Ever fancied having you own oil supply on tap? Nigerian security forces have discovered a pipeline they say was used by a powerful Niger Delta gang leader to steal petroleum products from a state oil refinery.
The pipeline runs from the refinery in Port Harcourt through a secret camp in the creeks of Rivers […]

Nigeria “wasted” 30 years of oil income, the head of the International Monetary Fund (IMF) Dominique Strauss-Kahn said yesterday as he warned the country against the dangers of neglecting the non-oil sectors of its economy.
“Nigeria has had 40 years of oil but for the first 30 years it wasted the proceeds from that oil,” Strauss-Kahn […]

Although Nigeria passed legislation last year establishing an independent body the to make sure that oil majors pay the necessary royalties and taxes, anti-corruption activists are saying the law is not strong enough to fully clean the industry.
Under the law – the Nigeria Extractive Industries Transparency Initiative (NEITI) - oil companies are required to disclose […]

A fascinating story tucked away in the Gulf press.
An anonymous Iraqi MP claims that some U.S. companies have offered a $5 million bribe to each Iraqi MP for passing Iraq’s controversial oil and gas law which has been stalled in the parliament for more than a year.

BP yesterday accepted blame for failures to protect employees, the environment and consumers as it agreed to hand over a total of $373m to settle a string of criminal investigations into its conduct across America.
In an effort to put lapses under the leadership of Lord Browne behind it, BP struck a broad deal with the […]