Oil prices rise on Nigerian outages

Oil prices jumped over 2 percent on Monday to their highest since October 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to a deficit.
Brent crude futures were trading at $48.71 per barrel at 0836 GMT, up 88 cents, or 1.8 percent, having risen earlier by as much as 2 percent.
U.S. crude futures were up 85 cents, or 1.8 percent, at $47.06 a barrel.
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Source: U.S. Department of State

Image: U.S. Department of State

Oilandgas News Bites across Nigeria

    Exxon Mobil suspends exports from Nigeria due to renewed militant activities

U.S. oil company, Exxon Mobil Corp, says it has suspended exports from Nigeria’s top crude stream due to renewed activities of militants in the Niger Delta region. A statement from the company says it had declared a force majeure – a suspension of deliveries because of events beyond its control – on Nigeria’s Qua Iboe crude oil grade BFO-QUA, and that a portion of production had been curtailed after a drilling rig damaged a pipeline.‎
Only last week, Royal Dutch Shell shut down one of its major pipelines and declared force majeure on Bonny Light crude exports due to renewed militant activities in the oil-rich Niger Delta region. A new militant group, Niger Delta Avengers, attacked an oil platform in Delta belonging to Chevron.

    Military arrest masterminds of Chevron attacks, the Niger Delta Avengers

The Nigerian Army says they have arrested some suspected members of militant group, the Niger Delta Avengers (NDA) who are allegedly responsible for the attacks on oil pipelines such as the Chevron oil platform which was attacked two weeks ago.‎
The arrest of the suspected masterminds was disclosed in a statement released by the Director of Defence Information (DDI), Brig-Gen. Rabe Abubakar yesterday night.

    FG and labor leaders to meet over planned strike action against increased pump price

The Federal government, leaders of the Nigeria Labor Congress NLC ‎and Trade Union allies will be meeting today May 16th to discuss on the planned strike action by the Labor congress. The labor leaders on Saturday May 14th gave FG till midnight of Tuesday May 17th to revert to the old pup price of petrol of N86.50 or face a total strike that may begin on Wednesday May 18th.

    Oil & gas shares gain 3.7% on stock market following deregulation

The shares of major petroleum products marketers recorded significant price appreciation on the Nigeria stock market in response to the announcement by the Federal Government, Vanguard reports. The shares of downstream oil marketing companies experienced significant price appreciations on the Nigeria Stock Exchange (NSE), yesterday, leading to a 3.7 percent increase in the Oil and Gas Index of the exchange.

    FG can’t fund N3bn monthly solar power subsidy

The Minister of Power, Works and Housing, Babatunde Fashola, has said the federal government will not be able to provide funds to subsidise solar power projects and the consumption of their output, estimated to cost N3 billion monthly, Leadership reports.

    Nigerian Oil tycoon Kola Aluko sells his Bel-Air mansion for $21.5m as authorities investigate him

Controversial Nigerian oil tycoon, Kola Aluko (right) has sold his Bel-Air, Los Angeles mansion, as Nigerian and European authorities investigate him for alleged series of money-laundering and fraud-related crimes, Forbes reports, quoting The Los Angeles Times.
The 46-year-old sold the home last week for $21.5 million, taking a $3 million loss after purchasing the sprawling residence in 2012 for $24.5 million. Aluko apparently sold the mansion in an off-market transaction using a limited-liability company.
Source: NewsMedia Reports
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