Olawale Ajimotokan in Abuja
About 400,000 barrels of crude oil is lost daily to theft, according to data from the federal government.
The Minister of Environment, Mr. Mohammed Abubakar, at a town hall meeting on protecting oil and gas infrastructure, organised by the Ministry of Information and Culture, yesterday in Abuja, said statistics had supported Nigeria as the most notorious nation in the world for oil theft.
Also at the event, the Minister of Information and Culture, Alhaji Lai Mohammed, said about N60 billion was being spent yearly by the federal government to repair vandalised pipelines
He added that between January 2019 and September 2020, 1,161 pipeline points nationwide were vandalised.
Nigeria: Decklar Resources announces update on Oza-1 well re-entry energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.
Oil price, Predator, San Leon. And finally…
Predator has announced results for 2020,highlights as follows. Loss from operations of £1,689,521 (2019: Loss of £1,279,243), cash balance at period end of 2020 £1,325,75 (2019: £109,716) with restricted cash of USD1,500,000 (USD1,500,000 for the period ended 31 December 2019).
WTI $66.85 +64c, Brent $69.46 +59c, Diff -$2.61 -5c, NG $2.96 -2c, UKNG (July) 60.51p -3.49p
Oil price
Another up day yesterday and with it up a few pennies this morning it looks like the week, and incidentally likely the month, will be around 3 1/2 bucks higher with the US leading the way. Further good economic data from over the pond includes the recent GDP news with the quarterly 1.6% growth and fall in jobless numbers both indicating that the economy may be running hot after all.
Decklar Resources has announced an update to operations at the Oza-1 well re-entry at the Oza oil field in Nigeria through the Company’s wholly-owned Nigeria-based subsidiary, Decklar Petroleum. The Oza field is located onshore in the northern part of OML 11.
On Friday last week, America’s largest gasoline pipeline that runs from the Gulf Coast to the New York Harbor was hijacked by hackers who used ransomware in a cyberattack against the pipeline company. The pipeline, which supplies 2.5 million barrels of refined gasoline, diesel and jet fuel per day and provides almost half of the gasoline used on the US East Coast, is a key conduit for transporting fuels across major cities in the US.
DarkSide, which is responsible for the ransomware has access to the pipeline company data and is holding it hostage until its monetary demands are met. In the last few days since the hack, the US has faced significant ripple effects. The price of gas on the East Coast has risen by a couple of cents with the likelihood of further increase in the coming days. There are speculations of possible scarcity in some parts of the North-East, while places like North Carolina and Atlanta which are served by the pipeline are already experiencing pockets of scarci