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OIL & GAS

Faltering oil prices set naira, budget on risky path

Faltering oil prices set naira, budget on risky path

Faltering crude oil prices have put the nation’s local currency, the 2018 budget implementation and the fragile economic growth on a crisis path. Already, the near-convergence of all rates at N360/$, except the official exchange rate of the Central Bank ...

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Kachikwu Expects Green Light For Bonga Oil Field By February

Kachikwu Expects Green Light For Bonga Oil Field By February

Nigeria’s oil minister, Mr. Ibe Kachikwu expects a final investment decision (FID) on its Bonga Southwest offshore oil field by February 2019, he said on Friday last week on the sidelines of an OPEC meeting. The project, one of the ...

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Oil Price Drops to $58, OPEC Waits for Russia on Output Decision

Faltering oil prices set naira, budget on risky path

Shell reviews Nigerian deals involving bribery accused ex-official Crude oil price fell yesterday after the ministers of the Organisation of Petroleum Exporting Countries (OPEC) opted to wait for the outcome of their today’s meeting with non-OPEC member countries led by ...

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NCDMB to support establishment of two modular refineries

NCDMB to support establishment of two modular refineries

• Plans 10-year R&D roadmap  By 2019, the Nigerian Content Development and Monitoring Board (NCDMB), will support the establishment of at least two more modular refineries in Nigeria. It is also planning to participate in the Liquefied Petroleum Gas (LPG) ...

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NNPC promises abundant fuel supply nationwide

NNPC promises abundant fuel supply nationwide

Threat by oil marketers to shut down depots over unpaid subsidy may not cause scarcity of petrol as the Nigerian Petroleum Corporation (NNPC) promised to make the product abundantly available across the country. During an oversight visit to the NNPC ...

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OPEC meets as Trump calls for oil taps to be kept on

OPEC meets as Trump calls for oil taps to be kept on

OPEC members and other oil-producing countries gather in Vienna on Thursday to discuss cutting output to prop up prices, as US President Donald Trump urged them to keep the faucets open. Oil ministers from 20 or so countries busily criss-crossed ...

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NNPC to engage Presidency, stakeholders over N800 billion subsidy arrears

NNPC to engage Presidency, stakeholders over N800 billion subsidy arrears

Nigerian National Petroleum Corporation (NNPC), yesterday said the corporation is currently engaging the Presidency, Ministry of Finance as well as oil marketers to ensure settlement of outstanding N800 billion subsidy debts. NNPC’s Group General Manager, Public Affairs Division, Ndu Ughamadu, ...

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Why we gave pipeline protection contract to OMS, by NNPC

Why we gave pipeline protection contract to OMS, by NNPC

The Nigerian National Petroleum Corporation (NNPC) yesterday in Abuja defended it decision to award the contract for the protection of the 87-kilometre Trans Forcados Pipeline (TFP) to an indigenous firm, Ocean Marine Solutions (OMS). Recently, some Niger Delta youths from ...

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Oil marketers vow to shut down depots over N800b subsidy

Oil marketers vow to shut down depots over N800b subsidy

Oil marketers yesterday vowed to shut down depots nationwide over settlement of outstanding N800 billion subsidy debts. The marketers, comprising of Depot and Petroleum Products Marketers Association (DAPPMA) and Independent Petroleum Products Importers (IPPIs), said failure to meet the deadline ...

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Stakeholders worried about multiplicity of agencies in oil sector

Stakeholders worried about multiplicity of agencies in oil sector

ERA/FOEN decries alleged tardiness in Ogoniland cleanup Except the Federal Government faithfully addresses the lapses in the oil and gas sector and multiplicity of agencies, the environmental degradation in the Niger Delta might not abate, stakeholders have warned. At a ...

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Nigeria plans selling electricity to Burkina Faso

Nigeria plans selling electricity to Burkina Faso

Citizens ready to pay for reliable power, says PwC Nigeria is planning to supply electricity to Burkina Faso, a West African country, amid cries of acute power deficit by Nigerians. Managing director/chief executive officer, Mainstream Energy Solutions Limited, operators of ...

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LADOL evicts Africoat Nigeria from free zone

LADOL evicts Africoat Nigeria from free zone

Lagos Deep Offshore Logistics (LADOL), has terminated the operating licence of Africoat Nigeria Limited from the LADOL free zone in Lagos. This is coming barely two months after Samsung Heavy Industries Nigeria (SHIN) Limited’s operating licence was withdrawn. Africoat was ...

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Nigeria subsidises petrol consumption for other African countries

Nigeria subsidises petrol consumption for other African countries

The massive petrol subsidy currently being reported by the Nigerian National Petroleum Corporation (NNPC), may be a reflection of petrol consumption not only by Nigerians, but also those used by neighbouring African countries. This development is being justified by the ...

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‘Extant laws stalling investments in crude refining’

‘Extant laws stalling investments in crude refining’

Foreign and local investors are currently not making the desired move to invest midstream (refining) segment of the country’s petroleum industry due to the prevailing laws. Section 6 of the Petroleum Act empowers the Minister of Petroleum Resources to fix ...

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Cost inflation likely as deepwater projects hit $60 billion by 2022

Stakeholders worried about multiplicity of agencies in oil sector

Cost reduction occasioned by the glut being experienced in the oil sector is creating a favourable outlook for deepwater projects across the world, but a new report released yesterday by Wood Mackenzie, said efforts could be jeopardised by impending cyclical ...

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Home delivery of LPG is illegal, says DPR

Home delivery of LPG is illegal, says DPR

•Marketers insist on VAT removal The Department of Petroleum Resources has said delivery of Liquefied Petroleum Gas (LPG), otherwise called cooking gas, to consumers in their homes, is illegal as it defies environment and safety rules.The agency said such acts ...

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Why illegal refineries thrive in Niger Delta, by oil marketers

Why illegal refineries thrive in Niger Delta, by oil marketers

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has blamed the thriving of illegal refineries in the Niger Delta on non-supply of petroleum products by the Nigerian National Petroleum Corporation (NNPC). The Rivers chapter chairman of the association, Emmanuel Inimgba, ...

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Presidency, Senate, Reps assure Nigerians of PIGB passage

Presidency, Senate, Reps assure Nigerians of PIGB passage

The Presidency, the Senate and House of Representatives have assured Nigerians of their resolve to see the Petroleum Industry Governance Bill (PIGB) through in the current dispensation. They disclosed this at the opening ceremony of the 18th International Health Safety ...

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NNPC: 45 Withdrawals Made from NLNG Dividends Account Since 1999

Why we gave pipeline protection contract to OMS, by NNPC

It was gale of revelation Thursday as the Senate Committee on Gas, investigating the alleged $1.05 billion withdrawn from the Nigeria National Petroleum Corporation (NNPC) dividend in the Nigeria Liquefied Natural Gas (NLNG), was told that over 45 withdrawals were ...

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As NNPC Returns to Loss-making Streak

NNPC to engage Presidency, stakeholders over N800 billion subsidy arrears

The Nigerian National Petroleum Corporation may have returned to its old loss-making operation after the positive performance it recorded between February and July this year, writes Chineme Okafor For six months – between February and July 2018, the NNPC recorded ...

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