Category Archives: Uncategorized

Govt to Bar Multinational Oil Firms From Exporting Crude

The federal government hinted yesterday that it is putting necessary measures in place to stop multinational oil firms from shipping out all the crude oil they produce in Nigeria.   It also stated that it would compel Shell Petroleum Development Company, Exxon Mobil, Chevron and other multinational firms operating in Nigeria’s upstream sector to build […]

Nigeria’s oil production falls to 1.819mbpd in January

Nigeria’s crude oil production decreased by 8,100 barrels per day (bpd) from 1.828 mbpd it recorded in December, to 1.819mbpd in January.The drop may not be unconnected with the various line breaches caused by vandals in the later part of 2017, leading to the shut-in of production in many fields.   The development also impacted […]

OPEC, non-OPEC partnership now a force to be reckoned with – Barkindo

  The Secretary-General of OPEC, Dr. Mohammed Barkindo, in his remarks at the inaugural Nigerian International Petroleum Summit (NIPS), stated that countries’ compliance levels to the production cap agreement the cartel and non-OPEC members reached in 2017 and later rolled over to rebalance the oil market, recorded a collective 133% conformity in January 2018, THISDAY […]

Agip Moves to Take over Oyo Oilfield in OML 120

Following the order of a Federal High Court sitting in Lagos, which enforced and recognised a final award rendered at the London Court of International Arbitration (LCIA) on February 14, 2017 in favour of Nigerian Agip Exploration Limited (NAE) in respect of the Oyo oilfield in Oil Mining lease (OML) 120, the Nigerian subsidiary of […]

Nigeria Targets 50% Local Shareholding in Oil Industry in 10 Years – Kachikwu

Nigeria will grow local investments and shareholdings of its oil and gas industry to 50 per cent within the next 10 years, the Minister of State for Petroleum, Dr. Ibe Kachikwu, said on Monday in Abuja.   Speaking just before President Muhammadu Buhari declared open the inaugural Nigerian International Petroleum Summit (NIPS), which kicked off […]

I broke oil pipelines to send my children to school, feed them —Father of five

  The suspect, 45, also accused of leading an illegal association, allegedly specialises in breaking the Right of Way of the NNPC and the SPDC to siphon crude oil and refine it in the creeks for sale.   Akin was paraded alongside three suspects, Alao Yusuf, 40, from Oyo State, Aremu Saidi, 35, from Osun […]

Onshore/Offshore oil dichotomy: Stakeholders must speak up

It is a known fact that Akwa Ibom State is the highest crude oil producer today and by extension the largest contributor to the petrodollar that sustains Nigeria. This is made possible by the relative peace the state enjoys when viewed against other parts of the country who are great beneficiaries of the resources.   […]

Kuwait’s new ‘super light’ crude could threaten Nigeria’s Asian market

  About 29% of Nigeria’s crude oil exports end up in Asia, mostly India and Indonesia, and then other key demand hubs in China, Japan and South Korea, Business Day reports.   Nigeria and other West African crude oil exports to Asia particularly India and China hit about 2.2 million barrels per day (bpd) in […]

Kachikwu Explains Delays in FID for $13.5bn Zabazaba Oilfield Development

  The Minister of State for Petroleum, Dr. Ibe Kachikwu, has explained the delays in the signing of the Final Investment Decision (FID) for the Zabazaba Deepwater Oilfield in Oil Prospecting Lease (OPL) 245, citing the need for the Nigerian Agip Exploration Limited (NAE) and Shell Petroleum Exploration and Production Company (SNEPCo) to be sure […]

U.S. may halt crude oil import from Nigeria

There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net export of petroleum products.The United State Energy Information Administration (EIA) has projected that the United States will become a net energy exporter in 2022 in the newly released Annual Energy Outlook […]