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Nigeria’s April oil production level below budget benchmark

May 11, 2019

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which runs from January-June, which…

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Reps indict NNPC, others over extra budgetary spending, TSA violations

May 10, 2019

The House of Representatives yesterday indicted the Nigerian National Petroleum Corporation (NNPC) of extra-budgetary spending while other Ministries Departments and Agencies (MDAs) were accused of violating the Treasury Single Account (TSA)  policy of the Federal Government. This was sequel to the adoption of the recommendations of the ad hoc committee hoc committee on the need…

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DPR to collaborate with FAAN over aviation fuel quality control

May 9, 2019

The Department of Petroleum Resources has said it is collaborating with the Federal Airports Authority of Nigeria to address the gaps in the supply chain of Aviation Turbine Kerosine, also known as aviation fuel, in the Lagos. The DPR said the agencies, during a recent meeting in Lagos, agreed to continue collaboration to deliver on…

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Nigeria initiates suit in London against Shell, Eni for damages in OPL 245 case

May 8, 2019

The Government of Nigeria has filed an additional lawsuit against supermajor Shell and Italian giant Eni over allegations linked to the controversial OPL 245 oil block deal off Nigeria. In addition to the ongoing trial in Milan involving the two oil players, the government of the West African country is now seeking to trace and…

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Nigerian court dismisses claim against Eni, Petrobras over illegally sold oil

May 8, 2019

A Nigerian high court dismissed the government’s claims that local units of Eni SpA and Petroleo Brasileiro SA illegally exported crude oil to the U.S. Justice Mojisola Olatoregun said Wednesday in Lagos, the commercial capital, that the government could not provide evidence to back its lawsuit against Agip, a subsidiary of Eni, and Petrobras’s Brasoil.…

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Sterling Bank places renewable energy as key sector for investment

May 8, 2019

Sterling Bank Plc has called for reform of the energy sector at the  fourth Nigeria Energy Forum themed Upscaling Clean Energy for Sustainable Development supported by the lender. The project is  part of its commitment to the HEART of Sterling initiative to invest in five key sectors of the Nigerian economy namely Health, Education, Agriculture, Renewable…

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NIMASA partners INTERPOL on fresh strategy against crimes at sea

May 8, 2019

In a bid to sustain the reduced rate of criminal activities on the nation’s coastal and territorial waters, the Nigerian Maritime Administration and Safety Agency, NIMASA, and the International Police Organization, INTERPOL, have commenced partnership in the fight against crimes at sea. Disclosing this in Lagos during a visit by a team from the INTERPOL…

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Shell, Eni executives face corruption allegations over Nigerian oilfield deal

May 7, 2019

Royal Dutch Shell Plc and Eni SpA face additional corruption allegations over a Nigerian oil deal, after the West African country’s government said in a London lawsuit that it believes a handful of executives, including CEOs, were tied to more than $1 billion in bribery payments. In court documents filed in early April, the Nigerian…

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Execution of Nigeria’s N8.916trn budget under threat from oil pipeline shutdowns

May 7, 2019

Barely two weeks after the National Assembly passed the N8.916 trillion budget for 2019, the implementation of the financial plan is already being threatened by the spate of vandalism of oil pipelines across the country. Nigeria has set oil production target of 2.3 million barrels per day (mbpd) at a price benchmark of $60 to…

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NNPC announces trade surplus of N15bn in January 2019

May 6, 2019

The Nigerian National Petroleum Corporation (NNPC) has a trade surplus of N15.04billion for January 2019, an increase of 24 per cent over the N12.13 billion surplus posted by the corporation in December 2019. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a release today in Abuja stated that details of the…

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