Bonga oilfield has produced 763mn barrels of oil since 2005 – Shell

  Shell Nigeria Exploration and Production Company (SNEPCo) yesterday disclosed that it has delivered a total of 763 million barrels of oil from the Bonga field between first production in 2005 and 2017, Leadership reports.   In addition, the company said it is expanding the field with further drilling of wells in Bonga Phases 2 […]

Nigeria’s 2.069mbpd oil production still below budget estimates

  Nigeria’s crude oil production including condensate reached 2.069 million barrels per day (mbpd) in April 2018, according to data from the Federal Ministry of Petroleum Resources.   Though there is a slight increase from the 2.022mbpd the country recorded in March, this means Nigeria is still struggling to step up production to meet the […]

Nigeria Recorded 194 Pipeline Vandalism Cases, Says NNPC

The Nigerian National Petroleum Corporation (NNPC) says the nation recorded 194 cases of pipeline vandalism between January 2017 and the corresponding period of this year.During the release of its January financial and operational report yesterday in Abuja, the agency noted that gas supply to the power sector during the period under the review jerked up […]

Nigeria govt to commence oil exploration in Bauchi

  Group Managing Director, Nigerian National Petroleum Company (NNPC), Dr Maikanti Baru, on Friday disclosed that the company would commence oil exploration along Gongola Basin, in Bauchi state.   Baru said this in Bauchi while delivering an Abubakar Tafawa Balewa University (ATBU) pre-convocation lecture titled “Enhancing University-Industry Collaboration to support Nigerian Content Policy, Industrialization and […]

NNPC to commence oil exploration along Gongola Basin – GMD

  The Group Managing Director, Nigerian National Petroleum Company (NNPC), Dr Maikanti Baru, on Friday said that the company would commence oil exploration along Gongola Basin.   Baru said this in Bauchi while delivering Abubakar Tafawa Balewa University (ATBU) pre-convocation lecture titled “Enhancing University-Industry Collaboration to support Nigerian Content Policy, Industrialization and Economic Growth”.   […]

Moody’s cuts Nigerian banks’ risk outlook on rising oil prices

  The outlook for the Nigerian banking system remains stable, as banks’ foreign currency liquidity risks moderate due to rising oil prices and a more liberal foreign exchange policy, says Moody’s Investors Service in a report published today.   The report, “Banking System Outlook — Nigeria; Liquidity risks have eased but earnings pressure and loan […]

We won’t be complacent on oil price rise, Adeosun tells W/Bank

  By Emma Ujah, Abuja Bureau Chief The Minister of Finance, Mrs. Kemi Adeosun, Thursday, in Abuja, held high-level discussions with visiting World Bank Mission, assuring that Nigeria would not be complacent on account of rising crude oil prices.   According to her, the government’s priority was to return the economy to growth and that […]

Nigeria to Achieve 90% Refining Capacity in 2019 – NNPC

  Hope of reducing Nigeria’s export of its crude oil overseas for refining has been rekindled by the assurance of the Group Managing Director, GMD, Nigerian National Petroleum Corporation, Dr. Maikanti Baru that the nation will achieve at least 90 per cent refining capacity by the end of 2019.   Speaking at the 50th Offshore […]

Saraki Warns Oil Firms Against Bribing Lawmakers

Senate President Bukola Saraki has cautioned oil companies operating in Nigeria against offering any form of bribe to lawmakers when the consideration of the Fiscal and Host Communities Bills components of the Petroleum Industry Bill (PIB) begins.   He said this when he received the leadership of the International Oil Companies and Oil Producers Trade […]