Vice-President Yemi Osinbajo says Nigeria has been losing one million barrels of crude oil daily in the last six months due to the activities of pipeline vandals.
Regulators of the oil and gas sector have denied alleged plans to import crude oil from neighbouring African countries.
Niger Delta Avengers (NDA), the militant group claiming responsibilities for pipeline bombings in the Niger Delta, has warned ExxonMobil not to repair its vandalised Qua Iboe terminal blasted by its operatives last Monday.
The relative peace that attended the federal government’s offer of dialogue-for-peace initiative to the militant group in the Niger Delta, the Niger Delta Avengers (NDA), snapped at the weekend as the group resumed hostilities breaching major crude oil pipelines in parts of Delta State.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has signed Memorandums of Understanding (MoUs) with several Chinese firms for over $80 billion new investments, spanning five years, in the oil and gas industry covering pipelines, refineries, gas and power, facility refurbishments and upstream financing.
The Niger Delta Avengers (NDA), the militant group, which has claimed responsibility for most attacks on oil installations in the Niger Delta, claimed responsibility for blown up pipeline of the Nigeria National Petroleum Corporation (NNPC) in Akwa Ibom State, yesterday.
Crude oil prices bounced back to above $50 a barrel as militants continue to carry out their threats against Nigeria’s export pipelines and oil wells in the Niger Delta.
It was gathered that the meeting, which was attended by the Edo State Governor, Mr. Adams Oshiomhole; Minister of Niger Delta Affairs, Usani Usani; National Security Adviser, Maj. Gen. Babagana Monguno (retd); and Special Adviser to the President on Niger Delta, Brig. Gen. Paul Boroh (retd.), was arranged by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.
The ad hoc Committee on Crude Oil Theft Prevention and Control of the National Economic Council (NEC) has revealed that government does not have adequate operational vessels to patrol and secure the network of pipelines in the Niger Delta.
There were indications on Tuesday evening that armed militants operating in the Niger Delta may have again blown up a gas pipeline operated by Nigerian Agip Oil Company (NAOC) at Ogbembiri in Southern Ijaw Local Government Area of Bayelsa State.
Vice President Yemi Osinbajo, yesterday held two separate meetings over the recent blowing up of pipelines conveying crude oil and gas and threatening the operations of two of the nation’s refineries and power plants.
The Nigerian Agip Oil Company is losing about 16,000 barrels of crude oil per day due to explosion that recently rocked its pipelines in Bayelsa State, Eni, Italian energy firm and parent company of Agip, has said.
The House of representatives said on Monday that the current Minister of Petroleum Resources would be invited to answer questions on the controversial Refined Product Exchange Agreement contracts executed by the Nigerian National Petroleum Corporation and its subsidiary, the Pipelines Product Marketing Company, between 2011 and 2015.
There are indications that the Nigerian National Petroleum Corporation (NNPC) has lost about N1.7 billion to the closure of Port Harcourt and Kaduna refineries in the last four days.
As a fallout of the attack on some oil and gas pipelines in Gbaramatu area of Delta State by suspected militants at the weekend, the Nigerian National Petroleum Corporation (NNPC) has shut down the Kaduna and Warri refineries.
The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu has directed the Pipelines and Products Marketing Company, PPMC, and Petroleum Products Pricing Regulatory Agency, PPPRA, to embark on renewed special supply intervention measures to ensure a country-wide availability of petroleum products ahead of the forthcoming yuletide and beyond.
The operating revenue of Nigerian National Petroleum Corporation (NNPC), after subsidy for September and October has hit N304.18 billion, according to its monthly financial report.
A total of 91 companies have submitted bids to the Nigerian National Petroleum Corporation to secure contracts for the provision of coastal and bunkering vessel services to the national oil firm.
