Forcados Shutdown Hampers Nigeria’s Production As OPEC’s Output In May Shrinks OPEC has so far avoided a bruising intra-bloc market share battle, with top exporter Saudi Arabia’s crude oil production falling to a four-and-a-half-year low in May, even as sanctions-hit Iran, and Venezuela continue to...

Nigeria lost over N1.1 trillion in oil revenues in the last five months due to NigerDelta militants’ attacks on oil installations. The figure does not include losses in gas revenues resulting from disruptions in gas supplies to domestic power and industrial plants as well as...

India and the United States have slashed their imports of Nigerian crude oil by 43 per cent and 53 per cent, respectively, translating to a loss of at least N88bn in earnings, the latest report from the Nigerian National Petroleum Corporation has shown. India, which...

Five months after it was attacked and shut down, Shell’s Forcados export line remains offline, causing the country a loss of about $1.6bn (N356.6bn) in revenue. It is still uncertain when the pipeline would come back on stream, although the Minister of State for Petroleum...

The Nigerian Air Force (NAF) has deployed additional aircraft to the Niger Delta in support of the military operations code named “OPERATION PULO SHIELD” against militancy, economic sabotage and all forms of criminalities in the South-South region of the Country. The spokesperson of NAF, Group...

... Attack on Chevron Valve Platform costs N8.3b monthly Meanwhile, Nigeria may lose over N100 billion between February and June to the vandalised Forcados pipeline that conveys Forcados grade of crude oil of over 400,000 barrels per day. Besides, total export proceeds of $170.12 million was...