Crude

There’s palpable fear in Delta State as the Eshanekpe Israel, a.k.a Akpodoro-led Sector ‘C’ Command of the Surveillance Team of Independent Petroleum Marketers Association of Nigeria, IPMAN, Delta State battles oil thieves, product adulterators, impostors, who have allegedly established themselves in the oil-rich state.

The Senate Committee on Public Accounts has uncovered how the Nigerian National Petroleum Corporation (NNPC) paid N443 billion without appropriation.

The House of Representatives has directed its committee on petroleum to investigate the alleged missing 5.2 million barrels of crude oil allocated to local refineries under the Direct Sales Direct Purchase (DSDP).

Oil prices slipped, on Tuesday, as expectations that top producers would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand.

The Central Bank of Nigeria, CBN, has concluded plans to strengthen the Naira, and by extension the nation’s economy through the $15 billion Dangote Refinery.

Saudi Aramco has asked banks to extend, by a year, a $10 billion loan it raised last May, two sources familiar with the matter said.

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, said Dangote Refinery would buy Nigeria’s crude oil in Naira and also sell petrol to Nigeria in naira when it commences production.

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, says arrangement is being made to enable the Dangote Refinery sell refined crude to Nigeria in naira when it commences production.

A judge of an Upper Area Court in Abuja, Gambo Garba, on Thursday issued a criminal summons against Shell Petroleum Development Company (SPDC) of Nigeria and seven of its top executives over alleged stealing of 16 million barrels of crude oil through the use of a fraudulent and unapproved metering system.

The federal government has described as a welcome development, the rising price of crude oil in the global market, saying, “this is a good omen for Nigeria”.

The leadership of the National Assembly on Monday gave an assurance that it will approve extra-budgetary request of the Executive for the security agencies to wage a total war on the rising level of insecurity in the country.

The Shell Petroleum Development Company of Nigeria (SPDC) says allegations of involvement in oil theft at its Bonny Crude Export Terminal is misleading.

The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry, instead of indulging in illegal refineries.

Total U.S. oil output has contracted by a record one-third, or 3.5 million barrels per day and more, as anomalous low temperatures caused disruptions to well operations in Texas, the country’s largest oil-producing region, according to a watchdog.

The agreement to bring Emirati crude oil by tanker to a pipeline in the Red Sea port of Eilat was signed after the two nations normalised ties late last year and should come into force within months.

The International Monetary Fund, the global financial watchdog, is projecting that Nigeria’s Dangote Refinery would provide an elixir for the country’s economy when it is completed and starts production by 2022.

The Minister of State for Petroleum Resources, Mr. Timipre Sylva, has asked Nigerians to ready to endure the pain of another hike in the price of premium motor spirit, popularly called petrol, even as the country is also set to benefit from the rise in price of crude oil in the international market.

The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020.

The world’s top oil exporter, Saudi Arabia, raised on Thursday the prices of all its crude oil that will go to the United States and Europe in March while leaving unchanged the official selling prices of its crude to its key market in Asia.

The Department of Petroleum Resources (DPR), yesterday, disclosed that majority of the crude oil theft recorded in the country’s petroleum industry occur in the inland terminals, noting that it is practically impossible to steal crude oil from the offshore terminals.

The human rights group, in a statement, Sunday, in Abuja, by its Executive Director, Chinwendu Nduka Edede, said it was “alarmed by the report of the continued detention of Ugandan opposition leader, Bobi Wine, by the nation’s military and police despite a High Court order declaring his house arrest as illegal.”

Following Friday’s ruling by a Dutch court that found Shell liable of polluting the farmlands of four farmers in the Niger Delta region, Artisanal Fishermen Association of Nigeria (ARFAN) has advised the oil firm to promptly comply with the judgement and compensate the farmers.