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Funding, a major drawback for NNPC, says Baru

Funding, a major drawback for NNPC, says Baru

Nigerian National Petroleum Corporation (NNPC) yesterday said funding remains a major challenge hindering the growth of the national oil company. Group Managing Director of NNPC, Maikanti Baru, said yesterday in Abuja that though the state owned company was working hard ...

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Oando shareholders call for finance minister’s sacking

Oando shareholders call for finance minister’s sacking

Shareholders of Oando Plc have asked President Muhammadu Buhari to immediately sack the Minister of Finance, Mrs. Kemi Adeosun, for what they describe as “her unwholesome interference” in the nation’s capital market. The National President of Trusted Shareholders Association of ...

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Don’t pay more than N145 for petrol, Baru tells Nigerians

Don’t pay more than N145 for petrol, Baru tells Nigerians

The Group Managing Director, Nigerian National Petroleum Corporation, Maikanti Baru, has urged Nigerians not to buy petrol from any filling station selling above the government approved pump price of N145. He said this barely 24 hours after the Department of ...

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Crude Oil Hits $72, Highest in Three Years over Middle East Tensions

Crude Oil Hits $72, Highest in Three Years over Middle East Tensions

The price of crude oil Wednesday rose to $72 per barrel, its highest in more than three years, after Saudi Arabia said it intercepted missiles over Riyadh, worsening tensions in the Middle East. Also comments by the U.S. President Donald ...

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5% fuel levy: ‘Nigerians won’t accept another price hike’

5% fuel levy: ‘Nigerians won’t accept another price hike’

Any increase in the price of Premium Motor Spirt as a result of the five per cent levy on the product as stipulated in the Petroleum Industry Governance Bill that was recently passed by the National Assembly will not be ...

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Petrol subsidy hits N1.4 trillion, says Kachikwu

Petrol subsidy hits N1.4 trillion, says Kachikwu

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, currently stands at N1.4 trillion. Kachikwu, who spoke yesterday at workshop on Liquefied Petroleum Gas (LPG), a commodity ...

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NDDC, Local Content Taxes Are Major Challenges of Oil Industry, Says Baru

NDDC, Local Content Taxes Are Major Challenges of Oil Industry, Says Baru

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said the major complaints of operators in Nigeria’s oil industry were more about multiple taxes levied on them. Baru said these taxations include payments made ...

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Nigeria to Start Electricity Trading within W’African Region in June

Nigeria to Start Electricity Trading within W’African Region in June

Report: Power sector loses N2.8bn to gas constraints, others Nigeria and its other West African neighbouring countries will begin formal trading in electricity generated within the region from June this year, the Chairman of the West African Power Pool (WAPP) ...

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OPEC’s March Oil Output Sinks to 11-month Low

OPEC’s March Oil Output Sinks to 11-month Low

Crude oil production by the Organisation of Petroleum Exporting Countries (OPEC) fell in March to an 11-month low as a result of declining Angolan exports, Libyan outages and a further slide in Venezuelan output, thus increasing compliance with a supply-cutting ...

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Nigeria to export 1,540MW of electricity in 2025

Nigeria to export 1,540MW of electricity in 2025

Export of electricity to two neighbouring countries, Niger and Benin Republics, from Nigeria is expected to increase to 1,540 megawatts by 2025 from 387MW in 2020, according to a document seen by our correspondent. The document, entitled: ‘Transmission Expansion Plan’, ...

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DPR Urged to Conduct Bid Rounds Every Two Years to Stabilise Oil Output

DPR Urged to Conduct Bid Rounds Every Two Years to Stabilise Oil Output

The Department of Petroleum Resources (DPR) has been urged to undertake bid rounds for oil acreages in Nigeria at least once in every two years to help raise and keep production of oil and gas stable in the country. A ...

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Agip, Allied Energy’s Legal Dispute over OML 120 Deepens

Agip, Allied Energy’s Legal Dispute over OML 120 Deepens

The legal dispute between Nigerian Agip Exploration Limited (NAE) and Allied Energy/Camac over Oyo oilfield in Oil Mining Lease (OML) 120 deepened as Allied Energy has dragged the matter to the High Court of Lagos State after the Federal High ...

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NNPC’s Refineries Contributed Only 0.55% to Nigeria’s GDP in 2016, Says Report

NNPC’s Refineries Contributed Only 0.55% to Nigeria’s GDP in 2016, Says Report

A study commissioned by the Nigerian Natural Resource Charter (NNRC) and conducted by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan on the contributions of the four refineries owned and operated by the Nigerian National Petroleum ...

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NNRC: NNPC’s Input to Economy Hampered by Operational Secrecy

NNRC: NNPC’s Input to Economy Hampered by Operational Secrecy

The capacity of the Nigerian National Petroleum Corporation (NNPC) to contribute to Nigeria’s economic development is still being hampered by the level of operational secrecy it practices, the Nigerian Natural Resource Charter (NNRC) has said. According to the NNRC, when ...

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Illegal Refineries with 4mpd Capacity Discovered in Rivers

Illegal Refineries with 4mpd Capacity Discovered in Rivers

The Nigerian Navy has said it has discovered six new illegal refineries with combined capacity to refine four million litres of crude oil daily in Alakiri, Asari Toru Local Government Area of Rivers State. Capt. Victor Choji, Executive Officer of ...

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Nigeria Unlikely to Remain a Net Oil Exporter in 10 Years, Warns NNRC

Nigeria Unlikely to Remain a Net Oil Exporter in 10 Years, Warns NNRC

Nigeria may cease to be a net exporter of crude oil in the next 10 years if real reforms that would engender proper business practices in its oil and gas industry are not implemented soon, the Nigeria Natural Resource Charter ...

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Seplat Resolves $20.5m Dispute With Canadian Firm over Oil Block

Seplat Resolves $20.5m Dispute With Canadian Firm over Oil Block

Norwegian oil firm, Panoro in talks to sell stake in Aje field in Lagos Newton Energy Limited, a subsidiary of Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company listed on both the Nigerian and London ...

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Harmonised PIGB to Impose 5% Fuel Levy on Consumers

Harmonised PIGB to Impose 5% Fuel Levy on Consumers

The Senate Wednesday passed the harmonised version of the Petroleum Industry Governance Bill (PIGB), which includes a five per cent fuel levy on consumers. The monies accrued from the levy would be deployed towards funding of the Petroleum Equalisation Fund ...

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Shell Targets Ex-Employee in Kickback Involving Oil Block Sale to Neconde

Shell Targets Ex-Employee in Kickback Involving Oil Block Sale to Neconde

Files criminal complaint, Nigerian firm denies allegation Glencore, Vitol in talks with Seplat, Famfa Oil over acquisition of Petrobras assets Royal Dutch Shell has filed a criminal complaint against its former Vice-President, sub-Saharan Africa, Mr. Peter Robinson, in connection with ...

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NERC Kicks Off New Metering Regime Next Week

NERC Kicks Off New Metering Regime Next Week

The Nigerian Electricity Regulatory Commission (NERC) On Tuesday disclosed that its new electricity metering regime called the Meter Asset Provider (MAP) regulation would kick off next week, precisely from April 3, 2018. NERC said in a statement from its Head ...

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