lauds Nigeria, 8 African nations for helping to stabilize oil market

The Organisation of Petroleum Exporting Countries (OPEC) has said that more than one-third of the 24 countries currently working together under a negotiated framework to cut down oil outputs and inventories, to stabilise prices in the global market were from Africa.   It explained that these countries included Algeria; Angola; the Republic of the Congo; […]

Kaduna to support $2.8b AKK pipeline project

NNPC Eyes 5bscf/D Increase In Domestic Gas, Support Agric Sector The Kaduna State Government would join forces with the Nigerian National Petroleum Corporation (NNPC) to ensure the success of the $2.8 billion Abuja-Kaduna-Kano (AKK) gas pipeline project.   Kaduna State Governor, Nasir el-Rufai, declared his support while receiving the Group Managing Director of NNPC, Maikanti […]

Nigeria’s cost of oil production down to $23 per barrel – FG

The minister of state for petroleum resources Emmanuel Ibe Kachikwu has said that inspite of numerous challenges facing the oil and gas industry, government has managed to reduce significantly the cost of oil production which is now around $23 per barrel.   Speaking yesterday at the opening ceremony of the second edition of the Nigerian […]

Exploration continues after 10,000 feet deep operation in north, says NNPC

  Group Managing Director of the Nigeria National Petroluem Corporation (NNPC), Dr. Maikanti Baru has stated exploration in Northern Nigeria will continue despite having gone 10,075 ft deep in the oil exploration on the Kolmani River II Well.   The NNPC boss disclosed this in Kaduna on Thursday at the 40th edition of the Kaduna […]

Nigeria Struggles To Keep Oil Production At Quota Levels

Nigeria’s Petroleum Minister Emmanuel Ibe Kachikwu admitted that reducing oil production to the quota assigned by OPEC is a challenge, not least because of the start of production at the Egina oil field.   The offshore field will have a capacity of 150,000 bpd but, Kachikwu said, “We’re not there yet.”   Still, Nigeria is […]