Monday, June 14

Tag: crude oil

We Are Not Broke, Says NNPC
News

We Are Not Broke, Says NNPC

PRESS RELEASE Revenue Projection in Letter to AGF Not Reflection of Corporation’s Financial Standing, @NNPCgroup Clarifies …Pledges to Optimize Cost, Boost Remittance to #FAAC 1. The Nigerian National Petroleum Corporation (#NNPC) has clarified that the revenue projection contained in the letter to the Accountant General of the Federation being cited in the media pertains only to the Federation revenue stream being managed by the Corporation and not a reflection of the overall financial performance of the Corporation. 2. A press release by the Corporation’s spokesman, Dr. Kennie Obateru, stated that the clarification became necessary in the light of media reports insinuating that the Corporation was in financial straits. 3. #NNPC maintains that it is conscious of its rol...
Actress Ummi Zee Zee reveals reason for her suicidal post; says she was duped of N450 million
Celebs

Actress Ummi Zee Zee reveals reason for her suicidal post; says she was duped of N450 million

Actress Ummi Ibrahim, aka Ummi Zee Zee, has revealed why she was depressed days after sharing a suicidal post on Instagram. Over the weekend, the Kannywood actress shared a depressing photo of herself and wrote in the caption that she feels like committing suicide. She has now revealed that she became depressed after losing N450million to a business partner. Speaking in an interview with Voice of America (Hausa Service), she said: "The reason for my post was because one Igbo man from the Niger Delta, with whom I started crude oil business, said there’s a certain amount of money I had to give for us to start the business, and that I will make half payment and then give the remaining later. "I didn’t know the man is a fraudster. He defrauded me of huge amount of money and...
Gas Holds Key Potential For Nigeria’s Economy – Femi Gbajabiamila
Politics

Gas Holds Key Potential For Nigeria’s Economy – Femi Gbajabiamila

The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has said that the gas sector holds key potential for the Nigerian economy as the world looks outside the box from dependence on crude oil. Gbajabiamila said, for this reason, experts in the gas sector should partner with those in government for the development of the sector to achieve optimum results, noting Nigeria needs to maximize its natural gas resource. Speaking while receiving a delegation of the Nigerian Liquified Natural Gas (NLNG) in his office on Wednesday, Gbajabiamila said the on-going process of passing the Petroleum Industry Bill (PIB) had provided an opportunity for the experts to collaborate with the House to incorporate futuristic gas legislation that would be beneficial to Nigeria and Nigerian...
Nigeria Loses ₦151.78 Billion In Crude Oil Monthly – NNPC
News

Nigeria Loses ₦151.78 Billion In Crude Oil Monthly – NNPC

Nigeria is currently losing an average of 200,000 barrels of crude oil daily, the Nigerian National Petroleum Corporation stated on Wednesday. Brent, the oil against which Nigeria’s crude is priced, was $66.75 per barrel on Wednesday, while the official exchange rate of the dollar stood at 379/$. From the above figures, it showed that the country was losing about N151.79bn in 30 days, going by the 200,000 barrels of crude oil being lost daily, as revealed by NNPC. Group Managing Director, NNPC, Mele Kyari, disclosed the volume of crude oil lost daily in Nigeria while speaking at a meeting with the Chief of Defence Staff, Major General Lucky Irabor. The NNPC boss was quoted in a statement issued in Abuja by the corporation’s spokesperson, Kennie Obateru, as saying, “We have ...
Panic In Otuabula 2, Bayelsa As Crude Oil Mysteriously Erupts From The Ground
News

Panic In Otuabula 2, Bayelsa As Crude Oil Mysteriously Erupts From The Ground

There is a mixed feeling of fear and excitement in a non-crude oil producing community, Otuabula 2, in Ogbia Local Government Council of Bayelsa State when crude oil was discovered to have spurted from the ground. Whether the crude oil was forced out of the ground by human or natural causes is yet-to-be-established but National Oil Spill Detection And Response Agency (NOSDRA) has visited the site and taken samples for testing, Nigerian Tribune learnt. However, an environmental scientist attached to the NOSDRA Reference Laboratory who also visited the site and pleaded not to be mentioned hinted that the crude oil is fresh, indicating that the crude oil may have erupted through a crack on the ground. He explained that “when crude oil under the surface of the earth is overdue for...
Reps Panel Alleges Theft Of $20b Crude Oil In Seven Years
Politics

Reps Panel Alleges Theft Of $20b Crude Oil In Seven Years

House of Representatives Adhoc Committee on Oil Theft, yesterday, alleged that 329,420,319 barrels valued at over $20 billion were not accounted for between 2005 and 2012. Chairman of the committee, Mr. Peter Akpatason, who spoke during hearing on the matter, accused Department of Petroleum Resources (DPR) of not doing enough to render account of the alleged missing monies. The committee alleged that similar trend of infractions was also observed between 2016 and 2019. Akpatason, therefore, demanded explanation from DPR on the alleged stolen crude oil. Akpatason said: “The effects of crude oil theft cannot be overemphasized, and this has lasted for too long. As patriots, it is our collective responsibility to see to the end of this stealing. The adhoc committee has identified ...
Port Harcourt Pollution Endangers Residents’ Health – BBC
Health

Port Harcourt Pollution Endangers Residents’ Health – BBC

Kalio Keturah Nicholas remembers the time she could eat fresh fish from the river behind her house in Port Harcourt, Nigeria. Those times are now a distant memory as oil spills onto the shore and everything in sight is covered in a thick layer of black soot. Residents blame illegal refining of crude oil as the leading cause of soot in the atmosphere. But for Kalio, it's not just a question of cleanliness anymore - the oil and soot are seriously affecting her health. Precious Ede, the chairman of a government committee tackling soot in the region, says that the government is using military officers to crack down on illegal refining of crude oil, and sensitising the public on the dangers of air pollution.
Oil Nears $56, FG May Reintroduce Fuel Subsidy
News

Oil Nears $56, FG May Reintroduce Fuel Subsidy

The sustained increase in global crude oil prices has pushed up the landing cost of imported petrol closer to the current pump prices of the product in Nigeria, and appears to have triggered a return to petrol subsidy era, ’ FEMI ASU reports Since November 13 , 2020 when the pump prices of Premium Motor Spirit ( petrol ) were last increased in the country, the price of the international oil benchmark, Brent crude, has been on an upward trajectory, rising from $41. 51 per barrel to close at $51. 22 per barrel on December 31. Fuel marketers had in December expected another upward adjustment of PMS prices to reflect the further rise in crude oil prices . However , a N 5 reduction in petrol price , effective December 14 , was announced by the Federal Government – a development that le...
Our recession will be shortlived- Lai Mohammed
News

Our recession will be shortlived- Lai Mohammed

The Minister of Information and Culture, Lai Mohammed, has said that the Federal government is confident that with the intervention policies, with the fiscal and monetary interventions have been put in place, the current economic recession will be short-lived.   The National Bureau of Statistics, NBS had two days ago said that Nigeria’s economy has slipped into another recession, the second time since 2016.   Speaking during an interview with NTA today November 25, Mohammed said the recession is inevitable due to the global collapse in oil prices occasioned by the coronavirus pandemic. He said other countries like Finland, Hungary, Spain, and others have gone into recession due to the fall in the price of crude oil worldwide.   “It is true we are in a reces...
Crude Oil & Minerals Are Valued More Than Nigerian Youths – Ogbonnaya Onu
Politics

Crude Oil & Minerals Are Valued More Than Nigerian Youths – Ogbonnaya Onu

The Minister of Science and Technology, Dr Ogbonnaya Onu, has observed that crude oil and other natural resources are valued more than the lives and potentials of Nigerian youths. Dr Onu made this divulgence on Tuesday at the book launch of the former Minister of Education, Professor Tunde Adeniran, titled: “Africa’s Security Challenges In The 21st Century; Power, Principles and Praxis in Global Politics”. According to the Minister: ‘Nigeria is endowed with very intelligent youths. They are a national asset rather than a curse and this asset needs to be converted for the economic benefits of the country. ‘Unfortunately, today, natural resources such as crude oil and minerals, are more appreciated and valued than our youths. These resources do not add up to the value which the ...
Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014
Politics

Reps Summon Mele Kyari, Emefiele Over Non Remittance Of ₦3.24 Trillion In 2014

The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014 Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on audit queries issued by the Office of the Auditor General of the Federation for the period. The committee had penultimate week accused the NNPC GMD of refusing to respond to an audit query issued against the corporation over alleged illegal withdrawals from the Nigerian Liquefied Natural Gas Limited’s Dividends Account, totalling of $20.3bn. Kyari, who has yet to appear before the lawmaker...
PPMC May Crash Petrol Price As Crude Oil Prices Dip
News

PPMC May Crash Petrol Price As Crude Oil Prices Dip

The Pipeline Products Marketing Company (PPMC) may crash the prices of Premium Motor Spirit (PMS) petrol this month, The Nation learnt at the weekend. Speaking with The Nation on phone, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Alhaji Abubakar Maigandi, said the marketers are looking forward to a downward review of the ex-depot price for October. He based his forecast on the decline crude prices. The Brent Crude that was $40 per barrel is today $39. 38. He however, said the marketers were expecting announcement of the new price from the PPMC, which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC). But Petroleum Products Pricing Regulatory Agency (PPPRA) had last month said the price of petrol is not sole...
Why Nigeria’s Crude Oil Dependence Is A Dead End – Kingsley Moghalu
Politics

Why Nigeria’s Crude Oil Dependence Is A Dead End – Kingsley Moghalu

Professor Kingsley Moghalu, former Deputy Governor, Central Bank of Nigeria and President, Institute for Governance and Economic Transformation, is a Distinguished Non-Resident Fellow and Senior Fellow, Council on Emerging Market Enterprises, The Fletcher School of Law and Diplomacy, Tufts University Massachusetts, USA. In this online interview with ADEMOLA ADEGBAMIGBE, he speaks on leadership problem in Nigeria, the country’s influence or global competitiveness, lessons of covid-19, scenario of Nigeria without oil and other issues, Let’s talk about the general concept of ‘global competitiveness.’ What does the man on the street need to understand in this regard? In very simple terms, “global competitiveness” means how able a country is to achieve prosperity for its citizens. It i...
NNPC Begins Crude Oil Exploration In 11 LGAs In Niger, Kwara, Kogi
News

NNPC Begins Crude Oil Exploration In 11 LGAs In Niger, Kwara, Kogi

The Nigeria National Petroleum Corporation (NNPC) on Wednesday said it has commenced crude oil exploration along the Bida Basin spreading across eight local government councils of Niger state, two in Kwara state and one in Kogi state. Group managing Director (GMD) of the NNPC, Mallam Mele Kolo Kyari, who disclosed this when he paid courtesy call on Governor Abubakar Sani Bello of Niger on Wednesday said the Corporation is to unveil the 2D seismic data acquisition in the Bida Sokoto basin. Progress is being recorded in the ongoing exploration of inland basins by the Corporation is capable of growing Nigeria’s reserve to 40 billion barrels by the year 2023, the GMD who spoke through Group General Manager Frontier Exploration Services, Abdullahi Bomai said. Mere Kyari said, “In d...
It is Time For Nigeria To Build Strategic Crude Oil Reserve – Atiku
Politics

It is Time For Nigeria To Build Strategic Crude Oil Reserve – Atiku

Former Vice Presidential of Nigeria, Alhaji Atiku Abubakar has said that with the coronavirus presently ravaging the world, the time is right for Nigeria to build strategic crude oil reserve. In his words, “I believe that the time is right for Nigeria to build a strategic crude oil reserve, with massive storage capacity that can hold at least a month’s worth of our OPEC production capacity.” “If we build such an infrastructure, we will not have to sell our crude at a production loss. We will be in a position to stockpile the product in our reserve until such a time as prices improve.” “It is time for Nigeria to protect her economy from being tossed to and fro by circumstances beyond our control. We must assert our sovereignty, by exerting more influence over the global trade i...
FG Proposes Review Of Oil Benchmark To $30pb
News

FG Proposes Review Of Oil Benchmark To $30pb

In a meeting with the leadership of the National Assembly on Wednesday, Minister of Finance, Zainab Ahmed, explained that prior to the COVID-19 and oil price decline, the Nigerian economy was already fragile and vulnerable. She added that the impact of the pandemic put increasing pressure on the Naira and foreign reserves as the crude oil sales receipts declined and the country’s micro-economic outlook worsened. Ahmed disclosed that the Federal Government has undertaken cuts to revenue-related expenditures for the Nigerian National Petroleum Corporation (NNPC) for several projects included in the 2020 Appropriation Act passed by the National Assembly in December, 2019. “Prior to COVID-19 and Oil price decline, the Nigerian economy was already fragile and vulnerable.” She also t...
15 Oil Thieves Sentenced To Three-year Jail Term In Lagos
News

15 Oil Thieves Sentenced To Three-year Jail Term In Lagos

A Federal High Court sitting in Lagos on Monday sentenced 15 oil thieves to three years imprisonment and ordered the forfeiture of two vessels along with 868.5 metric tonnes of crude oil to the Nigerian Government. Justice Rilwan Aikawa found them guilty on all three counts and sentenced them to one-year in prison on each count, which will take effect from the day of their arrest. Furthermore, Justice Aikawa ordered the forfeiture of the vessels to the government and imposed a fine of N600, 000 on each convict aboard MT Zeebrugge and the sum of N900, 000 on each convict aboard MV Ekpere Amaka. The convicts are MT Zeebrugge (vessel), Kapilarathana A.J, Yapa, Ramanayaka Appuhamilage Maithripala, Labunu Hewage Udayanga Silva, Shashika Yomal Palipana, Amarasinge Arachchige Dasman Cham...
Naira crashes drastically in value as a Dollar sells for N420
News

Naira crashes drastically in value as a Dollar sells for N420

The Nigerian currency has crashed in value to dollar as at Thursday. The Naira is now exchanged bey N405 and N420 to a dollar. Furthermore, The Association of Bureaux De Change Operators of Nigeria president, Aminu Gwadabe, said this is because of the oil price. Reports says the crude oil price fell drastically in the international market. The price of the oil in the market low as $35. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash. “The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support...
$750m Oil Stolen In 2019 – NNPC
Politics

$750m Oil Stolen In 2019 – NNPC

The Nigerian National Petroleum Corporation has said the nation lost about $750m to crude oil theft in 2019. The Group Managing Director, NNPC, Mallam Mele Kyari, who disclosed this on Tuesday, decried the growing activities of oil thieves and pirates which he described as a threat to the operations of the corporation. Kyari spoke to members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies who visited the NNPC Towers, Abuja, on a study tour. He said any threat to the corporation’s operations was a direct threat to the very survival of Nigeria because of the strategic role of the corporation as an enabler of the economy. According to Kyari, other security challenges facing the corporation include vandalism of oil and gas infra...
Over 1 Billion Barrels Of Crude Oil Discovered In The North – Minister, Timipre Silva
Politics

Over 1 Billion Barrels Of Crude Oil Discovered In The North – Minister, Timipre Silva

The Minister of State for Petroleum Resources, Timipre Sylva, said that about one billion barrels of crude oil have been discovered in Northeastern part of Nigeria. Mr Sylva made the disclosure at a news Conference to end the 2020 Nigeria International Petroleum Summit, NIPS, in Abuja on Wednesday. “The figure we are getting, the jury is not totally out yet but from the evaluation results we are getting the reserve that has been discovered in the northeast is about a billion barrels. “Those are the kind of figures we are seeing and we are beginning to understand the geological structure of the region,” he said. According to him, a lot of oil is yet to be found in the country. He added that there was need for more exploration in the country as more oil would be discovered...
FG Pushes For Lower Crude Oil Production Cost
Politics

FG Pushes For Lower Crude Oil Production Cost

The Federal Government is deepening the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act as part of measures to lower the country’s high crude oil production cost, according to the Minister of State for Petroleum Resources, Chief Timipre Sylva. Sylva stated this during his first working visit to the Head Office of Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa State, at the weekend. Emphasizing that Government’s primary target in the sector is to significantly reduce the unit cost of producing per barrel of crude oil, Sylva stated that ”local contractors tend to be cheaper than expatriates and international contractors and that’s why we want to encourage Local Content and give more opportunities to local contractors...
NNPC Discovers Crude Oil, Gas in Bauchi State
News

NNPC Discovers Crude Oil, Gas in Bauchi State

At about 21:20 hours of 10th October 2019, NNPC group drilling crew working at Kolmani River-II in Gongola Basin have encountered hydrocarbon outflow to the well head while performing well test operations... NNPC revealed this online. Watch Video Below
Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele
Uncategorized

Oil Discovery Exposed Nigeria’s Economy To Vulnerability – Emefiele

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, has stated that oil discovery exposed Nigeria’s economy to vulnerability. According to the CBN boss, the increasing reliance on crude oil revenues have led to a severe downturn in the agriculture and manufacturing sectors, and also exposed the economy to vulnerabilities that normally accompanied an increased dependence on a single commodity for survival. Emefiele who disclosed that oil discovery exposed Nigeria’s economy to vulnerability, further revealed in his economic blueprint for the economy for the next five years that if Nigeria had maintained its market dominance in the palm oil industry, which stood at 40 per cent in the 70s, the country would be earning above $20bn annually from the cultivation and processing of pa...
President Buhari Appoints New GMD of NNPC, Baru Kicked Out
News

President Buhari Appoints New GMD of NNPC, Baru Kicked Out

President Muhammadu Buhari has appointed Mr. Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC). The appointment takes effect 8 July. He replaces Dr.Maikanti Baru as the 19th Group Managing Director of the National Oil Company. A release today in Abuja by the NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, stated that President Buhari also appointed alongside Kyari, seven new Chief Operating Officers. Until his new appointment, Kyari, a geologist, was Group General Manager, Crude Oil Marketing Division of NNPC and also doubled, since 13th May, 2018, as Nigeria’s National Representative to the Organization of the Petroleum Exporting Countries, OPEC. President Buhari has directed that the New GMD and the...
Fire incident: Aiteo declares force majeure on NCTL
News

Fire incident: Aiteo declares force majeure on NCTL

The management of Aiteo Eastern Exploration & Production Company Limited, an arm of Aiteo Group,has declared force majeure on Nembe Creek Trunk Line (NCTL) in Bayelsa State as a result of fire incident on the facility on Sunday. The NCTL is one of Nigeria’s major oil pipelines that evacuate crude from oil fields in the Niger Delta region. The force majeure became imperative to enable restoration of the facility. Force majeure is unforeseeable circumstance that exempts contracting parties from fulfilling their contractual obligations because such circumstance is beyond their control. Aiteo in a statement signed by its official, Mr. Ndiana Matthew, said: “We have been informed of a fire outbreak by our surveillance team comprising the Joint Task Force (JTF), Department of State Ser...
Fed Govt, states, local govts share N619.857b
News

Fed Govt, states, local govts share N619.857b

The three tiers of government – federal, states and 774 council areas —yesterday shared N619.857 billion as Federal Allocation for  February. A communiqué issued by the Technical  Sub -Committee of the Federation Accounts Allocation Committee (FAAC) at the end of its February meeting, indicated that the gross statutory revenue received was N478.434 billion.  It was lower than the N505.246 billion received in the previous month by N26.812 billion. Addressing reporters at the end of yesterday’s meeting in Abuja, the Director of Funds in the Office of the Accountant-General of the Federation (OAGF), Muhammed Usman, said: “Federation crude oil export sales increased by about 46 per cent resulting in increased federation revenue from $425.00 million previously to $574.95 million. Shut-in ...
Akwa Ibom Governor Announces Discovery Of Crude Oil In Uruan
Politics

Akwa Ibom Governor Announces Discovery Of Crude Oil In Uruan

Akwa Ibom State Governor, Mr. Udom Emmanuel has disclosed that the state would soon begin the exploration of crude oil discovered in Urua Local Council area of the state. The governor disclosed this during his campaign yesterday at the council’s headquarters. According to him, the state is now awaiting the conclusion of some paper formalities, adding that when completed, it would go a long way in expanding the state’s status and income from the federation account. Emmanuel said the commencement of oil exploration would further boost the state’s economy and create employment for the people. He said: “Uruan is at the verge of becoming one of the oil producing communities in the state. That is why you see a new oil rig in the area, and once we are done with signing of papers, we w...
PDP Welcomes Buhari’s Declaration to Jail Looters
News

PDP Welcomes Buhari’s Declaration to Jail Looters

The Peoples Democratic Party (PDP) has welcomed President Muhammadu Buhari’s renewed declaration to jail treasury looters, urging him to show exemplary leadership by by starting with immediate investigation and prosecution of the National Chairman of All Progressives Congress (APC), Adams Oshiomhole, sacked Director General of the Department of State Security (DSS), Lawal Daura and a host of others persons indicted for corruption. The party also challenged President Buhari to allow an investigation into the alleged stealing of billions of naira by his allies and party chieftains, including the sacked former Director General of the Department of State Services (DSS), Lawal Daura, his former Secretary to the Government of the Federation (SGF), Babachir Lawal and the Executive Secretary ...
Rep Commence Full Blown Investigation On $21bn Crude Oil Loss
News

Rep Commence Full Blown Investigation On $21bn Crude Oil Loss

THE Ad-hoc Committee put in place by the House of Representatives to probe the alleged loss of crude oil worth $21billion yesterday  commenced full-blown investigation into the deal with a view to establishing the veracity or otherwise of the loss ‎ The committee was also mandated to investigate debts owed indigenous companies by International Oil Companies (IOCs). Speaking at the inaugural meeting in Abuja on Wednesday, the Chairman of the ad-hoc committee, Honourable Daniel Reyenieju who assured that the committee would be diligent in the course of its assignment vowed that committee would get into the root of the circumstances leading to the loss and proffer the solution that prevents future occurrence. According to him, “we  are expected to investigate the operations of the dee...
News

Price Of Brent Crude Oil Rises To $70 On Output Cuts

US West Texas Intermediate (WTI) crude futures were at 64.53 dollars a barrel, up 23 cents. Both benchmarks last week reached levels not seen since December 2014, with Brent touching 70.05 dollars a barrel and WTI reaching as high as 64.77 dollars. ANZ bank said on Monday that oil prices had recently risen on data that continued to show that the market was tightening. Oil markets had been well supported by production cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia which were aimed at propping up crude prices. The cuts started in January last year and were set to last through 2018, and coincided with healthy demand growth, pushing up crude prices by more than 13 per cent since early December. But other factors, including political risk, als...
Nigeria’s Bonny Light Crude Oil Hits $67.10 Per Barrel
News

Nigeria’s Bonny Light Crude Oil Hits $67.10 Per Barrel

The price of Nigeria’s Bonny Light crude oil reached $67.10 per barrel to emerge the highest priced product among members of Organisation of the Petroleum Exporting Countries (OPEC).Apart from Bonny Light crudes, other Nigeria’s oil grades such as Brass River and Qua Iboe also appreciated in value to sell at $65.32 and $61.22 per barrel respectively yesterday at the international market. United Arab Emirate’s Murban; Algeria’s Saharan Blend and Qatar Marine also recorded impressive performance to settle at $66.83, $67.05 and $66.83 per barrel respectively.The Bonny Light is in high demand specifically by American and European refineries. It is therefore a major source of income for the oil-rich nation. The very low sulfur content of Bonny Light crude makes it a highly desired grade f...
Fed Govt Urges Nigerians To Prepare For Post Crude Oil Era
News

Fed Govt Urges Nigerians To Prepare For Post Crude Oil Era

The Federal Government has called on Nigerians to prepare for the post crude oil era, urging that the time is now to avoid being too late. Making the call while delivering a keynote address at the First Science and Technology Innovation Sensitisation Forum and Open House, in Abuja, the Minister of Science and Technology, Dr. Ogbonnaya Onu, added that the post crude oil era would soon come, saying Nigeria had to pull its economy away from being dependent on commodities only. The minister further said that it had become necessary for the country to diversify its economy, prior to the time the crude oil would either lose its major economic relevance or dry up, to avoid associated consequences. Onu, who reaffirmed the call for indigenous technology capacity and re-iterated that moving...
Oil Rises To Approximately $50 On Weak Dollar, Gulf Tensions As Producers Set To Meet
News

Oil Rises To Approximately $50 On Weak Dollar, Gulf Tensions As Producers Set To Meet

Investors were also taking positions ahead of a meeting between Organisation of Petroleum Exporting Countries and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts. Oil prices edged higher on a weaker dollar and diplomatic tensions in the Gulf on Friday. Benchmark Brent crude futures were up 24 cents at $49.54 a barrel on Friday, while US West Texas Intermediate crude futures traded at $47.09 a barrel, up 17 cents. Investors were also taking positions ahead of a meeting between Organisation of Petroleum Exporting Countries and non-OPEC members in Russia on Monday at which they will discuss compliance with agreed production cuts. They will examine progress towards rebalancing an oversupplied market. “The weak dollar, the risi...
OPEC May Ask Nigeria To Limit Oil Output
News

OPEC May Ask Nigeria To Limit Oil Output

Minister of Oil in Kuwait, Mr Issam Almarzooq, has disclosed that Nigeria and Libya may be asked to put a limit to their oil outputs having recorded stability in their countries lately. The two countries were exempted from the oil cut deal reached in Austria last November by members of the Organization of the Petroleum Exporting Countries (OPEC). The deal became effective from January 1, 2017 and by April this year, OPEC said the oil cut agreement was at 98 percent compliance level. According to Bloomberg, Mr Almarzooq disclosed on the sidelines of an energy conference in Istanbul, Turkey, that the two African nations may be asked to cap their crude output. Already, OPEC and non-OPEC producers have invited the two countries to a committee meeting taking place in St. Petersburg,...
Global Crude Oil Pact Working, No New Steps Needed – Russian Minister
News

Global Crude Oil Pact Working, No New Steps Needed – Russian Minister

Russian Energy Minister Alexander Novak yesterday said a global pact by the Organisation of Petroleum Exporting Countries (OPEC), Russia and other producers to cut oil output had dampened price volatility and was reducing bloated inventories, stressing that no immediate extra measures were needed to prop up prices. Russia, the world’s biggest oil producer with capacity of around 11 million barrels per day, agreed under the output deal with OPEC and others to cut its production by 300,000 bpd from its October 2016 level. OPEC and its allies face a challenge from US shale producers, which ramped up output as oil prices rose from 2016 low. In addition, Libya and Nigeria, two OPEC members, which were exempted from the cuts, have also pushed up production. But Novak said it was up t...
Nigeria’s Crude Oil Production Hit 2.025mbpd In June
News

Nigeria’s Crude Oil Production Hit 2.025mbpd In June

The Federal Ministry of Petroleum Resources has put Nigeria’s crude oil production, including condensate at 2.025 million barrels per day in June 2017. Besides, the agency said the Federal Government is yet to secure funding for the rehabilitation of the country’s refineries. These come as the Federal Executive Council (FEC) approved the National Gas Policy, aimed at improving Nigeria’s gas fortunes and to boost the country’s revenues from the commodity. The ministry, in its June report released on Tuesday, put the country’s gas production at 6.741 billion standard cubic feet (bscfd) during the month under review.According to the agency, Nigeria trucked out about 33.59 million litres (ml) of Premium Motor Spirit (PMS) also known as petrol; 8.90 ml Automative Gas Oil (AGO) also known ...
4 Robbers Meet Waterloo In Rivers State As Troops Raid Another Den In Bayelsa
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4 Robbers Meet Waterloo In Rivers State As Troops Raid Another Den In Bayelsa

Troops of Operation DELTA SAFE (OPDS) on Tuesday ambushed a gang of sea robbers along KM-45 AWOBA Waterways in Rivers State. During the ambush operation, 4 robbers met their waterloo. Items recovered include; 2 AK-47 rifles, quantity 3 AK-47 magazines, quantity 22 ammunitions and one speed boat mounted with one 200 Horse-Power engine. Similarly, troops patrol along Bayelsa waterways acting on information, raided a sea pirates hideout along FORUPA-LOBIA waterways. However, sea pirates on sighting troops advance fled the hideout, and left behind 3 fiber boats and one 75 Horse-Power engine. The hideout was subsequently destroyed instantly while the troops continue with their patrols. In view of this, the Commander Operation DELTA SAFE, Rear Admiral Apochi Suleiman wishes to commend law ...
Oil Rebounds Above $50 As US Stockpile Drops
News

Oil Rebounds Above $50 As US Stockpile Drops

Oil rebounded on Wednesday following a report that the US stockpile dropped to its biggest one-week low this year. The US crude inventories dropped by 5.2 million barrels last week, according to the US Energy Information Administration. This is more than the 1.8 million-barrel predicted by analysts. The Brent crude oil climbed 3 percent to $50.27 per barrel as at 6:15 Nigerian time. While, the US West Texas Intermediate oil surged to $47.44 a barrel. However, analysts have said it is hard to see how this one-off drop in US production would change oil outlook and ease investors’ concerns going forward. “It is difficult to see how the day’s gains last,” said a partner at hedge fund Again Capital in New York, John Kilduff. “US crude oil production is now solidly above 9.3 million ...
Oil Palm Is Our New Crude Oil – Governor Obaseki
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Oil Palm Is Our New Crude Oil – Governor Obaseki

Edo State Governor, Mr. Godwin Obaseki has revealed that his administration would massively invest in the Oil Palm sector in its quest to diversify the state economy beyond crude oil. The governor announced this yesterday at the Edo State Government House in Benin when a 14-member committee set up to develop an oil palm plan for the state presented its report to him.He said: “Oil Palm is our new crude oil; it will be the key driver of our development. The state still has one of the largest estates of oil palm, which have the highest yield in the country. We want to leverage on our high-yielding varieties and long tradition of oil palm production to acquire about 100, 000 hectares of land for the development of oil palm estates. The production will be of global standards and yield”. C...
$600m Jets’ Deal Raises US Imports Of Nigeria’s Crude
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$600m Jets’ Deal Raises US Imports Of Nigeria’s Crude

The importation of Nigeria’s crude by the United States has hit the highest in about four years buoyed by the talks of $600 million fighter jets’ deal between the two countries. The latest data released by the U.S. agency, Energy Information Administra-tion (EIA), showed that Nigeria is now the fourth highest exporter of crude among members of the Organisation of Petroleum Exporting Countries (OPEC) to the U.S. Washington, the EIA data revealed, imported an average of 332,032 barrels daily, translating to 10.293 million barrels of Nigeria’s crude last January. The last time the country exported close to this figure of crude barrels from Nigeria was June 2013. This surge in Nigeria’s crude exports, which a source at the Presidency said, was linked to the talks by the Federal Governmen...
“Unfulfilled Promises”: Niger Delta Militants Threaten To Resume Bombings
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“Unfulfilled Promises”: Niger Delta Militants Threaten To Resume Bombings

A coalition of militant groups in the Niger Delta region have threatened to resume attacks on oil installations in the region over alleged unfulfilled promises by the Federal Government to the people of the oil rich region. The militant groups , under the aegis of the Coalition of Niger Delta Agitators , said in a statement sent via email to our correspondent on Sunday that the Federal Government , under the leadership of President Muhammadu Buhari , was not sincere in resolving the crisis in the Niger Delta. The statement was signed by the leader of Niger Delta Watchdog , ‘ General ’ John Duku; ‘ General ’ Ekpo Ekpo of the Niger Delta Volunteers , ‘ Commander’ Henry Etete of the Niger Delta People’ s Fighters and ‘ Commander ’ Asuquo Henshaw of the Bakassi Freedom Fighters. Duku,...
Suspected Oil Vandals Jump Into A River On Sighting Navy Patrol Team
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Suspected Oil Vandals Jump Into A River On Sighting Navy Patrol Team

The Nigerian Navy has intensified effort in her fight against crude oil theft and illegal bunkering once again. The navy is winning the war gradually on daily basis, Forward Operating Base (FOB) BONNY anti-crude oil theft patrol team acting on information discovered 2 Cotonou boats laden with product suspected to be crude oil along Peter Side Creek, the boats were destroyed along with the products. In a similar operation, another Navy Base , FOB FORMOSO’s patrol team has arrested 3 suspected vandals/looters onboard a vessel MT FRANKENSEN, other item recovered were, one speed boat with 1 x 75 HP engine, one pumping machine, one Hacksaw and spanners. Another 2 speedboat mounted with 75HP engine each were also recovered from MT ASHKAY, as the suspected vandals jumped into water and swam...
Ifeanyi Uba Detained By DSS
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Ifeanyi Uba Detained By DSS

Ifeanyi Uba, the owner of Capital Oil, has been arrested and detained by Nigeria's Department of State Security. The controversial businessman was previously implicated in a fraud saga with the Nigerian National Petroleum Corporation, accused of embezzling funds from an illegal sale of crude oil saved in his facility. SaharaReporters contacted Mr. Ubah's aides to confirm his whereabouts, but they did not call back despite promising to do so.
Apply For OND Internship Program At Mobil Producing Nigeria
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Apply For OND Internship Program At Mobil Producing Nigeria

ExxonMobil is the world’s largest publicly traded international oil and gas company, providing energy that helps underpin growing economies and improve living standards around the world ExxonMobil uses innovation and technology to deliver energy to a growing world. We explore for, produce and sell crude oil, natural gas and petroleum products. We operate facilities or market products in most of the world’s countries and explore for oil and natural gas on six continents. Apprentice Program Job Type – Full Time Qualification – OND Location – Nigeria Job Field – Engineering / Technical Graduate Jobs Job description The NNPC/MPN Joint Venture invites applications from suitably qualified persons into our Apprenticeship Program. The Program is designed for young Nigerians with an in...
IBB University Discovers Crude Oil In Bida Basin
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IBB University Discovers Crude Oil In Bida Basin

The Head of Research and Development, Ibrahim Badamasi Babaginda (IBB), Lapai In Niger State Prof. Nuhu Obaje, Thursday said the institute has discovered large quantity of crude oil deposit at Bida Basin. He disclosed that the institution had made its findings known to both the Federal Government as well as the Nigerian National Petroleum Corporation (NNPC). Prof. Obaje said that the management of the university was ready and willing to assist government in further exploration of crude in the area. This is even as he said that University Research department has also introduced a technology for quick crude oil discovery and drilling. The Director of the research centre, Prof. Nuhu Obaje, made this disclosure at the exhibition of raw materials and local products, held at Landmark...
Buhari’s Presidency Is Dead —Junaid Mohammed
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Buhari’s Presidency Is Dead —Junaid Mohammed

Honourable Junaid Mohammed, second republic lawmaker and convener, Coalition of Northern Politicians, Academics and Businessmen, speaks with Senior Deputy Editor, TAIWO AMODU, on the administration of President Muhammadu Buhari, Acting President Yemi Osinbajo and the cabal that has held the country hostage. Excerpts: THE state of health of President Muhammadu Buhari seems to be shrouded in secrecy, with his aides giving conflicting remarks. Nigerians are much worried that the present situation speaks volumes about the administration’s claim to transparency. What is your take? It is unfortunate. Just as the average politician, what Buhari said during the campaigns is in conflict with what he does after coming to power. I sympathise with Nigerians for voting Buhari. Buhari the aspiring pol...
Buhari’s Sick Leave Re-energizes Nigeria’s Presidency – Reuters
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Buhari’s Sick Leave Re-energizes Nigeria’s Presidency – Reuters

When protesters marched on Nigeria's presidential villa earlier this month to complain about a biting recession, they were not repelled by baton-wielding policemen, the usual fate for anyone arriving uninvited at the gate of the country's power center. Instead, Vice President Yemi Osinbajo, who is standing in for the country's sick leader, sent a vehicle to ferry the protest leaders to his office, where they complained about widespread corruption. In a frank admission, Osinbajo acknowledged the government had failed to make as much progress fighting graft as it had hoped. "We hear you loud and clear," he told the protesters. President Muhammadu Buhari has been in London for six weeks on medical leave, raising questions over his capacity to govern Africa's largest economy. In...
Oil Price Crash: Worst Days For Nigeria Over – OPEC
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Oil Price Crash: Worst Days For Nigeria Over – OPEC

ABUJA— Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Mohammed Barkindo, yesterday, disclosed that the worst days for Nigeria due to the low price of crude oil were over. He said Nigeria’s ability to weather the storms of the low price of crude oil was a miracle. Speaking during a courtesy visit to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, Barkindo said confidence was returning to the Nigerian petroleum industry, due largely to the major macro-economic decisions taken last year by OPEC and non-OPEC member countries. He said: “We have gone through the worst energy cycle in recent memory. Some of us, who have been around for a quite a while, have witnessed all these five cycles and it is a consensus in terms of the gravity of these...
JTF Destroys 3 Illegal Refineries In Niger Delta
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JTF Destroys 3 Illegal Refineries In Niger Delta

The Joint Military Task Force (JTF) said on Saturday in Yenagoa that it had destroyed three illegal oil distillation sites in Delta and Rivers. Spokesman of ODSafe, Maj. Abubakar Abdullahi confirmed the development in an interview with the News Agency of Nigeria (NAN). “Troops of the Nigerian Naval Ship (NNS) Delta successfully carried out a raid on two illegal refineries along LAPASE CREEK in Warri South of Delta State. “During the raid, 11 metal tanks, 5 dug pits with about 1750 Tons of suspected stolen crude oil and 170 Tons of illegally refined AGO were impounded. “Also troops of sector three also destroyed a large illegal refinery with multiple dumps at ALAKIRI in Rivers State.’’ Abdullahi said when the oil thieves sighted the military troops that they set fire on parts...
Militancy Deprived Nigeria Of $100bn In 2016 –kachikwu
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Militancy Deprived Nigeria Of $100bn In 2016 –kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said the country lost as much as $100bn in revenue last year as attacks by militants in the oil-rich Niger Delta cut crude output to a record low. Kachikwu, who stated this on Tuesday in his monthly broadcast posted on his Facebook page with the title: ‘Oil sector militancy challenges: Road map to closure’, said the nation’s oil production fell by as high as one million barrels per day sometimes last year. He said as part of ongoing efforts to end the militancy challenges in the oil sector, the ministry had come up with a 20-point agenda. According to the minister, one of the critical challenges the country has is the militancy that has plagued the Niger Delta environment and disturbed oil operations. He said,...

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