Nigeria must stop using oil as a ‘cash cow’ to buffer economy
Nigeria must stop using its rich oil resources as a 'cash cow' if it is to reform the nation's politics and economy, according to a leading expert.
Nigeria
Shell Nigeria launches production from Bonga Phase 3 project
Oil major Shell said it has launched the start-up of production from the Bonga Phase 3 project in Nigeria. The Bonga Phase 3 is an expansion of the Bonga Main development, with peak production expected to be some 50,000 barrels of oil and 150 million standard cubic feet of gas per day. The field has been producing oil and gas since 2005 and was Nigeria's first deepwater development in depths more than 1,000 metres.
Former Nigerian oil minister arrested
Nigeria’s former oil minister was arrested in London on Friday, according to reports. Diezani Alison Madueke held the role for five years under the presidency of former leader Goodluck Jonathan. The UK National Crime Agency (NCA) said five people had been arrested across London as part of an investigation into suspected bribery and money laundering offences. It is understood Madueke was granted bail a few hours after being arrested.
Opinion: Oil will make or break the Buhari Presidency in Nigeria
President Muhammadu Buhari’s decision to control Nigeria’s oil industry emphasises the significance that the sector has for the country.
Shell completes sale of some downstream businesses in Norway
Oil giant Shell has completed the sale of Smart Fuel to St1 Nordic Oy of some of its downstream businesses in Norway. The company said it would still continue to remain highly visible in the country, despite the deal for its retail, commercial fuels and supply and distribution logistics businesses. Shell and St1 have also joined forced to create Aviation Fuelling Services Norway AS, a joint venture to sell aviation fuel in Norway.
Shell declares force majeure in Nigeria after pipeline leak
Oil major Shell has declared a force majeure and halted crude exports from a key terminal in Nigeria after a pipeline leak. The company said the move was taken after a leak in the Trans Forcados pipeline which affected crude exports from one of the country’s main export points. The terminal has the capacity to export up to 400,000 barrels a day.
Nigerian President will retain country’s oil portfolio in his new cabinet
Nigeria’s President Muhammadu Buhari said he will hold the country’s oil portfolio in his new cabinet, rather than trust anyone else with the source of most of its revenue. Buhari, who took office earlier this year, has promised to combat corruption and made clear he wants to overhaul the oil sector in Africa’s biggest economy. At an annual meeting of world leaders at the United Nations General Assembly in New York this week Buhari said he intended to remain as the minister of petroleum resources.
MX Oil looks ahead to “game changing” six months
UK oil and gas investment company MX Oil is looking ahead to a "game changing" end of year with progress made in Mexico and imminent production expected from its Nigerian assets.
Fatal Nigeria offshore helicopter flight could have been caused by part malfunction
A preliminary report by the Accident Investigation Bureau (AIB) in Nigeria has found a fatal offshore helicopter crash may have been caused by a malfunction of one of the aircraft parts. The crash, which happened last month, caused the death of two crew members and four passengers on board. There had been 12 people on the helicopter when the incident happened.
Sirius raises £1million for Nigeria prospect
Sirius Petroleum has raised a total of £1,035,000 to help fund exploration opportunities in Nigeria.
Nigerian investors get the jitters over energy debt
Nigerian financial and energy companies are finding it increasingly hard to get hold of foreign currency due to central bank restrictions and may struggle to repay their debts.
Sonardyne works closely with Total on Egina mega-project
French oil major Total, operator for the Egina oil field offshore Nigeria, has successfully installed acoustic specialist Sonardyne's Fusion 6G subsea positioning network to support its development of the $15billion project.
Nigeria wealth fund sees limited state top-ups on low oil prices
Nigeria’s sovereign wealth fund doesn’t expect any major payments from the government as the finances of Africa’s largest oil producer have been hit by a halving in crude prices in the past year. “The weakness in crude oil prices might persist for the foreseeable future, thereby potentially impacting on new contributions from the federation,” Nigerian Sovereign Investment Authority Chairman Mahey Rasheed said in its 2014 annual report released on Thursday.
Shell Nigeria in pipeline shutdown
Oil major Shell has declared a force majeure on exports of Bonny Light crude after two pipes were forced to shut down in Nigeria.
MX Oil maintains focus on Mexico
Hydrocarbon investment company MX Oil has said it is closer to securing additional assets in Mexico.
Flight data recorder recovered from Nigeria helicopter crash
Nigeria’s Accident Investigation Bureau (AIB) has recovered the flight data recorder from a helicopter which crashed on the way from an oil platform. The incident earlier this month left six people dead and others injured after the Sikorsky 76 Bristow helicopter crashed into a lagoon. The aircraft had been carrying 10 passengers and 2 crew when the incident happened.
Images from scene of Nigeria helicopter crash
Four people have been killed and another two workers are also suspected to have been fatally injured in a helicopter crash. The incident happened as a Bristow helicopter flew back from an oil rig in Nigeria.
Six workers killed after helicopter crash in Nigeria from oil platform
A helicopter carrying at least 12 people from an oil platform has crashed into a lagoon killing at least four people, the Nigerian Civil Aviation Authority (NCCA) said. The helicopter, which was operated by offshore energy transportation specialists Bristow Group had been flying from a rig when the incident happened shortly before it was due to land. Officials in the country said a rescue operations was continuing.
In hunt for missing billions, Buhari targets Nigeria Oil Company
As oil minister during military rule in the 1970s, Muhammadu Buhari oversaw the birth of the Nigerian National Petroleum Corp. Now, as democratically elected president, he intends to break up the opaque bureaucracy, which manages the oil assets of Africa’s biggest crude producer, to ensure taxpayers get their fair share. History isn’t on his side. “No Nigerian leader, including Buhari himself from the 1980s, has managed to sanitize the oil sector,” said Philippe de Pontet, head of the Africa practice at the Eurasia Group in New York. “Buhari’s challenge is not only to depoliticize NNPC but to disentangle its vested interests and its rogue commercial operations, which won’t be easy.”
Eland retains focus in Nigeria
Eland Oil and Gas, the West African-focused producer, is continuing to achieve good performance from its Opuama field in Nigeria.
Shell declares force majeure on Nigerian gas supplies to NLNG
Shell has declared force majeure on gas supplies to Nigeria's LNG export terminal on Bonny Island in Rivers State due to a pipeline leak, a spokesman for the company said on Thursday. "Shell declared force majeure on gas supplies from SPDC to NLNG (Nigeria Liquefied Natural Gas Co), effective August 4," spokesman Precious Okolobo said, adding that the company was investigating the cause of the leak.
Eni chief exec meets with Nigerian President for first time since election
The chief executive of Eni has met with the President of Nigeria to express condolences over an explosion in the country in June which killed 14 people. Claudio Descalzi met with Mohammadu Buhari for the first time since the President was elected earlier this year.
Lekoil suspends drilling for safety reasons
Lekoil has confirmed that first oil from its Otakikpo field in Nigeria will be delayed until autumn after drilling operations were halted for safety reasons.
MX Oil one step closer to first oil in Nigeria
MX Oil is one step closer to securing first oil from its Nigerian prospect.
Oil tanker industry calls for immediate end to Nigeria ship ban
A ban on 113 oil tankers by Nigerian state oil company NNPC must be lifted immediately as no grounds have been given for the measure, the global oil tanker industry association said in a letter of protest.