• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 46 mins Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour California and Oil
  • 4 hours The Inconvenient Truth Of Electric Cars
  • 8 hours The Plastics Problem
  • 3 hours Win Against Tyranny: Turkey's Opposition Strikes Blow To Erdogan With Istanbul Mayoral Win
  • 4 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 13 hours Solar Panels at 26 cents per watt
  • 9 hours Hydrogen FTW... Some Day
  • 3 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 18 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 18 hours Summit in Pyongyang: China's Xi Says World Hopes North Korea-U.S. Talks Can Succeed
  • 15 hours What's more Important Iran Nuke Deal or Strong China Trade Deal. Hypothetically, If China offered Trump North Korean and Iran deals in exchange for concessions on trade deal should he take it ?
  • 4 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 19 hours Huge UK Gas Discovery

Breaking News:

Oil Pipelines Sabotaged In Syria

Norwegian Oil Pioneer: Big Oil’s Exodus Has Started

Norwegian Oil Pioneer: Big Oil’s Exodus Has Started

Norwegian Oil CEO Erik Haugane…

Canada’s Oil Patch Faces Investor Exodus

Canada’s Oil Patch Faces Investor Exodus

Capital investment across Canada’s oil…

Nigeria Strikes Oil In Boko Haram-Ravaged Area

Boko Haram

Nigeria has discovered crude oil in the northeastern state of Borno - where the Islamist terrorist group Boko Haram had started its insurgency back in 2009.

The announcement of the discovery was made by the permanent secretary of Nigeria’s petroleum ministry, Jamila Shua’ra, at an event on Thursday, Nigerian media reports.

The Nigerian official did not elaborate either on the exact location of the discovery or whether it is of commercially-viable quantities. If oil is in commercial quantities, it could bring some recovery to the local economy after it was ruined by Boko Haram, who launched their terror acts in the capital of the Borno state, Maiduguri, seven years ago.

In December 2015, Nigeria’s President Muhammadu Buhari said the extremist group – which had pledged allegiance to ISIS - was “technically defeated” and driven out into a tiny northeastern corner of the country. However, the terrorist group is still launching attacks and was blamed for last week’s suicide blast that killed at least 30 people.

Apart from Boko Haram, Nigeria is dealing with militant attacks in the oil-rich Niger Delta that have crippled the country’s vital oil industry since the beginning of this year. Nigeria was one of two countries – alongside Libya – that were exempt from OPEC’s collective output cut due to the militant violence on oil infrastructure.

Related: The Oil Mystery Behind Saudi Arabia’s Production Cut

Earlier this week, President Buhari said he was eyeing an increase to his country’s oil production to 2.2 million bpd, the volume it had pumped before militant violence in the Niger Delta started.

At the beginning of 2016, Nigeria’s oil production was some 2.1 million bpd, but scores of militant attacks on oil infrastructure in the delta has dragged down production, which was around 1.5 million bpd in August.

Currently, Nigeria produces around 1.8 million barrels of oil daily, up from an average 1.63 million bpd in the third quarter of the year, Oil Minister Emmanuel Kachikwu said this week, noting that the top priorities of the government for 2017 were to achieve “lasting peace” in the oil-rich region and improve Nigeria’s oil refining infrastructure.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News