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
Fresh Concerns Over Importation Of Toxic Fuel Into Nigeria
The challenges bedevilling the Nigeria’s petroleum industry took a new twist last week Thursday with the report from Public Eye and Africa Network for Environmental and Economic Justice (ANEEJ), a non-governmental organisation (NGO) in Nigeria released a report claiming importation of dirty fuel into the country. Public Eye, a group previously known as the Bern Declaration stormed the world with … Read More
Oil Exports to Rise By .5 Million Barrels Per Day After Pipeline Repairs
The completion of repairs of sabotaged oil facilities is set to help push up Nigeria’s crude oil exports by 575,000 barrels, per day, in the last quarter of 2016. ExxonMobil is the latest oil major to have a pipeline prepared to export Qua Iboe grade of crude, with the first cargo expected to load as early as the end of … Read More
Federal Government Sues Agip and Total for $635m
The Federal Government is demanding $635 million from two multinational oil companies, Agip and Total, for undeclared crude oil shipped out of the country between 2011 and 2014. Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government … Read More
Oil Set for Weekly Drop as Resilient Supply Seen Sustaining Glut
Oil headed for a weekly loss on speculation a global crude glut will persist as disrupted supply returns and demand growth slows. Futures fell 1.3 percent in New York, extending a weekly decline to 5.5 percent. OPEC members Libya and Nigeria, whose supplies have been reduced by domestic conflicts, are preparing to boost exports within weeks. The oil surplus will last longer … Read More
The Ceasefire in Niger Delta Threatened by Local Anger at Military
An agreed ceasefire in the Nigeria’s oil-producing Niger Delta is in danger of being derailed by anger at the military over the death of an elderly local leader. The Niger Delta Avengers group, whose attacks on oil pipelines in the southern region crippled crude output earlier this year and pushed Africa’s biggest economy into recession, said in August it agreed … Read More
Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart
Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within weeks. Libya’s state oil company on Wednesday lifted curbs on crude sales from the ports of Ras Lanuf, Es Sider and Zueitina, potentially unlocking 300,000 bpd … Read More
Nigerdock Boss Seeks End To Monopoly In Oil & Gas Logistics
The Chairman of Nigerdock, Anwar Jarmakani, has called for the end of monopoly in the oil & gas logistics describing it as a threat to the sector. Jarmakani disclosed this when he hosted the Managing Director, Nigerian Ports Authority (NPA), Ms Hadiza Bala Usman who paid a courtesy visit to the Nigerdock Snake Island Free Zone in Lagos, recently. The … Read More
ExxonMobil Resumes Export, Three Months After Force Majeure.
Mobil Producing Nigeria Unlimited, a unit of ExxonMobil, will resume shipment of Qua Iboe crude, Nigeria’s largest grade of crude oil in October, three months after the company had declared force majeure on the exports of the grade. This is coming as oil prices slumped three per cent tuesday following another gloomy prediction by the International Energy Agency (IEA) on … Read More
It’s Vital to Restore Pre-sanctions Oil Output – Iran President
Iran’s President said he supports efforts by OPEC to stabilize oil prices, while reiterating that the country must restore production lost during years of sanctions. “Iran had suffered greatly under sanctions,” Hassan Rouhani said, according to a statement on OPEC’s website citing the Iranian president. Therefore it is “vital for the country to make up its lost oil production,” he … Read More