Upstream

……………by Ben Ndubuwa………Nigeria may lose about $11.41 billion from oil theft this year going by the current global crude oil price of $125 per barrel. Before the Russia-Ukraine crisis, crude was selling between $96 and $97 per barrel. It shot up to $105 per barrel few days after the conflict started. It has since then been hovering between $110 and ...

Nigeria is planning about six new regulations on the backdrop of the Petroleum Industry Act (PIA) that sets fresh modalities for oil and gas royalty, award of oil blocks, fees and rentals amidst divestment by International Oil Companies (IOCs). This was disclosed yesterday, in Abuja by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The new regulations being set on host ...

Following the repairs on a vandalized  4-inch gas line at Okaka in Yenagoa, which a declaration a ‘force majeure’. Eni, the Italian parent company of Nigerian Agip Oil Company (NAOC) revealed that it has lifted the ‘Force Majeure’ This was disclosed in a statement by Eni on Friday evening, citing that normalcy has returned to its gas export operations. Vandalism ...

The minister of State for Petroleum Resources, Timipre Slyva has said that Nigeria’s crude oil production would in no distant future hit 1.7 million barrels per day, stating that production is coming up gradually, stating that the country is currently on 1.4million barrels per day. The minister who was interviewed on a Channels Television’s programme, ‘Eagle Eye ’ spoke on ...

Lekoil Nigeria Limited, the oil and gas exploration and production company with a focus on Nigeria and West Africa, continues to pay attention to growth efforts, and the results are showing. The company has announced on behalf of the Otakikpo Joint Venture (“Otakikpo JV”) made up of Green Energy International Limited (“GEIL”), the Operator, and the Technical Partner, Lekoil Oil ...

The Court of Appeal in Owerri, the Imo State capital, has ordered the managing director and the other three management staff of Shell Petroleum Company to appear before it on March 29, 2022, to state cause why they should not be committed to prison for contempt of court. Other members of the management staff of Shell ordered to appear before ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has assembled a team of experts to carry out thorough auditing of activities of operators in the upstream petroleum industry in the last two years. The commission said the audit would ascertain the actual volume of crude oil stolen by vandals and saboteurs against recent allegations by some industry operators regarding the volume ...

Italian oil company Eni on Sunday announced the resumption of crude and gas exports in southern Nigeria after a blast last week. The explosion and a spill on March 14 cut exports of 25,000 barrels per day (bpd) of crude and gas from Eni’s Brass terminal in southern Bayelsa state. A force majeure was then declared by the company’s local ...

Shell and Eni both declared force majeure on key oil flows from Nigeria, threatening to disrupt supplies in a market that’s already fretting about the impact of Russia’s invasion of Ukraine. Shell’s measure has been in place since March 3 and applies to its Bonny export program. Eni’s relates to Brass crude cargoes and follows a pipeline blast in the ...

Seplat Energy has dismissed reports in some sections of the media that there were moves by the Nigeria National Petroleum Corporation Limited (NNPC) to stall the Sale Purchase Agreement ( SPA) it has signed with Exxonmobil. Seplat said that it has come to it’s notice the reports in some Nigerian newspapers and social media that the Nigerian National Petroleum Company ...