Nigeria’s oil output drops, as rig count rises

Nigeria’s rig count —  a standard yardstick used in measuring a nation’s activeness in exploration and production of crude oil and gas —  for the month of October, 2018 increased to 34 from 33 recorded in the previous month, data from the Organisation of Petroleum Exporting Countries, OPEC, have showed.       But despite […]

Stakeholders Want PEF Expunged From PIGB, Refineries Privatised

Some stakeholders in Nigeria’s oil industry have asked the National Assembly to expunge the Petroleum Equalisation Fund (PEF) from the recently legislated Petroleum Industry Governance Bill (PIGB).   According to them, the PEF would be useless in a deregulated downstream petroleum sector.   They made this call at the just concluded 2018 edition of the […]

Kaduna refinery idle for seven months, loses N18.7bn

The Kaduna Refinery and Petrochemical Company did not refine any crude oil from February to August this year, losing a total of N18.67bn, the Nigerian National Petroleum Corporation has said.   The refinery lost N3.81bn in February, N2.63bn in March, N4.22bn in May, N2.98bn in June, N2.35bn in July, and N2.68bn in August, but made [...]

Senate alleges new $1.15bn illegal withdrawals from NLNG accounts

The Senate says it has uncovered illegal withdrawals of $1,151,609bn from the dividends accounts of the Nigerian Liquefied Natural Gas by the Nigeria National Petroleum Corporation. This is apart from the $1.05bn which the Group Managing Director of the NNPC, Maikanti Baru, had earlier admitted was withdrawn on the presidential directive. The Chairman, Senate Committee […]

Explorationists say Nigeria cannot attain 40bn barrels oil reserve – NAPE

  The absence of fiscal policy will continue to retard investments flow in Nigeria’s oil and gas industry, such that attainment of 40 billion crude oil reserve will not be realised, the Nigerian Association of Petroleum Explorationists, NAPE, has said.   The counter-statement from the group comes following Group Managing Director of Nigerian National Petroleum […]

Niger Delta states can have 100% of oil revenues, but… — Atiku

  Presidential candidate of Peoples Democratic Party, PDP, Atiku Abubakar, has said he was willing to let Nigeria’s oil-producing states have absolute control of crude oil revenues from their domains.   He, however, noted that it would not be feasible to immediately implement such policies at this stage of nation’s development.       Abubakar […]

Nigeria to raise oil, condensate outputs in 2019

  Nigeria is to increase its daily oil production to 1.8 million in 2019. It would also raise its condensate output by 0.5 million bpd during the period.   The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday told Reuters that the country currently produces 1.6 million bpd of […]

NNPC discovers dead man in oil pipeline

  A man suspected to have tried vandalising an oil pipeline Gbaga axis of Ogijo, in Ogun State was discovered dead by the Nigerian National Petroleum Corporation (NNPC).   After the discovery, NNPC warned persons engaged in vandalising pipelines to desist such actions and steer clear of its facilities.   NNPC spokesperson Ndu Ughamadu cautioned […]

OPEC’s First Female President May Be Extradited Back To Nigeria

  Nigeria is looking for the extradition of former oil minister and the first female president of OPEC from the UK to face trial in her home country, because a corruption investigation in Britain is taking too long, the head of Nigeria’s Economic and Financial Crimes Commission (EFCC) said on Monday.   Diezani Alison-Madueke served […]