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NNPC Agrees to $2.5bn Financing with Chinese Lender for Pipeline Project

NNPC Agrees to $2.5bn Financing with Chinese Lender for Pipeline Project

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has disclosed that the corporation has agreed to a $2.5 billion financing with a Chinese lender for pipeline project in Nigeria. Kyari also said that the ...

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Oil Prices Surge by 20% on Drone Strike on Saudi Arabia

Oil Prices Surge by 20% on Drone Strike on Saudi Arabia

Brent rises to six-month high of $71 Crude oil prices have surged more than 19 per cent after a drone strike on a Saudi Arabian oil facility wiped out about five per cent of global supplies. Brent prices, according to ...

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Border Closure Reduced Petrol Smuggling- NNPC

NNPC Agrees to $2.5bn Financing with Chinese Lender for Pipeline Project

The recent closure of Nigeria’s borders has significantly led to a reduction in the smuggling of Premium Motor Spirit, popularly known as petrol, out of Nigeria, the Nigerian National Petroleum Corporation has said. There were reports in July reported that ...

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FG To Deliver 4 Key Oil & Gas Projects By Q4 2019 – Sylva

FG To Deliver 4 Key Oil & Gas Projects By Q4 2019 – Sylva

The Federal Government has revealed plans to deliver Final Investment Decisions (FIDs) on at least four key projects within the nation’s oil and gas industry by the end of last quarter this year. Minister of State for Petroleum Resources, Chief ...

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Eland Completes Drilling Phase Of Gbetiokun 4 Development Well

Eland Oil & Gas has announced that through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria, it has completed drilling phase of the Gbetiokun-4 development well. The OES Teamwork rig has successfully completed drilling operations on the Gbetiokun-4 well; the ...

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NLNG Awards Contract For Construction Of Train 7 At Bonny Plant

NLNG Awards Contract For Construction Of Train 7 At Bonny Plant

Nigeria LNG, owners of the six train Bonny LNG plant located in Nigeria’s Niger Delta has disclosed that  it signed a letter of intent for the engineering, procurement and construction, or EPC, contract with SCD JV Consortium, to build a ...

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Modular Refineries Can’t Provide All Nigeria’s Petrol Needs – FG

Modular Refineries Can’t Provide All Nigeria’s Petrol Needs – FG

The federal government has said it does not believe that modular refineries are the main solutions to Nigeria’s inability to refine petroleum products locally, however, it said they would at best add to the solutions. The government in this regard ...

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OPEC may need more cuts amid unchanged demand

OPEC may need more cuts amid unchanged demand

Oil producers’ output hits 136,000 b/d in August 29.74 million b/d The Organization of the Petroleum Exporting Countries (OPEC) yesterday, held its forecast for the world’s reliance on its oil next year unchanged, despite a weaker demand outlook, ahead of ...

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‘Strong political will, legislative intervention key to tackling oil bunkering’

‘Strong political will, legislative intervention key to tackling oil bunkering’

The growing rate of crude oil bunkering, especially in the Niger-Delta region may persist unless the Federal Government develops the political will and encourages legislative intervention, industry experts said in Abuja. Speaking on Wednesday at an advocacy seminar against crude ...

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Nigeria loses N2 billion daily to petrol smuggling

Nigeria loses N2 billion daily to petrol smuggling

• Confirms drop in product demand over border closure • NNPC makes $4.3b as CSOs oppose $9.6b judgment debt The Nigerian National Petroleum Corporation (NNPC) has confirmed that the nation’s economy loses N2 billion daily to fuel smuggling. This comes ...

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‘Social investment key to sustainable oil exploration in Niger Delta’

‘Social investment key to sustainable oil exploration in Niger Delta’

…Over $90m spent to maintain peace, devt in region To avoid disruptions to oil production and exploration in the country, stakeholders have advocated increased stake in strategic social investment schemes in host communities where commodities were being exploited. Although some ...

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Marketers deny scarcity of aviation fuel amid rising demand, prices

Marketers deny scarcity of aviation fuel amid rising demand, prices

•NNPC, MOMAN, DAPMAN insist nation has over 80million litres in stock Though there are indications that the demand for aviation fuel has risen by about 50 per cent in recent days as against supply, the Nigerian National Petroleum Corporation (NNPC), ...

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Nigeria’s crude oil production to witness eight per cent decline

Nigeria’s crude oil production to witness eight per cent decline

Nigeria’s crude oil production may witness a steady decline to approximately 7.93 per cent before 2025, a new research, conducted by U.S.-based Orbis Research has said.Being the same year Nigeria has targeted to increase oil reserve to about 40 billion ...

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Governor Wike offers solution to oil theft

Governor Wike offers solution to oil theft

Rivers State Governor Nyesom Wike has charged the Federal Government to collaborate with oil producing states to tackle economic sabotage being perpetrated by oil thieves. Blaming collusion between oil thieves and security agencies for huge oil losses in the country, ...

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FG loses N395.4b power revenue, records N3.644tr fiscal deficit

FG loses N395.4b power revenue, records N3.644tr fiscal deficit

Power generation by the nation’s electricity companies hit an average of 3,862MW between January and August, from a monthly average of 3,531MW in the previous months, the latest data from the office of Vice President Yemi Osinbajo have shown. However, ...

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NNPC, Total To Partner On Growing Nigeria’s Oil And Gas Reserves

NNPC Agrees to $2.5bn Financing with Chinese Lender for Pipeline Project

The Nigerian National Petroleum Corporation (NNPC) and Total Nigeria have agreed to work together to actualise the country’s aspiration of growing national oil reserves of 40 billion barrels. Group managing director of the NNPC, Mallam Mele Kyari, and the Country ...

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Nigeria’s Diesel, Cooking Gas Prices Increased In July – NBS

Nigeria’s Diesel, Cooking Gas Prices Increased In July – NBS

The average prices of diesel and Liquefied Petroleum Gas, also known as cooking gas, rose in July after declining in June, according to the National Bureau of Statistics. The latest data obtained from the NBS showed that the average price ...

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Optimal Gas Utilization Can Solve Nigeria’s Power Supply Issue – Aiteo

Optimal Gas Utilization Can Solve Nigeria’s Power Supply Issue – Aiteo

The Group Managing Director, Aiteo Eastern Exploration and Production Company Limited, Victor Okoronkwo, has said Nigeria’s power shortage could be resolved through optimal utilisation of the nation’s huge gas deposits. Okoronkwo spoke at a panel session of the conference titled: ...

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DPR Begins Fuel Digital Measurement To Check For Under-Dispensing

DPR Begins Fuel Digital Measurement To Check For Under-Dispensing

The Department of Petroleum Resources, (DPR), has commenced the gradual phase-out of manual measurements of fuel at petrol stations. Addressing newsmen in Abuja, after conducting a surveillance of petrol stations, Zonal Controller, Abuja Office of the DPR, Mr. Buba Abubakar, ...

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Nigeria lost 22m barrels of crude to theft in six months

Nigeria lost 22m barrels of crude to theft in six months

Edo State Governor Godwin Obaseki has said that in the first six months of 2019, the nation lost about 22 million barrels of its crude oil production to oil theft. He said if nothing was done to curtail the ugly ...

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