Effect of Oil on Nigeria’s Resources

Nigeria to earn N672m daily from Shell’s new oil well

Nigeria’s crude oil production is expected to rise by 40,000 barrels per day, as Shell Nigeria Exploration and Production Company Limited, SNEPCo, yesterday commenced production from the first well at the Bonga North West deep-water development offshore Nigeria. C0ntinue Reading

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No action from Shell, Nigeria on Ogoniland pollution report – Amnesty

Nigeria and Shell have done almost nothing to ease oil pollution in the Ogoniland area of the Niger Delta, three years after a landmark UN report called for a $1 billion dollar clean-up, Amnesty International said Monday. Environmental devastation in Ogoniland has for many come to symbolise the tragedy of Nigeria’s vast oil wealth. Continue Reading

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Oando records 407790 barrels in Q1

A leading indigenous oil producer, Oando Exploration Resources (OER), a subsidiary of OandoPlc, has recorded an average crude oil production of 407,790 barrels of crude oil during the first quarter of 2014. The firm produced an average of 4,531 barrels per day (bpd), during the first quarter, according to the Financial Derivatives Company’s latest report. The report stated that: “The upstream arm of OandoPlc announced an average oil production

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Indigenous oil firms to produce 500,000 bpd by 2018

"Nigerian wholly owned Exploration and Production companies operation at the upstream sector of the oil and gas industry companies will produce 500,000 barrels of oil daily that represents about 20% of the Nigerian output by 2018", the Managing  Director of Seplat Petroleum Development Mr. Austin Avuru  has said. Continue Reading

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Port Harcourt refinery set to return to full production capacity

As part of efforts to boost the productivity of the country’s oil refinery at Port Harcourt, GE’s Distributed Power business is supplying GEL Utility Limited with three 25-megawatt (MW), trailer-mounted, TM2500+ aero-derivative gas turbines to generate uninterrupted power at the refinery. The installation by GEL Utility Limited of GE’s mobile gas turbines at the Port Harcourt Refining Company (PHRC) facility will ensure the country’s largest

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Shell is pushed to explain its role in $1.1bn Nigerian corruption scandal

Ben van Beurden, the new head of Shell, faced a packed room of global investors on Tuesday at the oil group's annual shareholder meeting. In post since March, the 56-year-old Dutchman can expect probing questions about cash flows, capital efficiency, investment projections and so forth. The list is unsurprising; with investors, it all comes down to the money. How is their capital being spent, what returns is it making and when can they expect to

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Fresh fuel crisis looms as finance commissioners seek removal of petrol subsidy

Two years after a nationwide protest forced the federal government to reverse its decision to remove subsidy on petrol, finance commissioners from Nigeria’s states met and asked for the removal of the subsidy, their chairman has said. The official pump price of petrol across Nigeria is N97 per litre. A total removal of the subsidy will raise the price to about N140 per litre. The announcement of subsidy removal on petrol by President Goodluck Jonathan

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Between illegal and modular refineries in Niger Delta

Ilegal oil refineries in Nigeria thrive on illegal oil bunkering, stolen crude oil, and vandalism of oil pipelines and other installations. Without a doubt, these illegal oil operations are reprehensible and should not be condoned for a number of reasons. Firstly, it is improper for citizens of this country to destroy oil installations in their bid to steal crude oil as feedstock for illegal refineries. Secondly, it is lawless to set up any kind

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Crude theft, vandalism frustrating Nigeria’s Petroleum industry – PENGASSAN

PRESIDENT of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Comrade Babatunde Ogun, in this interview with Sweet Crude, speaks on the  increasing incidence of crude theft, pipeline vandalism, divestment by multi-nationals, the delayed passage of the Petroleum Industry Bill, PIB among others that are gradually grounding Nigeria’s Oil and Gas industry. The issue of crude oil theft has worsened with international dimension

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NEITI’s audit report jolts govt, oil industry

 Orders PPPRA to pay N4.4b to govt  . NNPC, others to refund N3.7b  . Corporation owes govt N1.305 tr  . Nigeria loses $10b to oil theft  AN audit report covering the period of 2009 to 2011 which  was released on Monday by the Nigeria Extractive Industries Transparency Initiative (NEITI) was a catalogue of fraudulent deals in the oil and gas sector. Shocked by its findings, NEITI has recommended that key government’s agencies should refund

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