Current Affairs

Current Affairs Categories

Protesters storm Shell crude flow station in Niger Delta

August 15, 2017 | Nigeria, Politics & Social Unrest

Port Harcourt, Nigeria  | – Hundreds of Nigerian protesters stormed a crude oil flow station and gas plant owned by Shell in the restive Niger Delta oil hub yesterday, demanding jobs and infrastructure development, a Reuters witness said. Shell Petroleum Development Company of Nigeria (SPDC),  a subsidiary of Royal Dutch Shell Plc said in a statement that it had already shut down the facilities due to security threats before they were stormed. The protesters complained that they were not benefiting from oil production in their …

OPEC’s long-sought success spoiled by 2018 oil supply worry

August 15, 2017 | Commodities & Oilprice, OPEC

London, UK | – Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by OPEC and its allies will be returned to the market in 2018 is clouding the outlook for crude, according to BMI Research. Prices remain vulnerable even though demand is strong, production gains are largely exhausted in Libya and Nigeria, and U.S. shale output is slowing, the …

Nigeria to continue Lake Chad Basin oil exploration despite deaths

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Nigeria

Abuja, Nigeria | – Nigerian scientists will continue to search for oil in the restive Lake Chad Basin region despite a kidnapping of some researchers by suspected Boko Haram members, a university and state oil firm NNPC said July 31. Members of an oil prospecting team were kidnapped in the northeast’s restive Lake Chad Basin region on July 25, prompting a rescue bid that left at least 37 dead including members of the team, rescuers from the military and vigilantes, officials say. Three kidnapped members …

Ambush on Nigeria oil team may hamper Buhari’s recovery plan

August 03, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Government & Regulations, Nigeria

Boko Haram Islamists’ attack shows ‘new level of boldness’ Government has vowed to continue oil exploration in northeast London, UK | – An attack by Islamist militants on an oil exploration team in Nigeria’s northeast has hurt the government’s ambition to find new crude reserves and quashed hopes of a quick recovery of the West African nation’s least developed region. Militants of the Boko Haram Islamist group on July 25 staged an ambush on geologists, staff of the state-run oil company and soldiers in a …

Nigeria adopts U.S.$11 billion Dangote refinery under new petroleum policy

August 03, 2017 | Economy, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian government has adopted the U.S.$11 billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petroleum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, will lead a government delegation to inspect the progress of work at the 650,000 plant expected to come on stream in 2019. Investigations showed that the visit would enable the government …

Oil steady as tighter U.S. market balances OPEC supply

August 03, 2017 | Commodities & Oilprice, OPEC

London, UK |  – Oil prices rose steadied on Thursday, supported by signs of a tightening U.S. market but weighed down by ample supplies from OPEC producers. Benchmark Brent crude LCOc1 was up 5 cents at $52.41 a barrel by 1145 GMT. U.S. light crude CLc1 was 5 cents higher at $49.64. Strong demand in the United States has been supporting prices. The U.S. Energy Information Administration reported record gasoline demand of 9.84 million barrels per day (bpd) for last week, and a fall in …

At least 30 dead after attempted rescue of abducted oil team in northeast Nigeria

July 27, 2017 | Civil Wars & Terrorism, Exploration / Discoveries, Nigeria

Maiduguri, Nigeria | – At least 30 people including civilians and members of the military have died after an attempted rescue of an oil exploration team kidnapped by suspected Boko Haram militants in northeast Nigeria, officials told Reuters on Thursday. The team searching for oil in Nigeria’s conflict-ridden northeast was made up of members from the state oil firm and university researchers and staff, while the attempted rescue was carried out by military personnel and vigilantes. The military said a day earlier that it had …

Russia to work with OPEC on oil market re-balancing

July 22, 2017 | Commodities & Oilprice, OPEC

London, UK | –  Russia is ready to continue working with OPEC to help rebalance oil markets, a Russian energy source said on Wednesday, adding that Moscow welcomed a flexible approach by OPEC’s leader Saudi Arabia to accommodate rising output from Nigeria and Libya. “We welcome the constructive approach and flexibility of our partners in addressing the challenges which arise on the path towards a balanced market,” the source, who is close to the Russian delegation negotiating with OPEC, said. “Russia itself is fully committed …