The efforts by the federal government to curb crude oil theft by imposing strict conditions on Very Large Crude Carriers (VLCC) lifting the Nigeria’s crude oil is threatening the exports of the country’s crude oil, as Asian vessels have shunned the country’s territorial waters.
The deal reached earlier this year over the Iranian nuclear programme is beginning to rekindle old oil alliances, leaving the state oil company NNPC in Africa’s largest oil producer fretting over the possibility of losing market share.
As the nation awaits President Muhammadu Buhari’s ministerial list, the President on Tuesday said he would head the Ministry of Petroleum Resources.
Energy-exporting countries, including Nigeria, could see about 2.25 per cent loss in economic growth annually from 2015 to 2017, compared to 2012 to 2014, due to the sharp decline in oil prices over the past year, according to the 2015 World Economic Outlook by the International Monetary Fund.
The Federal Government, in a bid to attain robust external reserves, is planning to increase the amount in the Excess Crude Account from the current balance of $2.25bn to $3.95bn next year.
The deployment of drones to monitor petroleum products pipelines across the country is not going to take effect anytime soon, the Nigerian National Petroleum Corporation has said.![THE GROUP MANAGING DIRECTOR NIGERIAN NATIONAL PETROLEUM COMPANY [NNPC] DR EMMANUEL IBE KACHIKWU WITH JOURNALISTS DURING HIS WORKING VISIT TO KADUNA REFINERY ON WEDNESDAY. PHOTO:OLU AJAYI.](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_tXoSOOcdGSSUHuQYnRJGXUUGfW1mRugNa7oLRlPL_kWAFwc92mEQCeNQov2Xw85c-ZrOrkxIyrGG_pBbsWPan3pexu1wajAL6y3I12ERKoilWR-LiREfjBUpy2lWgO0O0u62Unw4UUgbSKMKDykXzB-7-B-YvQ0JAiYRzh_-Vz_jPgBYs-DcGvzhpbGXzTfBUWffEJwyv2Wg=s0-d)
The Nigerian National Petroleum Corporation, NNPC, said, weekend, that despite losing N230billion annually from marketing and refining operations, the Corporation was not broke. It also disclosed that it owes over $6billion in cash call arrears.
THERE are indications that Nigeria may resume crude oil export to the United States (U.S.) soon.
President Muhammadu Buhari on Sunday said the prosecution of those who misappropriated the revenue of the Nigerian National Petroleum Corporation under the past administrations would soon commence.
Nigeria’s crude oil may enjoy a resurgence in the United States as many analysts believe it is well suited to meet a current gap in the market created by lower production of shale oil.
Chairman of the committee, Aliyu Pategi (APC Kwara), expressed the committee’s position during a public hearing in Abuja on Tuesday.
There are indications that Nigerians in Diaspora are now gathering interest in exploring opportunities in the local oil and gas market, even as they are keen to repatriate their richly endowed skills to support their motherland.
The numbers of active offshore rigs worldwide have declined from 377 to 304 due to the plummeting crude oil prices since 2014, according to the United States Energy Information Administration (EIA).
Nigeria’s crude oil output increased by about 70,400 barrels per day, bpd, to 1,857,000bpd last month (August), according to the most recent figures released by the Organisation of the Petroleum Exporting Countries, OPEC, in its latest monthly oil market report released last week.
The Bayelsa State Government has sent a protest letter to the Nigerian Agip Oil Company complaining about the pollution of the state’s environment as a result of alleged oil spillage from the firm’s facilities.
The Nigerian Union of Petroleum and Natural Gas Workers has given the Federal Government a seven-day ultimatum to intervene in the crisis between Chevron Nigeria Limited and its contract workers.
As part of their obligations to policyholders, 11Nigerian underwriters have paid N1.35 billion to operators in the oil and gas sector including the Nigerian National Petroleum Corporation (NNPC). 
Consistent trend of explosions leading to needless deaths has trailed the company’s operations, hence the need for the Federal and state government to set up an investigative panel to review its operations as well as its spill contingency plans and protocols, which have so far put production and profit at the fore and left safety in the back seat..jpg?maxwidth=400&maxheight=540)
The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that it had secured a $1.2 billion multi-year crude oil drilling financing package to enable it drill 36 offshore and onshore oil wells under the NNPC/Chevron Nigeria Limited Joint Venture arrangement.
The Bayelsa State Government has warned business operators, especially oil firms operating in the state to strictly comply with guidelines for oil spill response to avert further environmental degradation.
In a bid to tackle crude oil theft and bring it to an end, the Nigerian Navy (NN) Thursday said it had acquired Israeli-installed mass civil surveillance system known as Falcon Eye.
The Nigeria Extractive Industries Transparency Initiative on Thursday called for an amendment to its law so as to allow it to double civil monetary penalties on mining, oil and gas companies that provide false information regarding volumes of production, sales and income.
The row between Chevron Nigeria Limited and some employees of companies contracted by the oil major deepened on Wednesday as members of the Nigerian Union of Petroleum and Natural Gas Workers stormed its offices in Lagos, Port Harcourt and Warri in protest.
The Nigerian Association of Petroleum Explorationists has attributed the lag in petroleum exploration in the country by oil companies to the rapidly rising costs of exploration, which in most cases more than double the initial costs.
There was a time in Nigeria when Oil companies like Mobil Nigeria, Elf Nigeria were drilling on high water depths and Chevron was on low water depth creeks as they are today. The Nigerian National Petroleum Corporation says it is set to revisit the fiscal terms of the existing Production Sharing Contracts entered into by it with some international oil and gas companies with a view to seeking favourable benefits to the country based on prevailing realities in the industry.
The Rivers State Government has said it would open dialogue with the federal government over its ceded oil well to correct imbalances in its revenue.
After four years of lacklustre efforts by the immediate past administration to implement the report of the United Nations Environmental Programme on Ogoniland, President Muhammadu Buhari has set up a governance structure to implement the outstanding actions recommended by the world body. Ejiofor Alike reports
In its renewed bid to ensure transparency in all commercial activities relating to petroleum operations in Nigeria, the Nigerian National Petroleum Corporation (NNPC) has released the guidelines for the participation of local and foreign companies in the sale and purchase of the various grades of Nigerian crude oil.
The Petroleum and Natural Gas Senior Staff Association of Nigeria has called on the Federal Government to establish a special force for the protection of the nation’s pipelines and other oil installations.
The Shell Petroleum Development Company has urged the Federal Government to halt the activities of petroleum pipeline vandals and illegal crude refiners in Ogoniland, to make the planned clean-up of the area a success.
A few weeks after the Nigerian National Petroleum Corporation (NNPC) cancelled the crude oil delivery contract for its refineries with Ocean Marine Transport (OMT) citing exorbitant costs and inappropriate process of engagement, it intends to retender the contract which will now be awarded on a stop-and-go basis.
International Energy Administration (IEA) has estimated that globally, companies would cut their 2015 spending on new oil and gas production projects by more than $100 billion, a decline of over 20 per cent compared with 2014.
The Nigerian National Petroleum Corporation has lifted its ban on 113 vessels from engaging in crude oil/gas loading activities in any of the terminals within the nation’s territorial waters.
The Federal Government’s daily spending on petrol subsidy may dropped from the N2.4 billion it recorded in June to N1.07 billion as at Monday this week.
The Nigerian National Petroleum Corporation may have set up four new crude oil swap contracts to replace those cancelled last month vital for bringing in about half of the country’s domestic fuel demand, industry sources have said.
The expected rise in Nigeria’s crude oil export next month is coming at a time when output from the North Sea in Europe will reach the highest in more than three years amid a persistent global production surplus.
The Chief of Defence Staff (CDS), General Gabriel Olonisakin, has assured the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu, that the armed forces would partner with the corporation to ensure that problems militating against the NNPC are given optimum attention.
Nigeria earned N3.797 trillion from the export of crude oil in six months, between January and June 2015, data obtained from the National Bureau of Statistics, NBS, has revealed. A preliminary report on the recent activities at the Nigerian National Petroleum Corporation (NNPC) submitted to President Muhammadu Buhari by the Group Managing Director (GMD) of NNPC, Dr. Ibe Kachikwu, has shown that the corporation now supplies up to 876 million standard cubic feet (mscuf) of gas per day to the country’s power sector.
The Nigerian National Petroleum Corporation has begun consultation with security agencies on how to use drones to monitor the movement of oil bearing vessels across the nation’s territorial waters.
A top oil industry expert who claimed to have knowledge of the past handling of a tender for the turnaround maintenance (TAM) of the Port Harcourt refinery in Eleme at the weekend provided THISDAY with details of how officials of the Nigerian National Petroleum Corporation (NNPC) allegedly ruined TAM plans on the refinery.
A preliminary report submitted to President Muhammadu Buhari by the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has shown that $1 billion in foreign exchange will be saved from fuel import substitution when local refineries commence full production.
The Nigerian National Petroleum Cooperation has commenced the process of recovering over $7bn (N1.4tn) in over-deducted tax benefits from joint venture partners on major capital projects.
Trading activities on the Nigerian Stock Exchange (NSE) for the second consecutive day maintained a downward trend with the market capitalisation losing N164 billion. The market capitalisation, which opened at N10.272 trillion on Thursday, lost N164 billion or 1.59 per cent to close at N10.108 trillion.The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has given a 90-day ultimatum to the management of the Warri Refining and Petrochemicals Company (WRPC) to commence full production at the facility.
The Group Managing Director of Nigeria National Petroleum Corporation (NNPC) Dr. Emmanuel Kachikwu, yesterday in Warri assured “tireless efforts” are being made to ensure that all the refineries is working efficiently as there is so much expectation from Nigerians.
Seven Energy Finance Limited, together with its parent company Seven Energy International Limited, the indigenous Nigerian oil and integrated gas company, posted a loss after tax for the six months ended 30 June 2015, compared to a profit of $27m in the first half of 2014.
