Oil, Gas Suppliers to End Illegal Bunkering, Fuel Crisis

  Petroleum products marketers, under the aegis of Natural Oil And Gas Suppliers Association of Nigeria, NOGASA, has announced plans to partner with the Federal Government to end unnecessary fuel crisis, illegal oil bunkering and products adulteration in the country.       Speaking after its Board of Trustees Meeting in Abuja, Deputy Chairman of […]

Oil Prices Fall As Opec Raises Production Target From July

Crude oil prices fell yesterday after the decision by the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to raise crude supplies to about one million barrels by starting from July 1.   The move was aimed at compensating producers for production loss at a time of rising global consumption.   What this […]

‘Journalist’ Abiri arrested for oil pipeline vandalism, says Presidency

  Mr. Jones Abiri, the man said to have been arrested by the Department of State Services (DSS), is not a journalist and does not belong to any chapel of the Nigerian Union of Journalist (NUJ), the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, clarified Thursday night.   Shehu […]

Oil Theft, Nigeria’s Familiar Foe, Back in the Saddle

  Chineme Okafor reports that large-scale theft of crude oil from Nigeria’s heavily militarised Niger Delta waters has resurfaced, leading to recent communities’ protests and blame games by stakeholders   Nigeria is perhaps the only country in the Organisation of Petroleum Exporting Countries (OPEC) notorious for large-scale theft of oil from its oil-bearing Niger Delta […]

OPEC: Nigeria will not support additional oil supply – Kachikwu

  The Minister of State for Petroleum Resources, Ibe Kachikwu, said Nigeria would advise against additional oil supply to the global market by OPEC and non-OPEC members. Mr Kachikwu made the country’s position known in an interview with journalists on Thursday ahead of the 174th Meetings of the OPEC Conference and the OPEC and non-OPEC […]

NNPC extends crude-for-refined oil contracts, settles $5b cash-call arrears

  Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, said the corporation would continue to swap crude oil for refined petroleum products for the next six months in the face of obsolete refineries in the country. The contract, called Direct Sale and Direct Purchase (DSDP), introduced in 2016, was expected […]

Nigeria, S-Arabia, others disagree over oil supply

  Nigeria, Saudi Arabia and other members of the Organisation of Petroleum Exporting Countries, OPEC, have disagreed over oil supplies as meeting of the organisation begins tomorrow in Vienna, Austria.   Investigation by Vanguard showed that the disagreement became obvious, following Saudi Arabia’s lobbying of members to support its call for increased oil supply to […]

Crude Oil Prices to Decline to $68 a Barrel in 2019

The United States’ Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $71 per barrel in 2018 and $68 a barrel in 2019. Meanwhile, Nigeria’s Bonny Light crude oil has maintain an international price of $73.44 per barrel, higher than the Organisation of the Petroleum Exporting Countries (OPEC) basket price of $73.35 […]

Bayelsa Deputy Governor Visits Oil Spill Site, Raps Shell

The Deputy Governor of Bayelsa, retired Rear Admiral John Jonah on Monday criticised Shell Petroleum Development Company (SPDC) over the frequent spills on oilfields in the state.   He spoke at one of the spill sites at Agoro community in Ekeremor Local Government Area following the leak of the SPDC River Ramos pipeline.   Jonah […]