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OIL & GAS

DPR reiterates zero tolerance to infractions, lifts Petrocam’s sanctions

DPR reiterates zero tolerance to infractions, lifts Petrocam’s sanctions

The Department of Petroleum Resources (DPR), yesterday, reiterated its stance about non-tolerance of acts of infractions from licensed operators, even as it lifted the sanctions meted on a downstream marketing company, Petrocam Trading Nig. Ltd., for violating the agency’s rules ...

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Power Supply Worsens Despite N5trillion Investments – Report

Power Supply Worsens Despite N5trillion Investments – Report

The power situation in Nigeria has continued to worsen over the years despite the substantial investments in the sector by past and present administrations in the country, a new report has said. NOIPolls Limited said in its ‘Power Poll Q2 ...

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Governors Seek Ways To Achieve Fiscal Stability From Oil Revenues

Governors Seek Ways To Achieve Fiscal Stability From Oil Revenues

Nigerian governors are seeking ways to achieve steady revenue receipts from crude oil to ensure fiscal stability for both the federal and sub-national governments. The chairman of the Nigerian Governors’ Forum, Kayode Fayemi, said given the central role oil revenues ...

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Nigeria Loses $12bn Yearly to Oil Theft, Stakeholders Seek Govt Action

Nigeria Loses $12bn Yearly to Oil Theft, Stakeholders Seek Govt Action

Nigeria loses between $7 billion and $12 billion to crude oil theft annually, a study by the Nigeria Natural Resource Charter (NNRC) has found, prompting reactions from stakeholders on the implications for the country’s critical sectors like health and education. ...

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NNPC hints of fuel pump price rise, says N145 cheapest in West Africa

NNPC hints of fuel pump price rise, says N145 cheapest in West Africa

Nigerian National Petroleum Corporation (NNPC) has hinted that pump price of premium motor spirit (PMS) may be increased soon, as it described the N145 pump price as the cheapest in West Africa. The new Group Managing Director (GMD), Mele Kyari, ...

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GEIL invests $350 million in new wells, field development

GEIL invests $350 million in new wells, field development

Green Energy International Limited (GEIL), operator of the Otakikpo Marginal Field, in oil mining lease (OML) 11, Rivers State, said it has secured a $350million financing package for the second phase development of the field. GEIL said the fund was ...

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NNPC’s financials clean, open to EFCC, says Baru

NNPC’s financials clean, open to EFCC, says Baru

•Prioritise passage of PIB, oil workers beg new GMD Immediate past Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, yesterday said the organisation’s financial books were clean and open to scrutiny. Speaking at a valedictory ...

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‘Why oil vandals outsmart protection techniques’

‘Why oil vandals outsmart protection techniques’

• Pipeline explosion kills two burns 30 vehicles in Lagos • We’re exploring modern methods to curb menace, says NNPC • Expert laments absence of leak detection system in Nigeria The continued vandalisation of oil assets in Nigeria has again ...

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FG saves $1.7bn from managed interventions for petrol importation

FG saves $1.7bn from managed interventions for petrol importation

The Nigerian National Petroleum Corporation (NNPC), yesterday, defended its role in the importation of Premium Motor Spirit, otherwise known as petrol, noting that its intervention has helped to check false claims for subsidy arising from smuggling of the product to ...

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Senate probes Rivers explosion as IOCs urge uniform regulation

Senate probes Rivers explosion as IOCs urge uniform regulation

The Senate has set up a committee headed by Ibrahim Gobir (Sokoto APC) to unravel the remote and immediate causes of the pipeline explosion that killed 15 persons and injured over 50 others at Komkom community in Oyigbo Local Council ...

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At least 45 killed in Nigeria fuel tanker blast

At least 45 killed in Nigeria fuel tanker blast

At least 45 people were killed and more than 100 injured in central Nigeria when a petrol tanker crashed and then exploded as people gathered fuel, emergency services said Tuesday. The truck overturned near shops while travelling through the village ...

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NCDMB disburses $160 million in two years, reads riot act to IoCs

NCDMB disburses $160 million in two years, reads riot act to IoCs

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, yesterday, said about $160 million has been disbursed in the past two years to develop capacity of indigenous oil and gas companies. Speaking at the ongoing yearly, ...

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Nigeria promises compliance as OPEC extends cut

Nigeria promises compliance as OPEC extends cut

…Kyari hinges nation’s revenue on oil prices, production Nigeria, whose crude production exceeds its quota under an OPEC/non-OPEC supply accord, is working to improve its compliance, Head of the Nigerian Delegation to the meeting, Dr Folasade Yemi-Esan, said on Monday. ...

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Shell, Communities Set To Resolve Dispute Over OML 25

Shell, Communities Set To Resolve Dispute Over OML 25

Stakeholders, including communities of Oil Mining Licence 25 in Akuku-Toru Local Government Area of Rivers State, and Shell Petroleum Development Company have agreed on the procedures for the re-opening of the oil field. The Memorandum of Understanding, which will be ...

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North Sea Outages: Nigeria Set For Highest European Oil Exports In 2019

North Sea Outages: Nigeria Set For Highest European Oil Exports In 2019

Outages at North Sea oilfields have helped put competing Nigerian oil on pace to arrive in Europe at the highest levels in seven months in June, according to Refinitiv Eikon data and traders.  Nigeria is set to export about 905,000 ...

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Nigeria wins award with Egina floating facility

Nigeria wins award with Egina floating facility

Nigeria has been honoured in France for its floating facility, which is expected to add 200,000 barrels of oil per day to the country’s daily production. The facility built by Samsung Heavy Industries Nigeria (SHIN) bagged the ‘Project of the ...

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Nigerian firm secures $9m from Norway to boost renewable energy

Nigerian firm secures $9m from Norway to boost renewable energy

Nigerian distributed utility company, Arnergy, has raised $9 million in a Series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI, ElectriFI and All On. The firm noted ...

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IYC alleges anomalies in NNPC recruitment, threatens showdown with Presidency

IYC alleges anomalies in NNPC recruitment, threatens showdown with Presidency

The Ijaw Youth Council (IYC) has threatened a showdown with the Presidency over alleged anomalies in the recent recruitment exercise being conducted by the Nigerian National Petroleum Corporation (NNPC). The body of Ijaw youths worldwide warned of dire consequences if ...

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Nigeria’s Daily Oil Production Now 2.2mb At $22 Per Barrel Production Cost

North Sea Outages: Nigeria Set For Highest European Oil Exports In 2019

Nigeria’s daily oil production has exceeded the 2.3 million barrel per day benchmark for the 2019 budget. The Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed this in Abuja, last week during a discussion with ...

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FG Evaluates 250 Companies For 178 Gas Flare Points

FG Evaluates 250 Companies For 178 Gas Flare Points

The Federal Government, through the steering committee of Nigerian Gas Flare Commercialisation Programme (NGFCP),has commenced prequalification of over 250 companies that have submitted their expression of interest to bid for 178 flaring points across the crude oil production fields in ...

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