The Minister of State for Petroleum Resources, Ibe Kachikwu, on Monday said Nigeria may force oil companies to lower production costs if negotiations fail. According to Mr. Kachikwu, countries like the United Arab Emirates had cut costs significantly, saying they are the lowest-cost producers in the world. The minister said this at the opening ceremony of the Nigeria Annual International … Read More
Shell sets out upcoming FID plans for Nigeria, others
Shell is targeting project sanctions in Nigeria, UK North Sea, China and US Gulf, with two LNG developments also seen, Upstream reports. Following the release of its second-quarter results last week, Shell CEO Ben van Beurden identified eight upstream projects that are expected to progress towards a final investment decision in the next 18 months. The Bonga South West deep-water … Read More
Oil hits $53 approximately on tighter US market
Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25. U.S. West Texas Intermediate (WTI) futures were up 16 cents or 0.3per cent at 49.87 dollars per barrel. The entire … Read More
Boko Haram: Nigeria government stops oil search in Lake Chad Basin
The Nigerian National Petroleum Corporation, NNPC, has suspended exploration for crude oil in the Lake Chad Basin. This followed attacks on its workers and some military personnel by Boko Haram. Minister of State for Petroleum Resources, Ibe Kachikwu, Thursday said the exercise will be put on hold until the military could give the sufficient clearance to resume oil search in … Read More
Nigeria targets 100% capacity in oil vessels production by 2027
The Nigerian oil and gas industry will between now and year 2027 aspire to domesticate the full capacity and capability required for the integration of Floating Production Storage and Off-loading vessels (FPSO), the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said. He gave the target at the public hearing conducted by … Read More
Militants destroy Trans-Niger pipeline, Nigeria loses 150,000bpd
Suspected militants on Monday vandalised the Trans-Niger pipeline in Ogoniland in the Niger Delta region, reducing the Nigerian National Petroleum Corporation’s crude oil production by 150,000 barrels per day. According to the Group Managing Director, NNPC, Dr. Maikanti Baru, the country has not been able to sustain the recent gains recorded in crude oil production as a result of the … Read More
Britain to invest in Nigeria’s oil pipelines
The British government has said it will invest in Nigeria’s oil pipeline infrastructure, renewable energy, as well as gas and power. The British High Commissioner to Nigeria, Mr. Paul Arkwright, disclosed this when the Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, Mr. Ndu Ughamadu, paid a courtesy visit to the Chancery of the British High Commission … Read More
Buhari Tasks Private Sector On Economic Recovery
President Muhammadu Buhari, yesterday tasked the private sector operators to take the lead in the efforts at resuscitating the nation’s ailing economy saying they hold the key to quick economic recovery. The president, who spoke at the 44th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), held in Abuja and attended by lawmakers and members of the Organised … Read More
Crude Oil Slumps One Day After OPEC Deal to Cut Output
Despite the decision of the Organisation of Petroleum Exporting Countries (OPEC) to cut crude oil production by 200,000-700,000 barrels per day to achieve price recovery, oil prices fell yesterday after the gains recorded on Wednesday. This was just as Royal Dutch Shell on Thursday in Rio de Janeiro, Brazil, launched its “#makethefuture” programme, where it unveiled six new technologies from … Read More
Militants Blast NNPC Pipeline in Fresh Attack
A militant group called the Niger Delta Greenland Justice Mandate on Thursday claimed an attack on a crude pipeline in Delta state operated by the Nigerian Petroleum Development Company, a subsidiary of the NNPC. The NDGJM said in a statement it had blown up the Unenurhie-Evwreni pipeline “to prove to the wicked and ungrateful multinational oil companies and their Nigerian … Read More