Home / Tag Archives: Nigeria

Tag Archives: Nigeria

Militants: Ex-president is sponsor of Nigeria oil attacks

nigerian oil militants, nigeria pipeline attack

WARRI, Nigeria (AP) — A splinter group of Nigerian oil militants accuses former President Goodluck Jonathan and other politicians in the oil-rich Niger Delta of sponsoring attacks on oil installations that have slashed the West African nation’s petroleum production. Jonathan denied the allegations Monday and, through a spokesman, said the militants want to kill him. On Sunday, the Reformed Niger ...

Read More »

Militants blast pipeline; 1st attack in Nigeria’s southwest

nigerian oil militants, nigeria pipeline attack

WARRI, Nigeria (AP) — Police say oil militants have blown up a state-owned gas pipeline in the first such attack reported in Nigeria’s southwest. Oil militants have slashed Nigerian oil production with attacks this year on installations in the south. They seek a greater share of profits for residents who have lost livelihoods to industry pollution that has destroyed agriculture ...

Read More »

Oil prices set for fourth-straight monthly gain

oi prices

The price of oil is on track to set its longest run of monthly gains in five years. Futures were up Tuesday morning in New York, paving the way for a fourth-straight monthly advance. Oil production has been disrupted in several different countries in recent months. Nigeria’s oil production is down 50 percent after a series of militant attacks. In ...

Read More »

Oil proceeds went into personal accounts, Nigerian president says

LAGOS (Reuters) – Nigerian authorities have seen documents suggesting the proceeds from past crude oil sales were diverted to personal accounts rather than reaching government coffers, President Muhammadu Buhari said on Wednesday. Buhari, who took office in May after being elected on an anti-corruption ticket, said funds were “looted illegally”. He could not provide more details, since various cases were ...

Read More »

Oil futures crash no help to sellers of the real thing

LONDON/MOSCOW – When oil futures markets crash – as they have this summer – physical markets often move the other way as refiners jump on the opportunity offered by cheap oil to stockpile. With futures prices now hovering around six and a half year lows, the physical market would typically begin to strengthen and signal a potential rebound in futures ...

Read More »

Helicopter flying from oil rig crashes in Nigeria, killing 4

LAGOS, Nigeria (AP) — Aviation officials say a helicopter traveling from an oil rig has crashed into the lagoon in Nigeria’s commercial capital, Lagos, killing four people. Spokesman Yakubu Dati of the Federal Airports Authority of Nigeria said the helicopter belongs to Bristow, a Houston, Texas-based firm that charters helicopters to oil and gas companies. Dati said four people died ...

Read More »

Nigerian lawyer sent in to clean up state oil giant

ABUJA/LAGOS – The new head of Nigeria’s state oil company is a workaholic stickler for the rules with a strong background in law, qualities he will need if he is to overhaul an organization notorious for corruption and mismanagement. Emmanuel Ibe Kachikwu, the new managing director of the Nigerian National Petroleum Corp (NNPC), was previously executive vice chairman and general ...

Read More »

New head of Nigeria’s state oil company sacks top management

ABUJA – The new head of Nigeria’s state oil company has dismissed the firm’s senior managers, two sources at the company said on Wednesday, barely a day after President Muhammadu Buhari appointed him as managing director. “All of the executive directors were let go … Buhari wanted a clean slate,” one of the dismissed managers said. A second source said ...

Read More »

Nigeria’s tanker ban underscores disarray in oil industry

LONDON/ABUJA – The Nigerian president’s sudden, unexpected and seemingly unilateral decision to ban nearly 100 oil tankers from the country’s waters has sown confusion in the operations of Africa’s largest crude exporter. The edict directly from President Muhammadu Buhari’s office appeared to be part of a campaign pledge to crack down on oil industry corruption and theft. But the disarray ...

Read More »

Nigeria appoints former Exxon man head of state oil firm

ABUJA – Nigerian President Muhammadu Buhari appointed a new head of the state oil firm on Tuesday, part of an overhaul aimed at rooting out corruption and mismanagement. Emmanuel Ibe Kachikwu was named as the new managing director of the Nigerian National Petroleum Corporation (NNPC), which has been accused of failing to account for tens of billions of dollars in ...

Read More »