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Investors keen on modular refineries despite challenges

Investors keen on modular refineries despite challenges

After many years of lack of investment in private refineries in Nigeria, several local and foreign investors are keen to establish modular refineries in a bid to ramp up the nation’s crude oil refining capacity. The Minister of State for ...

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Oil production cost drops by 71 per cent

Oil production cost drops by 71 per cent

The Nigerian National Petroleum Corporation on Wednesday said it had driven down the cost of crude oil production from $78 per barrel as of August 2015 to $23 per barrel, representing a 70.5 per cent fall. The Group General Manager, ...

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Fashola makes a U-turn, says consumers can pay for meters

Fashola makes a U-turn, says consumers can pay for meters

 •Discos silent on independent metering The Federal Government has said that it will not oppose the wishes of electricity consumers that are willing to pay for meters from their distribution companies based on agreement between both parties as endorsed by ...

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U.S. approves N360m grant for development of modular refinery in Nigeria

U.S. approves N360m grant for development of modular refinery in Nigeria

The U.S. Trade and Development Agency (USTDA) has approved a grant of $1 million (N360 million) for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos. Mr Enyeribe Anyanwu, Head, Media Communications of Integrated Oil ...

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Nigeria Needs N3.05tr To Boost oil Production – Kachikwu

Nigeria Needs N3.05tr To Boost oil Production – Kachikwu

The Nigeria’s oil and gas industry would require $10 billion (N3.05 trillion) over the next three years to increase crude oil production from 2.2 million barrels per day (bpd) to 3 million bpd. The Minister of State for Petroleum Resources, ...

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Militants  Threaten To Resume vandalism

Militants  Threaten To Resume vandalism

A coalition of Niger Delta agitators on Thursday had threatened to resume bombing of oil installations in the region and warned the federal government to stop dealing with the Edwin Clark led Pan Niger Delta Forum, (PANDEF) on their behalf ...

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Agip Oil Engages 280 Youths on Seafarers Training Scheme

Agip Oil Engages 280 Youths on Seafarers Training Scheme

Nigerian Agip Oil Company Limited has commenced the training of no fewer than 280 youths on seafarers programme as part of capacity building for youths in its operational areas. The youth drawn from the Nigerian Agip Oil Company (NAOC) host ...

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FG Agencies Agree On Oil Revenue Management

FG Agencies Agree On Oil Revenue Management

The key agencies of the federal government have agreed to partner in oil revenue savings and promotion of better attitude to public office. They are Nigeria Extractive Industries Transparency Initiative (NEITI), Nigeria Sovereign Investment Authority (NSIA) and National Orientation Agency ...

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Oil Prices Appreciate  Amidst Increased  Global Demand, Nigeria Instability

Oil Prices Appreciate  Amidst Increased  Global Demand, Nigeria Instability

Oil Prices rose slightly on Friday in volatile trading as the market weighed lower U.S. crude stocks, Nigerian instability and strong global demand growth against a persistently slow rebalancing. The International Energy Agency said it had revised historic demand data ...

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Oil Savings: Nigeria Records Less Than 0.5% In 11 Years – NEITI

Compliance audit: NPDC, BPE, Total among 15 lowest performers

According to the Nigeria Extractive Industries Transparency Initiative (NEITI), despite generating revenue from crude oil export from 2005 to 2015, Nigeria recorded less than 0.5 per cent savings in its Excess Crude Account (ECA). The agency in a document on ...

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Egina 200,000bpd Oilfield To Be Set In 2018

Egina 200,000bpd Oilfield To Be Set In 2018

Nigeria’s hope of increasing oil production will soon be a reality as Egina oil field, the flagship of Total Exploration and Production, is set to come on stream in 2018. The floating production storage offloading, FPSO, project is expected to ...

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Dangote, Kano sign MoU on 100MW solar power plant

Dangote, Kano sign MoU on 100MW solar power plant

The Dangote Group has announced the signing of a Memorandum of Understanding with the Kano State Government for the proposed 100 megawatts Dangote-Black Rhino solar power plant. The conglomerate said in a statement that the formal agreement for the project ...

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Electricity returns to Magboro, others, 10 years after

Electricity returns to Magboro, others, 10 years after

After years of unfulfilled promises and false starts, electricity supply has begun to return to Magboro and other communities in Ogun State, leaving many residents surprised as they claimed to have lost hope. The communities including Ibafo, Mowe and Aseshe ...

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First oil expected from Egina field in Q4 2018

Oil Prices Appreciate  Amidst Increased  Global Demand, Nigeria Instability

Egina oil field, a major deepwater development in Nigeria, is expected to achieve first oil in the fourth quarter of 2018, with a capacity to increase the nation’s oil production by 200,000 barrels per day. The Egina Floating Production, Storage ...

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Beware of recruitment scam, NNPC warns job seekers

Beware of recruitment scam, NNPC warns job seekers

The Nigerian National Petroleum Corporation has again announced that it never inaugurated a recruitment campaign of any kind, as it warned job seekers to avoid being scammed. This came just as the Group Managing Director of the corporation, Dr. Maikanti ...

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Nigeria loses N11tn to power sector corruption — SERAP

Nigeria loses N11tn to power sector corruption — SERAP

A new report on Wednesday indicated that over N11tn meant to provide adequate electricity in the country was squandered under the governments of former Presidents Olusegun Obasanjo, Umaru Yar’Adua and Goodluck Jonathan. The report, published by the Socio-Economic Rights and ...

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Nigeria, US, Libya’s rising oil output threaten prices

Seplat boosts gas production as oil export suffers

The increase in the production of light sweet crude from Nigeria, United States and Libya has been said to be capable of contributing to a narrower price spread between light and medium crudes. The US Energy Information Administration said in ...

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NBET, TCN demand N35.4bn electricity payments from Benin, Niger

NBET, TCN demand N35.4bn electricity payments from Benin, Niger

The Nigerian Bulk Electricity Trading Plc and the Transmission Company of Nigeria have jointly written to power firms of the Republics of Benin and Niger, demanding the payment of an outstanding $115.91m (about N35.4bn at the official exchange rate of ...

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NNPC owes oil firms N2tn in cash call —GMD

NNPC owes oil firms N2tn in cash call —GMD

The Nigerian National Petroleum Corporation has put the cash call arrears owed oil companies for the development of joint venture assets at $6.6bn (N2.01tn). The Group Managing Director of the corporation, Dr. Maikanti Baru, disclosed this on Monday at the ...

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Ondo Oil Communities Back OSOPADEC Leadership

Ondo Oil Communities Back OSOPADEC Leadership

Leaders of Ugbo, Apoi and Adobe communities in the Oil Producing areas of Ondo State have pledged their full support to Ondo State Oil Producing Areas Development Commission (OSOPADEC) Board and Management. This was a  product of meetings held at ...

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