If you are a state governor in Nigeria and you are not already working round the clock, night and day, you are playing with fire. Red-hot, napalm FIRE! Here is your reality. Bonny Light (Nigeria’s crude oil) is trading at about $11. This is half the cost of producing the barrel. Even at that price, […]
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Due to a shut down of a Niger Delta pipeline, Shell’s Nigerian Unit has declared a force majeure for Bonny Light Crude Oil Lifting Despite a resumption of cash payments to militants and government effort to dialogue peacefully, attacks throughout the Niger Delta have continued which has caused Shell to declare force majeure on some […]
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Nigeria is losing about N2.79 billion daily following the closure of ExxonMobil operated Qua Iboe terminal, whose workers were evacuated yesterday. Qua Iboe is Nigeria’s largest crude oil stream and exports usually more than 300,000 barrels per day. At the current oil price of $47 per barrel, the country is bound to lose billions of […]
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With crude oil trading around $30 per barrel in the international market from a peak of $114 in June 2014, production from Nigeria now faces a decline as some fields face an imminent shutdown if the low oil price persists. Industry players say operating some of the fields in the country is becoming uneconomic, with […]
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