A legal halt was on Monday ordered to the planned sale of three oil blocks by the Supreme Court, a day the country learnt of a fresh huge crude find. A five-man panel of the Supreme Court ordered that the status quo ante bellum be maintained in plans by Chevron Nigeria Limited to sell Oil […]
Oil & Gas
Consumers of Premium Motor Spirit (PMS) also known as petrol have continued to lament as the price of product has risen from N87 to about N150 per litre in different parts of the nation. Investigations showed the rise in price is fuelled by many irregularities, including extortion at depots, jetties and filling stations. It was […]
The Nigerian National Petroleum Corporation, (NNPC), is leading the drive to attract massive global investments into the nation’s gas sub-sector as a way of ameliorating the effect of drop in crude oil prices on the Nigerian economy. In an address at the panel session organinsed by the Petroleum Technology Association of Nigeria, (PETAN), at the […]
The Ogun State Governor, Senator Ibikunle Amosun, has attributed the incessant vandalism of petroleum pipelines in various parts of the country to the dereliction of duty on the part of the Nigerian National Petroleum Corporation (NNPC). Amosun, who said this when he visited the scene of a vandalised pipeline along Iperu-Ogere road in Ikenne Local […]
Contrary to reports that there was no provision for fuel subsidy in the 2015 budget, the Senate Committee Chairman on Finance, Senator Ahmed Makarfi, on Thursday said Senate approved N143bn for fuel subsidy in the budget. Speaking with newsmen in Abuja, Makarfi also gave an insight into how the nation can effectively address the issue […]
The Central Bank of Uganda said it remains uncertain whether the country will be able to produce its first commercial oil by 2018 as previously forecast due to a slump in global prices as well as the higher costs of developing its waxy reserves. The Bank was quoted in a report seen by Platts that […]
Nigeria’s oil and gas revenue will likely drop by 10 billion dollars in 2015, if crude oil price average 53 dollars per barrel compared to 77.5 dollars in 2014, the Oil Producer Trade Section (OPTS) has warned. Mrs Elizabeth Proust, Chairman OPTS and Managing Director of Total Upstream companies in Nigeria, gave the warning on […]
The Management of the Shell Petroleum Development Company (SPDC) has assembled an investigative team to ascertain the cause of oil leakage discovered in the company’s Kolo Creek Manifold. A statement by the Spokesman of the SPDC, Mr Joseph Obari, in Yenagoa said the leak was detected on April 15. “A leak was detected today on […]
The latest petroleum products price build-up schedule released by the Ghana Petroleum Authority revealed that Ghana has opted to maintain pump prices of petroleum products for April 2015, while South Africa has chosen to increase same for the period. Ghana Petroleum Authority sets the ex- pump price of a litre of Premium Motor Spirit (or […]
Oil prices rose for the fourth straight week as reports from the United States of America revealed further closures of oil drilling rigs. Oil-field-services firm Baker Hughes Inc. said Friday that the number of rigs drilling for oil in the U.S. fell by 42 to 760 in the latest week, the largest drop in four […]
Nigeria, being the Africa’s top oil producer and largest holder of natural gas reserves on the continent imported 764,000 barrels of Liquefied Petroleum Gas,(LPG) from the United States in 2014, the first time since 2010, according to the Energy Information Administration, (EIA). Data obtained from the EIA, the statistical arm of US Department of Energy, […]
Ibrahim al-Muhanna, Saudi Arabia’s oil minister said the decline in oil prices is “temporary,” and crude is steadying at $55–60/bbl amid stronger global demand. The oil Minister made this remark in a speech he gave in Riyadh, adding that economic expansion in the U.S. and many developing countries together with growth in populations and […]
The need to discard with the Nigerian National Petroleum Corporation, (NNPC) Joint Venture arrangement has been brought to the fore following poor funding that has threatened NNPC’s ability to meet its cash call responsibility to joint venture partners, now worsened by the significant fall in oil revenue. Concerned Industry players and analysts have canvassed that […]
Oil prices jumped as much as five per cent on Monday as traders reassessed how quickly Iran could increase exports after a preliminary nuclear deal and anticipated that a months-long rise in U.S. inventories may be slowing. Brent crude tumbled nearly four per cent on Thursday after Iran and six world powers announced a framework […]
The Management of Shell Petroleum Development Company of Nigeria (SPDC) has said that the company did not shut down its flow stations in Bayelsa owing to fears of attack by aggrieved militants. The SPDC’s spokesperson, Mr Joseph Obari, stated on Friday that the operations of the oil firm were running but declined further details. “Our […]
… The intrigues and lobbying No other bill has been more popular since Nigeria’s return to democratic rule in 1999 than the Petroleum Industry Bill (PIB) – maybe the Freedom of Information Bill comes near. The reason is not farfetched: anything petroleum in Nigeria generates passionate interest. Former President Olusegun Obasanjo set up […]
The crude oil price which has been falling has continued to lower the country’s monthly revenue prospects as gross receipts for February dropped by N14.62 billion to N401.46 billion compared to N416.09 billion the previous month. However, total distributive revenue of N522.05 billion was shared among the three tiers of government for February compared to […]
The independent oil and gas companies may have been breaching on the nation’s petroleum regulations with the high level of defaults in payment of royalties and taxes on the operated oil fields. The Department of Petroleum Resources (DPR), which revealed this at the Nigeria Oil and Gas Conference and Exhibition (NOG), said the indigenous upstream […]
Shell Petroleum Development Corporation (SPDC) and its joint venture partners are to generate about $50 million from the SPDC’s Afam Vl power plant. The Afam VI power plant began generating electricity, fed by natural gas from the Okoloma gas plant in October 2008. The power plant began producing over 400 MW to the national grid, […]
Shell has warned that fiscal stability is crucial to survive the current low oil price climate, else investments could dry up fast with production levels declining shortly afterwards. Vice President, Nigeria and Gabon Shell Up-stream, Markus Droll, made this assertion in his presentation on at the on-going Nigeria Oil and Gas (NOG) conference in Abuja, […]
