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Discover latest news and analysis, headlines, blogs and videos about Nigeria’s Niger Delta Regions, Nigeria’s Oil wells and locations, Nigeria’s Key Oil companies and local refinery news and updatss

Oil Marketers Lament Over N660bn Debt As Forex Scarcity Lingers

Despite assurances by the federal government of steady availability of petrol, marketers have given indication of scarcity of the product in the coming weeks They said they can no longer continue with the distribution of the product due to debt of N660 billion allegedly owed...

Nigeria plans 60% local refining capacity before the end of the year

January 22, Nigeria is a giant oil producing nation with four oil refineries yet largely depends on oil imports. pipeline vandalism has become a drain on the nation’s economy. The Nigerian National Petroleum Corporation (NNPC) had talks with some external licensors to undertake process audits on...

OPEC, Russia Meet to Check on Oil-Cuts Progress

Several OPEC members plus Russia, Oman will monitor compliance Saudi minister said most producers cutting deeper than pledged Representatives of OPEC and several other major oil producers are arriving in Vienna for their first meeting to monitor compliance with an agreement to cut output. Ministers...

OPEC States Scale Back 1.5 Million Bpd To Re-balance Global Crude Market

Saudi minister says 1.5 million barrels a day cut from market Russia’s Novak says supply already curbed by 100,000 barrels OPEC and other oil-producing countries are scaling back their crude output as promised under last month’s historic agreement, putting global markets on track to...

Why electricity supply worsened across Nigeria – TCN

The Transmission Company of Nigeria, TCN, has said that the major cause of the worsening electricity situation across the country is pipeline vandalism. In a statement on Friday, the General Manager, Public Affairs, of the firm, Nigeria’s sole power transmission company, Seun Olagunju, said the...

Nigeria’s power generation drops to 2,662 megawatts

The Transmission Company of Nigeria, TCN said the nation’s power generation capacity dropped from 3,959 megawatts on January 4 to 2,662 megawatts on January 22. The Nigerian Electricity System Operator, SO, website, a sub agency of TCN, disclosed the figure in its daily forecast on...

Niger Delta sabotage of power assets prevented Nigeria from generating 7,000MW – Fashola

The Minister of Power, Works and Housing, Babatunde Fashola, says the sabotage of power assets by militants has prevented the nation from generating 7,000 MW of electricity. The minister, who disclosed that the nation’s power grid could now support 6,500 MW debunked claims that the...

Saudi Arabia says another OPEC cut possible in 2017

DAVOS, Switzerland (AP) — Saudi Arabia's energy minister says there's a chance of another production cut from OPEC countries this year. Speaking at the World Economic Forum at the Swiss ski resort of Davos, Khalid Al-Falih says he "would not exclude" another cut to follow...

W. Africa Crude: Nigerian price reflects weak demand for light crude as Sonangol sells out

  NIGERIA's State oil company NNPC slashed its official selling prices for key grades Bonny light and Qua Iboe, reflecting weak demand for light sweet crude. * Uncertainty around loadings has also dented buyer demand for West Africa grades, with Indian tenders among the primary reliable...

Cost of Kerosene rises to N300 per litre in Umuahia

The price of Kerosene, a major source of energy in many homes, has skyrocketed in Umuahia, the Abia capital, selling for between N300 and N400 per litre. The News Agency of Nigeria (NAN) checks in the town on Friday showed that the commodity sold for...
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