Traditional rulers and stakeholders from the Niger Delta region yesterday listed six things the federal government should do in order to stop further destruction of the country’s oil assets by militants and restore peace in the region. King Jaja of Opobo, Douglas Jaja, was among prominent rulers in the region who met with the Minister of State for Petroleum Resources, … Read More
Militancy Result in Oil Production Deficit of 1.1mbpd – Kachikwu
Minister of state for petroleum, Ibe Kachikwu, has said that militancy in the Niger Delta has destabilised the country’s oil industry and that Nigeria needs to up its production by 1.1 million barrels per day to meet target. Kachikwu also said that declining price of oil in the international market has negatively impacted the country’s revenue leading to economic recession. … Read More
Nigeria’s Oil Output Will Remain Low Into 2017 – U.S.
Nigeria’s crude oil production is expected to remain depressed through 2017 as a result of militant attacks, the Energy International Administration, the statistical arm of the United States’ Energy Department, has said. The EIA, in a statement on its website, said the crude oil production disruptions in Nigeria reached 750,000 barrels per day in May 2016, the highest level since … Read More
Niger Delta Militants Willing to Negotiate With Government
After a sustained bombing of oil facilities reducing Nigeria’s oil output and revenue, the Niger Delta Avengers has said that it is now willing to dialogue with the Federal Government. As a prelude to the talks and an expression of readiness to lay down arms and embrace peace, the NDA, Wednesday, raised what it calls “Contact and Dialogue Team headed … Read More
Nigerian Oil & Gas Companies Face Possible Zero Revenue Generation
The recent upsurge in militant attacks on oil & gas infrastructure in the Niger Delta has significantly reduced production activities of indigenous companies, industry players have said. The Managing Director, Seplat Petroleum Development Company Plc, Mr. Austin Avuru, said about 70 per cent of the nation’s production from the traditional terrain of onshore and shallow water had been locked in. … Read More
Federal Government Recommences Payments To Repentant Militants
The Federal Government has resumed cash payments to repentant militants in the restive Niger Delta, in a calculated bid to end the wave of militant attacks on oil and gas facilities. It had, in February, stopped the payments to former militants who had agreed, under a 2009 amnesty programme, to stop bombing crude oil pipelines in exchange for cash, Reuters quoted a … Read More