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Nigeria economy gaining momentum on steady oil rise to $56 from refinery demand

Crude oil pipeline

As the number of U.S. rigs drilling for new production fell and refineries continued to restart after getting knocks by Hurricane Harvey, global oil prices strengthened on the rise to $56 on Monday trading. Analysts say the development is good for Nigeria as production is stabilizing at over 1.8mbpd due to calm in Niger Delta. Already, U.S. West Texas Intermediate ...

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Job loss looms in oil sector over long wait for N720bn subsidy arrears from FG

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Disquiet has overshadowed activities in the nation’s downstream oil and gas sector over protracted wait for the clearance of about N720bn being debt pileup growing from outstanding subsidy on the importation of petroleum products, accrued interest on loans from banks to exchange rate differential. Due to the debt, several marketing companies employing thousands of Nigerians are now finding it hard ...

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Crude production freeze imminent as Nigeria crosses OPEC’s 1.8mbpd limit

OPEC Ibe kachukwu

The Nigerian National Petroleum Corporation (NNPC) is now stocked between two challenges. Details from OPEC report, released weekend said Nigeria’s crude oil production has consistently increased from the 1.511 million bpd in first quarter of this year; 1.616 million bpd in second quarter to 1.710 mpbd in June and 1.723mbpd in July.Whereas the first is cutting short the joy of ...

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N’Delta stakeholders’ remind FG of enforcing presidential directive on IOCs

Buahri yemi 55

Since the first official working tour of the Vice President, Prof Yemi Osinbajo, in oil rich Niger Delta and his presidential directive to International Oil Companies (IOCs), to move their operational head offices to production states, nothing has happened. Otherwise, there has been silence on the side of the federal government and corresponding quietness on the side of IOCs, but ...

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Renewed vandalism forces down oil production from 2.2m to 1.3m, loss of N4.05tn

NNPC Maikanti Baru

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has revealed that an average of 700,000bpd of crude oil was lost in 2016 due to pipeline sabotage, bringing Nigeria’s production down to as low as 1.3 million barrels per day from 2.2 million barrels targeted for the period under review. Computing the loss vide the ...

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Oil price jumps to $56, a five-month high on forecasts that glut will drop

Crude oil pipeline

Chances of Nigeria consolidating the gains of its recent exit from recession became brighter on Thursday, as oil prices rose with Brent briefly touching a five-month high, a day after the International Energy Agency (IEA) forecast the market would continue to tighten as fuel demand increased. Brent crude futures were up 56 cents, or 1 percent, at $55.72 a barrel ...

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Again, NNPC makes U-Turn on planned sale to repairs of 3 refineries

NNPC Maikanti Baru

A close surveillance on the official utterances of the Nigerian National Petroleum Corporation (NNPC) on its plans for the three ageing refineries since this has shown policy summersaults for three times. First was when the federal government planned to sale off the national assets along with the Nigerian Liquefied Natural Gas (NLNG) which was met with stiff opposition by Nigerians. ...

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Nigeria lacks what it takes to resist oil cut if OPEC decides—Expert

OPEC Ibe kachukwu

A senior analysts on international oil politics, Dr. Kinsley Amodu has reacted to the statement credited to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in an interview with the Financial Times that the country was still suffering from years of violent disruptions and needed more “recovery time” before joining a supply deal agreed last year between some ...

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Fear of N’Delta hostilities hanging planned licensing of marginal oil fields

Buahri yemi 55

Signals emerged Tuesday in Abuja that the planned oil blocs licensing rounds for marginal oil fields by the federal government may have been boxed to a tight corner due to fears of possible uprising from the Niger Delta should reasonable blocs fail to go to the way of their communities and big whips in the region. The Ministry of Petroleum ...

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Comments during US Senators’ visit lands Egbin Power boss in immigration trouble

Egbin PS

Twist and looming crisis capable of landing Lagos State into darkness have begun, following some comments made by the Managing Director of Egbin Power Plc, Dallas Peavey, which did not go down well with the Minister of Power, Works and Housing, Mr. Babatunde Fashola. But in an anger-laden outpouring, Fashola averred that Peavey should have told his visitors that Transmission ...

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