Crude oil: A blessing too much
The good old days are gone when the groundnut pyramids in northern Nigeria were a major contributor to the economy. They were the admiration of everyone from far and near; one of the pride of the nation.
‘60m barrels of crude oil stolen from Nigeria’
Human rights lawyer, Femi Falana (SAN) yesterday said about 60.2 million barrels of crude oil were stolen from the country between 2011 and 2014. Speaking at the 40th anniversary of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Falana noted that the stolen product passed through the Philadelphia Port in the United…
The structural problem with the Nigerian economy
It is election season and it is safe to say that policy making has taken the back seat with electioneering now the core focus of elected officials. It is also the season when politicians make election promises, sometimes based on deep reflection of the issues but sometimes just out of thin air. Regardless of the…
17 years after, Nigeria-Sao Tome’s JDZ remains unproductive
The commercial viability of over 500 million barrels of crude oil reserves stranded in the Nigeria–São Tomé and Príncipe Joint Development Zone (JDZ) has been called to question, as the region is yet to produce its first oil 17 years after discovery.
Crude oil sells at $78.24 as output peaks
• China guarantees $2.8b for NNPC’s pipeline project Members of the Organisation of Petroleum Exporting Countries (OPEC) last month produced 32.74 million barrels of crude oil per day, as price rose sharply to $78.24. Considering the looming impact of the trade war between the United States and other major economies, including Iran, China and the…
Nigeria’s oil exports to hit four-month high in October
Nigeria’s oil exports are expected to rise to their highest in four months in October, thanks to supply of several larger grades coming back online following a series of pipeline outages in the last couple of months.
Dangote refinery to save $7.5bn through import substitution
The construction of the 650,000 barrels of crude oil per day Dangote Refinery is expected to help Nigeria save over $7.5 billion through import substitution. The project, will put Nigeria on the global map as major oil and gas hub in Africa, the Group Executive Director, Devakumar Edwin, has hinted. Nigeria currently imports large amount…
Crude oil prices defy forecast, hit $78.18
Global crude oil prices is gradually moving towards reaching the $80 per barrel mark, as Brent hits $78.18, while Nigeria’s Bonny Light was sold at $77.54 per barrel during late trading hours on Monday. At Nigeria’s current crude oil production of two million barrels per day, the country earns estimated $155.080 million (N55.828 billion) at the…
On the crude oil revenue fiscal rule
Unless you have not been paying attention at all, you probably know that the Nigerian economy is dangerously dependent on crude oil. Not in the sense that it is the only thing we do, but there are sections of the economy that are completely reliant on crude oil.
Scientists advance cleaning up crude oil of spills with bacteria, mushrooms
Petrochemical or crude oil spillage in oil rich Niger-Delta Region of Nigeria has been linked to greater risk of developing different types of cancer, congenital heart defects among other ill effects due to exposure of the inhabitants to toxic pollutants. Until now, there have been several efforts and promises by the Federal Government and oil…