Current Affairs

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Nigeria’s state oil company and partners spent $360 million on Delta cleanup: NNPC

February 19, 2020 | Health, Safety & Environment, Nigeria, Politics & Social Unrest

Yenagoa, Nigeria | –  Nigeria’s state oil company and its joint venture partners have spent $360 million on cleaning up the Niger Delta oil heartland in the past two years, the Nigerian National Petroleum Corporation (NNPC) said on Monday, but locals said little work had been done. Nigeria is Africa’s biggest crude oil exporter. Oil sales account for around 90% of its foreign currency earnings but oil spills in the southern Niger Delta region have caused pollution and angered locals. Royal Dutch Shell Plc was …

Nigeria’s NNPC hires 1,050 graduates out of 60,000 candidates

February 19, 2020 | Employment, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) has announced the recruitment of 1,050 Graduate Trainees, signalling the successful completion of its 2019/2020 employment exercise. A statement from the corporation’s Acting Group General Manager, Group Public Affairs, Mr. Samson Makoji, quoted the Group Managing Director, Malam Mele Kyari, as saying that the Human Resources Division of the NNPC has since commenced the issuance of provisional offers of employment to the 1,050 fresh employees. While describing the recruitment as a very important assignment for …

IEA: Oil Demand Set For First Fall In A Decade Due To Coronavirus Outbreak

February 19, 2020 | Economics & Markets, IEA

London, UK | – Oil demand is set to fall this quarter for the first time since the financial crisis in 2009 due to the coronavirus outbreak in China, the International Energy Agency (IEA) said Feb. 13. “The consequences of Covid-19 for global oil demand will be significant,” the Paris-based IEA said in a monthly report, using the new scientific name for the virus. Demand in the first quarter of 2020 is expected to fall by 435,000 barrels per day (bbl/d) compared with a year …

Italian judge puts Nigerian businessman on trial in oil graft case

February 19, 2020 | Current Affairs, Legal, Management, Nigeria

Milan, Italy | –  An Italian judge has ordered a Nigerian businessman to stand trial for alleged international corruption relating to a Nigeria oil graft case involving Eni and Shell, a judicial source and his lawyer said on Wednesday. Milan prosecutors allege that Alhai Aliyu Abubakar played a central role in one of the oil industry’s biggest scandals in years, handing out more than $500 million in cash to powerful Nigerian government officials. The money is alleged to come out of the $1.3 billion licence …

Nigeria will cut crude oil output to conform to OPEC target

October 01, 2019 | Nigeria, OPEC

Fujairah, United Arab Emirates | – Nigeria will make cuts to its crude oil output to comply with OPEC output targets, Mele Kolo Kyari of the Nigerian National Petroleum Company (NNPC) said on Tuesday. Nigeria’s September crude oil and condensate output was 2.1-2.2 million barrels per day (bpd), the director of its state oil company said on Tuesday. “We will (cut) across the assets. The OPEC quota (is) on crude production only, not on condensate, so it doesn’t affect the condensate,” he told reporters at …

OPEC invites 97 oil producing countries to join Charter of Cooperation

October 01, 2019 | OPEC

London, UK | – OPEC Secretary General Mohammad Sanusi  Barkindo has invited all 97 oil producing countries to join the Charter of Cooperation. He made the remarks at the 16th Annual Meeting of the Valdai Discussion Club, Special session on energy- “World Energy Markets: How to Avoid Instability and Ensure a Balance of Interests”, in Sochi, the Russian Federation, Trend reports. Mr Barkindo noted that the ‘Charter’ is a platform to facilitate dialogue among the Participating Countries, aiming to promote oil market stability, cooperation in …

Nigeria moves to recover 35,000bpd lost to Shell JV, Belema oil dispute

October 01, 2019 | Government & Regulations, Nigeria, Politics & Social Unrest

Port Harcourt, Nigeria |  – The Nigerian government says it is determined to continue to extract over 35,000 barrels per day of crude oil output lost to a community dispute in the Niger Delta region. A dispute between Nigerian National Petroleum Corporation (NNPC) Joint Venture partner, Shell Petroleum Development Company (SPDC), Belema Oil and communities around oil mining lease (OML) 25 in Rivers State led to the disruption of operations in the area. Apart from the shutdown of the Belema Flow Station, about 35,000 barrels …

BP CEO Dudley draws up plans to step down next year

September 30, 2019 | Company Operations, Management

London, UK | –  British multinational oil and gas company  BP plc  Chief Executive Officer Bob Dudley is drawing up plans to step down next year, ending a tumultuous decade at the helm of the oil and gas company that swung from near collapse in 2010 to rapid growth today, sources close to the company said on Monday. BP’s first American CEO has indicated several times in closed discussions in recent years that he would like to retire at the age of 65, taking him …