oil
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Featured
Iraq refutes U.S. congressmen’s allegation of smuggling oil to Iran
The Iraqi Oil Ministry has dismissed accusations from several U.S. Congress members that Iraq is smuggling and “illegally” selling oil to Iran to help it avoid U.S. sanctions. The ministry also called the claims “fabrications that have no basis.” This response followed a letter reportedly sent by five U.S. Congress members to President Joe Biden earlier on Wednesday, accusing several…
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Featured
Reps dissolve oil, gas probe panel
The House of Representatives has dissolved the ad-hoc Joint Committee on Downstream and Midstream Committee probing activities of the Nigeria National Petroleum Company Ltd.(NNPCL), and the Nigeria Midstream and Downstream Petroleum Regulatory Authority(NMDPRA). Rep. Akin Rotimi, spokesperson of the House of Representatives, stated this in a statement on Monday in Abuja. He said that the committee would be succeeded by…
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Defence
JTF arrests 4 suspects, recovers 48,000 litres stolen crude oil in Rivers
The Joint Task Force, codenamed, Operation Delta Safe (OPDS), says it has arrested four suspects and recovered 48,000 litres of stolen crude oil in Rivers. The Commander, Rear Adm. John Okeke, said in a statement on Monday in Yenagoa that the arrest and recovery were made by the Operation Delta safe Quick Response Force. Okeke said that following reliable intelligence…
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Featured
FG seeks more investments as oil production drops to 1.3mbpd
Sen. Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil), has called for more investments in the oil and gas industry to ramp up production and boost foreign exchange earnings. Lokpobiri made the call on Tuesday at the Nigerian Oil and Gas (NOG) Energy Week currently holding in Abuja. The country has over 37.5 billion barrels of proven crude oil reserves…
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Defence
NAF airstrikes destroy illegal oil refining sites, eliminate terrorists
The Nigerian Air Force (NAF) says it has destroyed several illegal oil refining sites in Rivers and eliminated scores of terrorists in Niger in recent coordinated air strikes. This is contained in a statement by the Director, Public Relations and Information, AVM Edward Gabkwet, on Sunday in Abuja. Gabkwet said that as the activities of oil thieves and economic saboteurs…
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Defence
Navy arrests 2 for crude oil theft in Rivers
Commodore Nanmar Lakan, Commander Nigerian Navy Ship SOROH (NNS) said the command has arrested two persons for crude oil theft and seized a wooden boat laden with 12,000 litres of Automated Gas Oil (AGO). Lakan disclosed this while parading the suspects at Okarki waterfront on Friday. He said that the suspects were arrested at Okariki waterfront, in Ahoada West Local…
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Featured
Tinubu @ One Year: Oil and gas feat, expectations
On his inauguration on May 29, 2023, President Bola Tinubu, who is also the Minister of Petroleum Resources, began his administration by announcing the removal of subsidy on Premium Motor Spirit (PMS), popularly known as petrol. The implications are that the fuel subsidy removal would free up financial resources for other sectors, incentivise domestic refineries for more petroleum products, and…
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Featured
Oil, electricity workers’ unions mobilise for planned strike
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to comply with the directive of the two labour centres to begin an indefinite nationwide strike on Monday. Its General Secretary, Mr Afolabi Olawale, in a statement on Saturday, said the union was committed to ensuring total compliance with the directive. Recall that the Nigeria Labour…
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Featured
Okomu Oil Bandit Attacks: Implications for revenue diversification, job creation
In the face of unpredictable foreign exchange earnings from oil, the Federal Government has made conscious efforts to widen the dragnet for foreign receipts. Before the discovery of crude in Oloibiri, in present day Bayelsa, Nigeria had relied on agriculture produce for foreign exchange earnings. Alongside cocoa and groundnut, palm oil and kernel featured prominently. Without a doubt, Okomu Oil…
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Featured
Funds, competence necessary in Nigeria’s bidding round- ND Western
An indigenous oil and gas company, ND Western, has disclosed why financial muscle, technical competence and historical performance form the major considerations in Nigeria’s bidding round. Eberechukwu Oji, the Managing Director of ND Western, disclosed this at the just-concluded Petroleum Technology Conference (OTC), in Houston, Texas, U.S. The News Agency of Nigeria (NAN) reports that the Minister of State for…
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Featured
NNPC E&P Ltd, NOSL hit first oil in OML 13, Akwa Ibom State
The Nigerian National Petroleum Company Exploration and Production Limited (NNPC E&P Ltd.) and Natural Oilfield Services Ltd. (NOSL) have announced the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State. The NNPC E&P Ltd. is an NNPC Ltd’s flagship upstream subsidiary, while NOSL is a subsidiary of Sterling Oil Exploration & Energy Production Company…
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Featured
FG to divest 26 oil blocks of 8.211m barrels reserves
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) the International Oil Companies (IOCs) have proposed 26 oil blocks to be divested to indigenous companies with 8.211 million barrels of oil reserves.. The NUPRC said it had also engaged two leading global oil and gas decommissioning consultants to carry out due diligence on the proposed 26 oil blocks to be divested. The…
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Africa
Crescent Petroleum signs three contracts to develop oil and gas fields in Diyala and Basra
Crescent Petroleum, the Middle East’s oldest privately-owned upstream oil and gas company, has signed three twenty-year agreements with Iraq’s Ministry of Oil to appraise, develop, and produce oil and gas from two blocks in Diyala governorate and one in Basra governorate. The agreements will deliver much needed natural gas to fuel nearby power plants and improve government services, creating thousands…
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Africa
The Middle East is enjoying an important period of stability as oil prices, economic growth of 5.1% fuel the recovery out of COVID, said Crescent CEO.
Sharjah, United Arab Emirates — The Middle East is enjoying an important period of political and economic stability with the regional economy buoyed by high oil process and economic growth, Majid Jafar, CEO of Crescent Petroleum, told business leaders gathered at the World Economic Forum in Davos on Thursday. Industrial production has improved, employment has begun rising, and tourism is…
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Featured
Lalong sets up task force to curb diversion of petroleum products
Gov. Simon Lalong of Plateau has approved the constitution of a task force to address difficulties in accessing petroleum products by the residents of the state. The approval was conveyed by the Secretary to the Government of the State, Prof. Danladi Atu. A statement issued by Lalong’s spokesperson, Dr Makut Macham on Thursday in Jos said the task force would…
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NEWS
Aliko Dangote to invest in Cameroon’s oil market amid revenue decline
Cameroon is the next stop for Nigerian billionaire, Aliko Dangote, as he furthers plan to situate a oil and gas business with the Central African country. Oil is the major revenue source for Cameroon just like Nigeria since it was discovered in 1977. It accounts for nearly 40 percent of export commodities, even though its projected to drop by 11.1…
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News
Nigeria Signs Oil Deal To Unlock $10bn Investment
Nigeria has signed an offshore oil deal with Shell, Exxon, Total and Eni, that the state says will generate millions, settle disputes and open the way to a $10 billion investment. The “Execution of Oil Mining Lease (OML) 118 (Bonga) Agreements” was signed Tuesday by the local subsidiaries of the four oil majors and the Nigerian National Petroleum Corporation (NNPC).…
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