Oil News

Nigeria Set for Highest Oil Exports to Europe

  • June 28, 2019
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OPEC to rollover output cut deal Ejiofor Alike with agency reports Nigeria is set to export highest volume of crude oil to Europe in June following production outages being experienced by producers in the UK’s North Sea oilfields, according to oil traders. This is coming as the Organisation of Petroleum Exporting Countries (OPEC) is expected […]

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LEKOIL’s Otakikpo field set to increase volume to 20,000 barrels a day

  • June 21, 2019
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Jun 21, 2019 LEKOIL (AIM: LEK), the Africa focused oil and gas exploration and production company with interests in Nigeria, announces its final audited results for the year to 31 December 2018.   Operational Highlights Otakikpo ·      Production levels averaged approximately gross 5,345 bopd, (2,076 bopd net to LEKOIL) ·     Phase Two preparations for development commenced […]

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U.S. surpasses Nigeria in oil exports, slashes imports

  • June 21, 2019
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Jun 21, 2019 By the editor The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to Nigeria’s crude. Its oil imports from Nigeria plunged to 9.599 million barrels in the first three months of this year from 15.879 million […]

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NNPC assures pipeline fire won’t lead to petrol scarcity

  • June 21, 2019
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Jun 20, 2019 A serial fire outburst on major petroleum products artery operated by the Nigerian National Petroleum Corporation ( NNPC), in Lagos is causing palpable fear of possible shortage of petrol across major states in the south west and parts of north central. But the general manager, Group Public Affairs,NNPC, Ndu Ughammadu said the […]

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Renewable Energy Unlikely to Overtake Oil in Decades – Barkindo

  • June 19, 2019
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By Chineme Okafor Abuja — The Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), Dr. Mohammad Barkindo, has said the upcoming meeting of the group and its non-OPEC member allies led by the Russian Federation will deliberate more on keeping the global oil market balanced and stable in the midst of threatening pressures. […]

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Navy Destroys 50 Illegal Refineries in Delta Creeks

  • June 19, 2019
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By Chiemelie Ezeobi As part of its continuous fight against crude oil theft and pipeline vandalism in the Niger Delta, the Nigerian Navy (NN) yesterday said over 50 illegal refineries have been destroyed in the past 32 days around Yeye, Burutu and Ibafa creeks in Delta State. In the ongoing operation, of which select defense […]

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Nigeria’s daily oil production now 2.2mb at $22 per barrel production cost

  • June 19, 2019
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Nigeria’s daily oil production has exceeded the 2.3 million barrel per day benchmark for the 2019 budget. The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed this in Abuja on Tuesday during a discussion with the national officials of the Nigerian Union of Journalists (NUJ) He maintained that Monday’s crude oil […]

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Seven banks sign $640m agreement to refinance Neconde Energy’s OML 42

  • June 17, 2019
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Jun 17, 2019 A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited’s Senior Secured Medium-Term Loan Facility Agreement, worth $640 million (N2.3trillion). The refinancing of the facility followed the renewal of Neconde Energy Limited’s Oil Mining Licence (OML) 42 for the next 20 years, effective June 2019, […]