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After Boko Haram attack, Nigerian govt turns to Sokoto Basin for oil search

After Boko Haram attack, Nigerian govt turns to Sokoto Basin for oil search

Few months after the terrorist group in the north eastern part of the country, Boko Haram, ambushed and killed some lecturers from the University of Maiduguri who were part of a Nigerian National Petroleum Corporation, NNPC, oil exploration team in the Lake Chad basin, the corporation said it has commissioned another team to handle a… READ MORE

Stakeholders seek more attention for domestic gas market

Stakeholders seek more attention for domestic gas market

Stakeholders in the oil and gas sector have reiterated the need for managers of the Nigeria gas sector to rethink and change focus towards developing the local gas market. The industry experts while sharing their thoughts on the recently approved national gas policy observed that without losing track of the international gas market, government focus… READ MORE

Oil theft: Appeal Court upholds foreigners’ jail sentence

Oil theft: Appeal Court upholds foreigners’ jail sentence

The Court of Appeal, Lagos Division, has affirmed the judgment of a Federal High Court, Lagos, which sentenced nine foreigners to five years imprisonment for stealing crude oil from Nigeria. The three-man panel, comprising Justices Hussein Mukhtar (presiding), M. L. Shuaib and Frederick Oho, dismissed the twin appeals filed by the convicted persons for lack… READ MORE

US Department of Justice Seeks Recovery Of Almost $150M Corruptly Obtained By Ex-Oil Minister Alison-Madueke, Kola Aluko And Jide Omokore From Nigeria’s Oil Industry

US Department of Justice Seeks Recovery Of Almost $150M Corruptly Obtained By Ex-Oil Minister Alison-Madueke, Kola Aluko And Jide Omokore From Nigeria’s Oil Industry

Officials of the United States Department of Justice (DoJ) yesterday announced that they were filing a civil complaint seeking the forfeiture and recovery of approximately $144 million in assets that were allegedly the proceeds of foreign corruption offenses and were laundered in and through the U.S. The announcement was jointly made by acting Assistant Attorney… READ MORE

Nigerian Oil Company Oando Under Probe By Nigeria’s Securities and Exchange Commission

Nigerian Oil Company Oando Under Probe By Nigeria’s Securities and Exchange Commission

Nigeria’s Securities and Exchange Commission (SEC) is probing Oando, an oil company owned and run by Wale Tinubu, a cousin of former Governor Bola Tinubu of Lagos State. Mr. Bola Tinubu, the national of the All Progressives Party (APC), is also in business partnership with Mr. Wale Tinubu. A petition by two of Oando’s shareholders… READ MORE

OPEC to ask Nigeria, Libya to cut oil production

OPEC to ask Nigeria, Libya to cut oil production

Indications have emerged that Libya and Nigeria, both oil producing nations exempted from production cut agreement reached by the Organisation of Petroleum Exporting Countries, OPEC, may be asked to cap their crude output soon. Kuwait Oil Minister, Issam Almarzooq, said the decision would be in an effort to help rebalance the oil market. Bloomberg reports… READ MORE

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

While the whole world talks about how the global supply glut needs to come down, oil production is actually expected to increase, and soon, says a new report from Platts. The OPEC production survey released by Platts on Thursday said that Libya and Nigeria—the African duo exempt from the bloc’s production cut—could continue to increase oil production… READ MORE

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