• Kaduna refinery to get crude from Niger

    Kaduna refinery to get crude from Niger

    The Group Managing Director, (GMD)Nigerian National Petroleum Cooperation, (NNPC), on Friday said the Federal Government will build 1,000 kilometres of pipeline from Agadam Niger Republic, to supply crude oil to Kaduna refinery.

    The GMD made the disclosure to newsmen during a visit to the Kaduna Refinery Petrochemical Company Limited (KRPC) in Kaduna.

    Baru said high level contacts have been made with Niger Republic on the possibility of importing crude from the country.

    “President Muhammadu Buhari has made several contacts with the President of […]

  • Crude oil price gears towards $60 per barrel

    Crude oil price gears towards $60 per barrel

    OPEC’s proposed deal to cut production has “put a floor” under the oil price at around $50 a barrel, Reuters reports.

    International benchmark Brent crude dropped to a little above $52 from nearly two per cent gain of $52.67 last night.

    West Texas Intermediate, hit a year-high of close to $52 at one point last night and was holding above $51 a barrel this morning.

    Optimism is growing for future trading, too, BMI Research says it sees “significant potential for an upwards break […]

  • Nigeria seals $15bn upfront payment for crude with India

    Nigeria seals $15bn upfront payment for crude with India

    According to reports, the Federal Government yesterday, sealed a $15 billion deal with India, wherein the latter would make upfront payment for crude oil purchases from Nigeria.

    Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, while cementing the deal on behalf of Nigeria, explained that the terms of the deal would be agreed in due course.

    Under the deal, Kachikwu disclosed that the Indian government would make an upfront payment for crude purchase to Nigeria, to be repaid on the basis […]

  • Militants attack crude oil delivery line in Delta

    Militants attack crude oil delivery line in Delta

    According to reports, the Niger Delta Greenland Justice Mandate, NDGJM, yesterday said it has attacked a crude oil delivery line that supplies product to the Ughelli Quality Control Center.

    The group also launched its “Operation Hammurabi Code” named after a former King of Babylonia (1792-1750bc) in mockery of the “Operation Crocodile Smile, after the Nigeria Army.

    Though the incident could not be confirmed as at the time of this report, NDGJM in a statement by its spokesperson, ‘Gen’ Aldo Agbalaja, said: “At […]

  • Nigeria loses 79m barrels of crude to vandalism

    Nigeria loses 79m barrels of crude to vandalism

    The attacks on Forcados export line by militants in the Niger Delta have left a total of 79 million barrels of crude oil shut in since February, causing oil firms and the nation a huge loss of revenue.

    The Forcados export terminal was shut down after Shell Petroleum Development Company of Nigeria Limited declared force majeure – a legal clause that allows it to stop shipments without breaching contracts – on February 21.

    Militants had a week earlier blown up a pipeline […]

  • Nigeria loses 23.1m barrels of crude in 21 days

    Nigeria loses 23.1m barrels of crude in 21 days

    Nigeria lost 23.1million barrels of crude oil from August 16 to September 5, due to activities of Niger Delta militants, which led to shut-in of production, shut down of pipelines and terminals, according to report.

    It was gathered that the country lost 1.1 million barrels daily, about 23.1 million barrels in 21 days.

    Minister of State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu, confirmed this at a conference in Lagos, saying the country had to produce an additional 1.1 million barrels of […]

  • Why we stopped importation of Nigeria’s crude oil – US shares reasons

    Why we stopped importation of Nigeria’s crude oil – US shares reasons

    The Ambassador of the United States of America to Nigeria, James Entwistle, has said that there is no hidden agenda behind his country’s decision to stop crude oil purchase from Nigeria.

    Entwistle, said this while fielding questions from newsmen at the 240th Anniversary of the US Independence in Abuja.

    The envoy said the price of oil was determined by international market and that the desire of every business person was to get the best product at the best price.

    He said: “There is […]