Nigeria’s state oil company says insecurity hindering oil exploration in Chad basin
Ajose Sehindemi
January 30, 2018
Nigeria’s state oil company, Nigerian National Petroleum Corporation (NNPC) on Tuesday blamed security challenges for the non-commencement of oil exploration in the Chad Basin. Mazadu Bako, the General Manager, Frontier Exploration Services of NNPC, disclosed this at the 50th anniversary celebration of the Geology Department, Ahmadu Bello University (ABU), Zaria. He said: “If the security […]
Nigeria’s state oil company to increase oil production to 500,000 bpd before 2022
Ajose SehindemiJanuary 25, 2018
The Nigerian Petroleum Development Company ( NPDC ), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation ( NNPC ), has said it will increase its daily crude oil production to 500,000 barrels per day before 2022. Maikanti Baru, group managing director of the NNPC, announced the target during the inauguration of the […]
Nigeria’s state oil company loses ₦6.79bn to vandalism, crude inventories in one month
Bukola OdufadeJanuary 25, 2018
Nigerian National Petroleum Corporation (NNPC) has reported a trading deficit of ₦6.79 billion for its operations in November 2017, higher than the previous month’s deficit of ₦6.39 billion. According to the November financial report, the drop in revenue performance was attributed to increased cost in upstream activities and reduced revenue in the downstream value chain […]
NNPC to ramp up retail business to 30 percent from 13 percent to ease fuel scarcity
Bukola OdufadeJanuary 23, 2018
Nigeria’s national oil company, the Nigerian National Petroleum Corporation (NNPC) said it plans to increase its downstream petroleum sector market share from its current 13 percent to 30 percent, thereby expanding its retail operations to include countries within the West African sub-region by 2019. Maikanti Baru, NNPC’s Group Managing Director said this in Abuja at the […]
NNPC engages OEMs to revamp refineries before 2019
Andy NssienJanuary 19, 2018
The Nigerian National Petroleum Corporation (NNPC) said it had engaged the original builders of the refineries in Port Harcourt, Warri and Kaduna, in a bid to return them to at least 90 percent capacity utilisation before the end of 2019. Nigeria’s four refineries with an installed capacity of 445,000 barrels per day have continued to […]
Ghana attracts international attention as ExxonMobil acquires oil block
Bukola OdufadeJanuary 19, 2018
The Ghanaian oil industry has attracted the attention of American oil giant, ExxonMobil as it has signed a deal with the government to acquire exploration and production rights. The acquisition, which is the first international investment for Ghana, includes the Deepwater Cape Three Points block located off the coast off Ghana, seismic data and analysis. […]
OPEC increases non-members production forecast raising concern over US supplies
Andy NssienJanuary 18, 2018
Oil cartel, the Organisation of Petrol Exporting countries (OPEC), raised its forecast for rival oil-supply growth by 160,000 barrels per day, or 16 percent, to 1.15 million barrels per day, in a decision that is for the second month running, after a recovery of Brent crude to $70 a barrel. OPEC’s output cuts, now entering […]
Oil prices up on falling US crude stocks, militants’ threat to attack sector in Nigeria
Businessam StaffJanuary 18, 2018
Oil prices rose on Thursday on a reported decline in U.S. crude inventories, and as militants in Nigeria threatened to attack the country’s petroleum facilities. However, prices stayed below recent three-year highs as fuel supplies remain ample and as refineries scaled back operations. Brent crude futures were at $69.56 at 0255 GMT, up 18 cents, […]
Vitol signs first deal with Algeria to refine oil abroad
Businessam StaffJanuary 17, 2018
Algeria’s state-run energy producer Sonatrach signed an agreement with oil-trading Vitol Group to ship crude to Italy to be processed and sent back as refined products, in the first deal of its kind to trim the country’s $2 billion annual bill for imported fuel. Sonatrach selected Vitol, the world’s largest independent oil trader, from among […]
Oil militants threaten to attack Nigeria’s oil sector within days
Businessam StaffJanuary 17, 2018
Nigerian militant group Niger Delta Avengers said on Wednesday it will launch attacks on the country’s oil sector in the next few days. The group said in a statement on its website that “this round of attacks will be the most deadly and will be targeting the deep sea operations of the multinationals.” On November […]