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Tag Archives: Oil

PENGASSAN insists on nationwide strike Monday

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The Petroleum and Natural Gas Senior Staff Association of Nigeria on Saturday insisted that its planned industrial action will commence on Monday. The group however, noted that it was ready to discuss with the government and other concerned organisations on the strike.  According to PENGASSAN, nothing has changed since it issued a statement to announce that its meeting with the ...

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Addax to invest $5bn in Nigeria

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Addax Petroleum Development (Nigeria) Limited has said it is planning a fresh investment of $3bn to $5bn in Nigeria over the coming years. The company, in a statement on Sunday, affirmed its commitment to Nigeria, saying its future in Nigeria remained very bright. It said it would optimise its oil and gas operations in the country and increase production from ...

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Oil workers set to embark on nationwide strike from Dec. 18

Oil

Barely 24 hours after oil workers under the aegis of the Independent Petroleum Marketers Association of Nigeria, Lagos State Chapter, suspended the plan to withdraw their services, the Petroleum and Natural Gas Senior Staff Association of Nigeria on Thursday threatened to embark on a nationwide strike. Last week, IPMAN, Lagos Chapter, accused the Nigerian National Petroleum Corporation of under-supplying its ...

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Nigeria’s oil sales suffer, US exports rise

Oil

More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market. Reuters reported that tenders to buy oil from companies in India and Indonesia helped to absorb some excess, but there were roughly 30 unsold Nigerian cargoes and a handful from Angola. While Qua Iboe, Nigeria’s largest export ...

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OPEC to impose quota on Nigeria as oil producers mull cuts extension to rebalance market

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Oil producers are expected to unanimously extend a production cut accord later this month but its duration is being discussed, the UAE energy minister said on Monday. “I think this group of committed and responsible producers came together… and I think they will continue to do what it takes to take us to the next level,” United Arab Emirates Energy ...

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There won’t be fuel queues in December – NNPC

Oil

The country will not experience fuel queues this end of year festive season, the Nigerian National Petroleum Corporation has assured the citizens. It said on Tuesday that the Petroleum Products Marketing Company had been directed to sustain steady petrol supply during and beyond the Christmas and New Year festive season, which usually witness supply hiccups. The Group Managing Director, NNPC, ...

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FG targets N5tn from non-oil export

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The Federal Government through the Nigerian Export Promotion Council plans to grow the country’s non-oil export revenue from N1.5tn per annum to N5tn within the next three to four years. The Executive Director/Chief Executive Officer, Nigerian Export Promotion Council, Mr. Olusegun Awolowo, confirmed the figure to our correspondent in Abuja. To achieve the target, he said the agency was implementing ...

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‘NNPC will find crude in commercial quantities in inland basins’

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The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, on Tuesday announced that the aggressive exploration of the inland basins would soon yield result with hydrocarbon finds in commercial quantities. Baru stated this when he received a delegation from the Nigerian Association of Petroleum Explorationists, led by its President, Mr. Abiodun Adesanya, in Abuja. He noted that based on ...

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FG to begin crude oil tracking next year

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The Federal Government announced on Monday that plans were in top gear to deploy technology that would track and account for every molecule of crude oil produced in Nigeria by 2019. It also stated that investment requests by multinational oil firms seeking to invest in the country’s oil and gas sector were currently in excess of $15bn. In the latest ...

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Kaduna refinery dormant, PH, Warri producing below 30% — NNPC

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There seems to be no end in sight to the downward operational performance of Nigeria’s refineries since the beginning of 2017 despite several interventions made to reinvigorate the facilities by the Nigerian National Petroleum Corporation.. The latest monthly oil and gas report released by the national oil firm showed that the cumulative capacity utilisation of the nation’s three refineries dropped ...

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Oil workers’ planned strike could cost Nigeria N150bn daily – LCCI

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The Lagos Chamber of Commerce and Industry has estimated that Nigeria will lose about N150bn daily if the National Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Workers Senior Staff Association of Nigeria should embark on a nationwide strike. Both PENGASSAN and NUPENG had recently vowed to go on a strike if the Federal Government ...

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Political interference in NNPC operations poses risks — PwC

Oil

Political involvement in the management of the Nigerian National Petroleum Corporation can lead to rapid turnover in key staff, creating difficulties in ability to execute strategic initiatives, a new report by the PricewaterhouseCooper has said. The PwC report, entitled, ‘The new nation builders: Creating the African national oil company of the future,’ said the NNPC’s financial position had been a ...

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Growing electric vehicle adoption threatens Nigeria’s oil exports

Mechachic checking on a car

India, China, France, Netherlands and the United Kingdom bought a total of 24.4 million barrels of crude oil from Nigeria in May this year, almost half of the nation’s total exports for the month, the latest data from the Nigerian National Petroleum Corporation showed. But the countries are now pushing ahead with plans to stop the use of oil-powered vehicles ...

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Nigeria’s crude oil over-subscribed – NNPC

Oil

The Nigerian National Petroleum Corporation has said the demand for the nation’s crude oil outstrips the current supply. Last year, Nigeria saw a resurgence of militant attacks in the Niger Delta that caused the nation’s oil production to plummet to a near 30-year low of 1.4 million barrels per day from about 2.2 million bpd. “As we speak now, even ...

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France to end oil gas production by 2040

Oil

France plans to pass legislation this year to phase out all oil and gas exploration and production on its mainland and overseas territories by 2040, becoming the first country to do so, according to a draft bill presented on Wednesday. President Emmanuel Macron wants to make France carbon neutral by 2050 and plans to curb greenhouse gas emissions by leaving ...

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Oil market price rises to $55 as hurricanes damage refineries

Oil

Oil-markets on Friday saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico. Brent crude futures rose to 54.57 dollars a barrel at 0735 GMT, ...

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