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Nigerian economy stabilizing as oil price zooms to $57 per barrel

Crude oil pipeline

Chances of recovering Nigerian economy from recession strengthened on Wednesday as oil prices rose to $57 per barrel in spite of a rise in US crude inventories. On Friday, the Organization of the Petroleum Exporting Countries (OPEC) and other producers will meet in Vienna to discuss the progress of their deal to limit output and analysts say if the rise ...

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Excitements rise on Egina project’s capacity to boost oil production by 200,000bpd

Egina FPSO makers

News of readiness of the Egina FPSO in Samsung fabrication facility, South Korea has started eliciting reactions in the oil and gas industry. According to the Deputy Managing Director of Total Nigeria, a principal partner of the Egina Project, Mr. Ahmadu Musa-Kida, Nigeria’s oil production will be enhanced to the tune of 200,000 barrels per day by the fourth quarter ...

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Ghana intensifies search for gas, seals new deal with Russia’s GAZPROM

GAZPROM Ghana

Barely one month after signing a similar gas supply agreement with Equatorial Guinea, Ghanaian president, Nana Addo Dankwa Akufo-Addo, has sealed another deal with Russian energy giant, GAZPROM, for the supply of Liquefied Natural Gas (LNG). Earlier last two months, the country’s Energy Minister was in Nigeria for talks on improving already existing supply understanding via the West African gas ...

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NNPC begins repairs at burnt Jetty, assures product availability

NNPC tankers

The Nigerian National Petroleum Corporation (NNPC) has commenced repairs on affected portions of its Apapa Jetty in Lagos, saying the inferno which claimed the lives of four will not disturb supplies of products across the nation while repairs lasted. A statement signed by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu, said the fire was sparked by the ...

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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

PENGASSAN logo

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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