Total Green-lights Ikike Oil Project in Nigeria
French oil group Total will approve plans to proceed with the Ikike project in Nigeria in the coming months, and also aims to expand its liquefied natural gas (LNG) project in the country, CEO Patrick Pouyanne said on Monday.Total is one of the strongest players in the African oil sector, holding more proven reserves on the continent than any of the other top global oil companies.The 60,000 barrels-per-day (bpd) Ikike project is one of several projects the group has earmarked in Nigeria for a final investment decision…
Nigerian Gasoline Shortages Persist
Nigeria's state oil firm said on Tuesday it had spent $5.8 billion on fuel imports since late 2017, as it combats a fuel shortage that has left people queuing for hours at filling stations and hobbled an already-struggling economy. "The corporation's intervention became necessary following the inability of the major and independent marketers to import the product because of the high landing cost which made cost recovery and profitability difficult," the Nigerian National Petroleum Corporation (NNPC) said in a statement.
Nigerian Lawmakers Probe Corruption Allegations
Nigerian lawmakers have set up a committee to investigate allegations of corruption at the state oil company contained in a letter from the minister of state for petroleum. In the letter from Emmanuel Ibe Kachikwu to President Muhammadu Buhari, dated Aug. 30 and confirmed by the oil ministry, the minister said the conduct of the head of the Nigerian National Petroleum Corporation (NNPC) lacked transparency. He said recent appointments by NNPC's group managing director (GMD)…
Nigeria Bill Aims to Break Up NNPC
The long-awaited oil governance bill passed by Nigeria's upper chamber of parliament proposes breaking up the state oil company into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money. The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that make up the sprawling Petroleum Industry Bill (PIB), discussed for over a decade following several redrafts, aimed at revamping the OPEC member's energy sector.
Nigeria's Senate Passes Oil Governance Bill
Nigeria's Senate passed a long-awaited oil governance bill following its third and final reading, it said on its official Twitter feed on Thursday. The Petroleum Industry Governance Bill is part of proposed reforms that make up the sprawling Petroleum Industry Bill (PIB), aimed at overhauling the OPEC member's energy industry. The PIB, which has been discussed for over a decade following several redrafts and is central to President Muhammadu Buhari's reform plans…
Former Nigerian Oil Firm Head Charged with Money Laundering
The former head of Nigeria's state oil company was charged in court on Thursday with money laundering and five counts of fraud, the country's anti-corruption watchdog said. The Economic and Financial Crimes Commission (EFCC) said last month it had arrested Andrew Yakubu and seized $9.8 million from the former head of the Nigerian National Petroleum Corporation (NNPC) in the northern city of Kaduna. "Former GMD, NNPC, Andrew Yakubu who was arraigned today…
Unpaid Wages, Sackings Stir New Tension in Nigeria's Oil Hub
The moment a group of Nigerian contractors met executives from Italian oil major ENI to discuss unpaid wages they started shouting, calling them fraudsters and liars until a police commander restored calm. Wenenda Mpi, local manager of ENI unit Agip, blamed the payment delays on debts owed by the Nigerian National Petroleum Corporation (NNPC) and said the government had promised to sort the problem out. The heated meeting…
Shell: Nigerian Escravos Flow Shut by Protesters
Royal Dutch Shell has shut down an Escravos crude oil flow station in Nigeria's Niger Delta after villagers demanding aid staged a protest, the firm and residents said on Wednesday. The oil major said the flow station on the pipeline operated by its joint-venture partner SPDC was no longer processing crude oil, but the impact on Escravos exports, which can run via other avenues, was not immediately clear. Shyne Edema…
Nigeria Says Security First Goal in Oil Roadmap
Ending the insurgency in Nigeria's Delta region that has hobbled oil production is the first goal of a seven-point plan for the petroleum industry, the country's oil minister said on Thursday. The government is launching a $10 billion infrastructure programme in the restive region that produces most of Nigeria's oil, and President Muhammadu Buhari will meet representatives of militant groups and community leaders from the Niger Delta in Abuja next week in a bid to end the attacks.
Shell Resumes Crude Exports from Forcados Terminal
Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria's restive Niger Delta following repairs after a militant attack, the Nigerian presidency said on Tuesday. "The Shell Director, Mr. Andrew Brown, informed the President of the resumption of oil exportation through the Forcados terminal following its restoration," the presidency said after a meeting between Brown and President Muhammadu Buhari. (Reporting by Felix Onuah; Writing by Ulf Laessing; Editing by Ruth Pitchford)
Nigeria's Oil Bill on Hold Due to Delta Unrest
A long-awaited bill reforming Nigeria's petroleum industry is effectively on hold until tensions ease in the restive Niger Delta region, the country's oil hub, an influential senator said on Tuesday. The delay is the latest setback caused by militants in the Delta region, whose actions have prevented more than 700,000 barrels per day (bpd) in oil production due to anger at the way the nation's energy resources are split.
Nigerian militants Agrees on Ceasefire
A Nigerian militant group, which has claimed a wave of attacks on oil facilities in the Niger Delta, said it was ready for a ceasefire and a dialogue with the government. The restive southern swampland region has been rocked by violence against oil and gas pipelines since the start of the year, reducing the OPEC member's output by 700,000 barrels a day to 1.56 million bpd. Any ceasefire agreement would be very difficult…
Nigeria Oil Minister says OPEC Cuts Unlikely
Nigerian oil minister Emmanuel Ibe Kachikwu said on Thursday that while a cut in OPEC production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices. Kachikwu also said in a speech in Lagos that his country's oil output had fallen to 1.56 million barrels per day (bpd) as persistent militant attacks took out some 700,000 bpd. But he cast doubt on any plans by members…
Niger Delta Avengers urge Nigeria's Buhari to Visit Oil Hub
The Niger Delta Avengers, a Nigerian militant group which has claimed responsibility for a series of attacks on oil facilities in the country's southern energy hub, has urged President Muhammadu Buhari to visit the region. The militant group says it wants a greater share of Nigeria's oil wealth to go to the impoverished Delta region. Crude sales make up about 70 percent of Nigeria's national income and most of that oil comes from the southern swampland.
Nigerian Militants Threaten "zero" output with new Attacks
Four grades of Nigeria oil under force majeure; violence shows little sign of abating. The Niger Delta Avengers militant group claimed three new attacks on the country's battered oil infrastructure overnight, promising to bring Nigeria's oil production to "zero". The attacks are the latest in a spate of violence in the Delta region that last month cut production to a more than 22-year low and has put more pressure on Nigeria's stretched finances.
Nigerian Oil Output Falls toward 22-year Low
A series of attacks on Nigeria's oil infrastructure has pushed its output of crude close to a 22-year low, Reuters data shows, putting intense pressure on the country's finances. Shell workers at Nigeria's Bonga oilfield in the southern Niger Delta were evacuated following a militant threat, a senior labour union official said on Monday, while attacks late last week forced Chevron to shut its Okan offshore facility, taking out 35,000 barrels per day (bpd).
Shell: Nigerian Pipeline Crude Theft fell in 2015
Theft of crude oil from the pipeline network of Shell's Nigerian subsidiary fell to 25,000 barrels per day (bpd) in 2015, the company said on Monday, roughly 32 percent less than the previous year. The number of sabotage-related spills on the SPDC network also declined to 93 in 2015, compared with 139 the previous year, Shell said in its annual sustainability report. It attributed the decrease to divestments in the Niger Delta and increased surveillance and security by the Nigerian government…
Nigeria, Saudi Arabia Committed to Oil Price Stability
Nigeria and Saudi Arabia are committed to a "stable oil market" and efforts to support the price rebound, a spokesman for Nigeria's president said on Tuesday. President Muhammadu Buhari is in Riyadh to discuss with Saudi Arabia's King Salman ways to stabilise crude oil prices. The two leaders "committed themselves to doing all that is possible to stabilize the market and rebound the oil price", said Buhari's spokesman Garba Shehu. (Writing by Alexis Akwagyiram)
"Tens" killed in Nigeria Gas Plant Explosion
Tens of people were killed in an explosion at a gas plant in southern Nigeria, the presidency said on Friday, with one journalist putting the death toll at 100. The blast occurred on Thursday when a truck was discharging butane gas at the facility in Nnewi town in Anambra state as a crowd of customers refilled gas bottles on Christmas Eve, residents said. President Muhammadu Buhari's office said "tens of people" who had been looking forward to their Christmas celebrations had been killed, without giving a precise toll.
Nigerian Refineries Down as Crude Output Rises
Nigeria is still grappling with ageing and unproductive oil refineries even as it boosts crude output, the head of state oil firm NNPC said on Thursday. Crude production is forecast to reach 2.1 million barrels of oil per day (bpd) this year and should rise to 2.4 million next year, Emmanuel Ibe Kachikwu told reporters, though none was being refined locally. The issue is important for Nigeria because without being able…