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
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
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
Niger Delta Stakeholders List Conditions for Peace
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
NNPC GMD, Warned against Renewal of Oil Surveillance Contracts to Foreign Firms
Right activists in Gbaramatu kingdom wednesday petitioned the Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Kacalla Baru, over the award of oil pipeline surveillance contracts to non-indigenous companies. They warned against renewing the oil and gas facilities surveillance contract awarded to a non-indigenous firm, Ocean Marine Surveillance Limited, over the years. In the petition signed by Isaac … 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
Rethinking NNPC’s Oil Search in the North
Having frittered away billions of naira of state funds in the search for crude oil in the north, the federal government (NNPC) should adopt the successful models used in the Niger Delta, Anambra and Dahomey Basins by incentivising oil companies to embark on exploratory activities in new frontiers. The Niger Delta, which largely dominates the oil-rich Gulf of Guinea, did … Read More
Avengers Bow to Niger-Delta Leaders’ Plea
Niger Delta Avengers, NDA, last night, in deference to Niger Delta monarchs and leaders, who asked them, on Friday, in Warri, Delta State, to stop blowing up oil pipelines, said it would cease hostilities in the region. The cessation of hostilities, it said, was in support of “genuine Niger Delta stakeholders conference to engage the Federal Government” on the issues … Read More
Oil Production Drops by 29%, Against Projection – FG
The Federal Government on Thursday revealed that the country’s crude oil production had dropped by 29 percent, as against the nation’s 2016 budget target of 2.2 million barrels per day, an indication that Nigeria’s current economic crisis might still linger for a longer time. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who disclosed this at the national … Read More
Nigeria’s Oil Production At 30-Year Low – U.S.
Nigeria’s oil production fell to 1.4 million b/d, as at May, 2016, nearly a 30-year low, the United States Energy Information Administration has said. In a report released yesterday, the agency said the Niger Delta Avengers’ (NDA) attacks resulted in immediate and severe disruptions in crude oil production, as some of them targeted key oil-gathering and export infrastructure. According to … Read More
- Page 1 of 2
- 1
- 2