EKO HOT BLOG reports that a 77-meter-long Motor Tanker Vinnalaris 1 Lagos was reportedly apprehended by Nigerian Navy forces on Thursday. The vessel was involved in illicit crude oil siphoning from one of the well heads at the EBESAN oil field, approximately seven nautical miles off the coast of the Awoye riverine community in Ilaje Local … Read more
The NNPCL confirms that once the Dangote Refinery starts producing refined petroleum products in late July or early August, it will reduce its imports of petrol. The NNPCL, currently the sole importer of petrol in Nigeria, plans to buy from the Dangote Refinery as they co-own 20% of the facility and want to support their … Read more
Buhari has directed security agencies to speedily bring to a halt, the activities of vandals in Niger Delta EKO HOT BLOG reports that President Muhammadu Buhari has ordered the Nigeria Security and Civil Defence Corps (NSCDC) to stop crude oil thefts and vandalism in the Niger/Delta region and bring all perpetrators of such crimes to … Read more
Stock market crashes over 45% as Russia invades Ukraine The United States benchmark, the West Texas Intermediate (WTI) just hit a $100 per barrel mark, for the first time since July 2014, as Russian President, Vladimir Putin authorized a special military operation on Ukraine. EKO HOT BLOG reports that Russia’s stock markets crashed at the … Read more
House of Representatives, $20 billion Reps vow to take action against MDAs failing to implement budget You May Also Like NSCDC Arrests 20 Crude Oil Thieves In Rivers For seven years, crude oil lifted from Nigeria between 2005 to 2012 worth over $20 billion was unaccounted for according to the House of Representatives. Chairman, Ad-hoc … Read more
As part of its concerted efforts to combat climate change and create jobs, United Kingdom Prime Minister Boris Johnson has fixed 2030 for stoppage in the sales of new cars and vans powered by petrol and diesel. The move, according to the prime minister, is part of the 10-point plan is to hasten the transition … Read more
Prices of crude oil slipped from a three-month high on Tuesday, June 23 after it had rallied earlier in the day as a result of comments on the status of the US-China trade deal. The Brent crude, which initially hit $43, shed 68 cents or 1.58 percent yesterday to trade at $42.40 per barrel. Also, … Read more
…Wants F.G To Prepare For Post-Oil Economy The Federal House of Representatives has charged the Federal Government to make adequate plans and preparations for a post-oil economy in Nigeria saying the lawmakers were disturbed by the dwindling fortunes of the petroleum market in years to come, The House also urged the Federal Government to direct … Read more
Petroleum and Natural Gas Senior Staff Association of Nigeria has asked its members to shut operations and all activities at the nation’s oil rigs and export terminals from Sunday midnight. PENGASSAN said this was induced by the refusal of Rivers State Government to release detained 21 offshore ExxonMobil staff since Thursday. The association in a … Read more
Crude oil prices rose above $30 on Friday after indications that oil-producing partners of the Organisation of Petroleum Exporting Countries, also known as OPEC+, would hold a meeting on Monday, TheCable reports. Donald Trump, president of the United States, had said a production cut as high as 15 million barrels may be implemented. He, however, … Read more
Speaker of the House of Representatives, Femi Gbajabiamila on Tuesday during a public hearing on crude oil theft said the nation is losing about 400,000 barrel of crude oil daily to crude oil theft. The Speaker drew the attention of stakeholders at the hearing to previous investigations carried out in the past but lamented that … Read more
The Organisation of Petroleum Exporting Countries (OPEC) is eyeing extensions of its oil production cuts until the end of 2020, but talks are still in early stages, Russian news agency TASS reported, citing an OPEC source. The source said that OPEC is set to meet in March, but might meet in June as well to … Read more
The Senate President, Ahmad Lawn has justified the move by the Senate to amend the production sharing contract law in the oil sector. The Senate President said ” “it has become absolutely necessary for us to do so as a country so that we can generate more revenues from our endowments.” Lawan disclosed this at … Read more
– NES faulted FG for sharing proceeds from crude oil – NES President, Agiobenebo said that the discovery of oil would have changed the development narrative of Nigeria – NES president called on Nigerians to be patriotic and patronise locally produced goods The Nigerian Economic Society has faulted the federal account allocation committee for … Read more
A Lagos Division of the Federal High Court on Thursday adjourned until June 19, hearing in a debt recovery suit filed by the federal government against Shell Western Supply & Trading Ltd, over an alleged $406.7 million shortfall in crude oil shipment. The suit numbered FHC/L/CS/336/16 was filed by FG’s counsel, Fabian Ajogwu, a professor … Read more
Some April-loading Angolan crude cleared on Monday while some fresh tenders were issued and were expected to mop up some Nigerian BP sold a cargo of Kissanje to Unipec. BP was previously offering the cargo at dated Brent plus $1.30 a barrel. The deal price did not immediately emerge but it was below $1 … Read more