NIMASA seeks amendment in crude oil trade terms

The Nigerian Maritime Administration and Safety Agency, NIMASA, said it is focused on ensuring that the nation’s crude oil trade terms are changed from the present Free on Board, FOB to Cost Insurance Freight, CIF.   Disclosing this in Benin over the weekend, Director-General of NIMASA Dakuku Peterside, said in a bid to create enabling […]

NLNG debunks owner’s claims over ship fire

The Nigerian Liquefied Natural Gas (NLNG) has debunked claims of neglect by the Nigerian Trawler Owners Association (NITOA) and the Nigeria Merchant Navy Officers and Water Transport Senior Staff Association over the fire that gutted a trawler, MV ORC IV, off Bonny Channel.   According to a statement by its Corporate Communications and Public Affairs […]

Aiteo Denies Hindering NOSDRA From Investigating Explosion Site

The Aiteo Eastern Exploration and Production Company (AEEPCo) has said it did not stop the National Oil Spill Detection and Response Agency (NOSDRA), from investigating the fire incident at its oil well in Nembe, Bayelsa State on March 1.   In a statement yesterday, the oil and gas firm stressed that reports in some news […]

Nigerian pipeline explodes, forces hundreds to flee

A major Nigerian oil pipeline has exploded, local police said Sunday, forcing nearby residents to flee and raising suspicions of possible sabotage.   ADVERTISEMENT The Nembe Creek Trunk pipeline runs from an oil terminal in Bonny to the state of Bayelsa with capacity of 150,000 barrels per day. The explosion happened on Friday.   “We […]

Oil price rises as uncertainty over Nigeria elections, Venezuela tension mounts

AS Nigeria’s stock market turn positive with significant capital gains ahead of official conclusion of the general elections, oil prices, yesterday shot up, apparently over uncertainty over the outcome of the election’s as well as the political tension in Venezuela. Also the pressure on oil price appears to be coming from a positive sentiment over […]

Nigeria to boost domestic gas supply by 600mmscfd

A major step on attaining sufficiency in domestic gas supply was taken by the Nigerian National Petroleum Corporation (NNPC) Wednesday in Abuja with the execution of Final Investment Decision (FID) on the development of the 4.3trillion cubic feet Assa North/Ohaji South Fields (ANOH) in OML 21 between the corporation and its Joint Venture partners among which […]