Low Oil Price Threatens Nigeria Budget, Revenue

The continuing meltdown in the global oil market in the last one month is threatening Nigeria’s budget implementation, especially funding of capital projects, experts told Daily Trust yesterday.   International oil benchmark Brent, against which Nigeria’s oil is priced, plunged to $51 per barrel at the weekend after hitting four-year high of $86.74 per barrel […]

Jonathan Govt’s Dubious OPL 245 Contract With Shell To Cost Nigeria ‘Up To $5.8bn’

Once the Zabazaba and Etan Integrated Development Project comes on stream in 2020, Nigeria will lose out on 30 per cent of all revenues from crude oil sales made from the field. This is thanks to the resolution agreement on the ownership of Oil Prospecting Licence (OPL) 245 proposed by oil giants Royal Dutch Shell […]

Tension Rises in Niger Delta Over

Warri — Tension has started building up in Delta State due to the decision of the Nigerian National Petroleum Corporation (NNPC) to award oil infrastructure surveillance contract to Ocean Marine Solution Limited contrary to extant rules.   Multiple sources told THISDAY at the weekend that the NNPC approved a contract for the surveillance of the […]

Fresh trouble for Nigeria as oil price plunges

The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country.   Brent, against which Nigeria’s oil is priced, plunged by $3.80 to $58 per barrel on Sunday as […]

Report: Nigerian Banks’ Fortunes Tied to Oil Price

  A report by the Financial Times Thursday stated that most of Nigeria’s commercial banks have their fortunes tied to fluctuations in global oil prices considering that about a third of all credits they extend to the economy are directed to operations in the country’s oil and gas industry.   The report, titled ‘Investing in […]

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 the additional […]

Russian, Nigerian companies to explore new oil blocks in South Sudan

South Sudan’s petroleum ministry has signed new contracts with oil companies from Nigeria and Russia, a senior government official who demanded anonymity because he was not authorized to speak to the media and with full knowledge with the deals told the South Sudan News Agency (SSNA) on Wednesday in Juba.   The news comes as […]

NNPC eyes new funding option to boost oil reserves

  The Nigerian National Petroleum Corporation (NNPC) said it is eyeing new funding option to increase oil reserves to 40 billion barrels by 2020.   Its Group Managing Director,  Dr Maikanti Baru, stated this yesterday in Lagos at the ongoing conference and exhibition of the Nigerian Association of Petroleum Explorationists (NAPE).   Represented by the […]

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 […]