Nigeria finalises $6bn crude oil deal with 10 firms –NNPC

Nigeria is on the verge of signing a $6 billion deal with 10 companies for crude oil exchange for refined products to take off by July 1 2017. The Nigeria National Petroleum Corporation (NNPC) on Thursday, said that the contract terms will see at least 300,000 barrels per day (bpd) of crude oil being swapped…

Military destroys 15 illegal refineries in Niger Delta

Security operatives in Nigeria have destroyed more than 15 illegal refinery facilities used by some youths in the Niger Delta area for crude oil refinning. A military spokesman, Major Abubakar Abdullahi, on Thursday, said the destruction of the refineries was in line with the mandate given the joint military task force to maintain law and…

West African oil shipment to Asia reduces by 4.3%

Crude oil shipment from West Africa to Asian countries is expected to reduce by about 4.3 per cent this April, going by data obtained from relevant offices on Monday. According to the figures, West Africa’s loadings for China, said to be the world’s second largest oil exports, which were 1.41 million barrels per day (bpd)…

Crude Oil: Reps to probe pre-shipment inspection process

The House of Representatives said it would investigate alleged violation of Public Procurement Act in the engagement of pre-shipment inspection and monitoring of crude oil and gas exports consultant. This was sequel to a motion by Rep. Babatunde Kolawole (Ondo-APC) which was unanimously adopted by members on Wednesday in Abuja. Moving the motion earlier, Kolawole……

Nigeria’s Crude oil production hits 2.1mpd

Nigeria’s crude oil production has risen to 2.1 million barrels per day from an average production level of 1.8 million per day last year, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru has revealed. Attacks on oil pipelines and other production facilities in the Niger Delta region by militant…

India beats, China others in purchase of Nigerian crude in 2016, NNPC reveals

Of the 597.207 million barrels of crude oil exported from Nigeria in 2016, India had the highest demand of 127.1 million barrels (35 per cent), beating known Nigerian customers, according to the NNPC. The country was remotely followed by Spain, which imported about 54 million barrels and Netherlands, with 40.7 million barrels, while China, believed…

Oil slips most in 3 weeks as OPEC cuts face rising U.S. output

Oil declined in New York as OPEC’s supply cuts are tempered by a revival of shale drilling in the U.S. Futures slid 1.7 percent in New York, the biggest drop in more than three weeks. Saudi Arabia told OPEC it cut oil production by the most in eight years, while Kuwaiti Oil Minister Essam Al-Marzooq said……

USA v Iran: How Nigeria Might Benefit from Iran’s Woes

Prices of crude oil rose to $57.095 per barrel on Friday, February 3, 2017 following the rising tension between the United States and Iran. There are fears that President Donald Trump of the US is poised on imposing sanctions on Iran. The price increase was helped by the agreement reached by the Organization of Oil……

Nigeria’s crude oil swap deal rakes in $500m

The Nigerian National Petroleum Corporation (NNPC) has so far raked in about $500 million into government’s coffers from crude oil swap deals introduced in 2016, according to the Group Managing Director (GMD) of the Dr Maikanti Baru. Based on the success of the deal, the corporation says it has concluded plans to open about 128…

Oil prices jump as OPEC cuts output, dollar sinks

Oil prices rose more than one per cent on Tuesday after news that the world’s top producers cut production in January more than forecasters had expected just as the dollar sank. “This is very high, a good number,” an OPEC source said of the January compliance estimate. The dollar was down by 0.9 per cent……

Our target is to end militancy in 5 months, says Kachikwu

Ibe Kachikwu, minister of state for petroleum resources, says the target of the federal government is to end militancy in the Niger Delta region by middle of 2017. Going by The post Our target is to end militancy in 5 months, says Kachikwu appeared first on TheCable.

Nigeria can produce 3m barrels of crude per day – Kachikwu

The Minister of State, Petroleum Resources , Ibe Kachikwu, said that Nigeria is capable of producing three million barrels of crude oil per day from the Niger Delta region. Kachikwu stated this at a stakeholders’ meeting organised by the Ministry of Niger Delta Affairs on Tuesday in Abuja. The News Agency of Nigeria (NAN) reports……

Scientist disagrees with Shell on impact of oil leak on Bayelsa communities

An Environmental Scientist, Ms Benita Siloko, has disagreed with Shell Petroleum Development Company (SPDC) on the impact of the 550 barrels of crude discharged into Ogboinbiri river in 2015. The News Agency of Nigeria (NAN) recalls that SPDC had on March 5, 2015, confirmed that an oil leak from its underwater line within its oil……