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OIL & GAS

Many Sedimentary Basins In Nigeria Yet To Be Explored – NAPE

FG unveils new gas policy, to create single regulator

With many multinational companies divesting interests away from Nigeria’s oil and gas industry, the Nigerian Association of Petroleum Explorationists (NAPE) ,has expressed confidence in indigenous firms to fill the gaps left by International Oil Companies (IOCs).Indeed, the association stated that ...

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NNPC remits N1.26tr to federation account, PWDs seek five per cent of jobs

NNPC remits N1.26tr to federation account, PWDs seek five per cent of jobs

The Nigerian National Petroleum Corporation (NNPC) yesterday told the National Assembly that it remitted N1.26tr as against the N1.22tr projected in the 2018 budget to the Federation Account in 2018.It said the corporation also recorded N41b surplus in meeting its ...

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Prices Of Kerosene, Diesel Rise To Two Year High In April Over Higher Oil Prices

Prices Of Kerosene, Diesel Rise To Two Year High In April Over Higher Oil Prices

The average prices paid by consumers for household kerosene and diesel in Nigeria rose to their highest levels in more than two years in April 2019, latest data from the National Bureau of Statistics (NBS) have shown. After buying cheaper ...

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Shell Lifts Force Majeure On Bonny Light Exports

Shell Lifts Force Majeure On Bonny Light Exports

Royal Dutch Shell has lifted the force majeure in place on exports of a major Nigerian grade, Bonny Light, as tight global oil supply encourages sellers of Nigerian crude to offer many varieties at all-time high prices. The Nembe Creek ...

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Seplat takes final decision on alternate export pipeline

Seplat takes final decision on alternate export pipeline

‘…Investment in gas helped to hedge oil volatility’ The Chairman, Seplat Petroleum, Dr. Ambrosie Orjiako, has said that 2018 operational and financial performance reflected the significantly higher year-on-year levels of production uptime in its core oil producing assets combined with ...

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Two feared dead, many injured as spilled fuel ignites fire

Two feared dead, many injured as spilled fuel ignites fire

Two persons were yesterday feared dead in yesterday’s fire outbreak caused by a spillage from a petroleum tanker that fell at Oke-Afa area of Ejigbo, Lagos State. The tanker, which was loaded with petroleum product, fell on Monday afternoon causing gridlock in and ...

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Shell targets 2400MW from new gas project

Shell targets 2400MW from new gas project

Oil major, Shell, said its ongoing Assa North/Ohaji South gas development in Imo State will produce 600 million standard cubic feet of gas per day, energy equivalent of about 2,400 Megawatts (MW) of electricity enough to provide uninterrupted power to ...

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Nigeria’s April production below budget benchmark

Nigeria’s April production below budget benchmark

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Although OPEC and 10 non-OPEC ...

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Wike alleges oil firms are fuelling insecurity in Rivers

Wike alleges oil firms are fuelling insecurity in Rivers

Fresh crisis looms in Ogoni over planned resumption of oil activities Governor Nyesom Wike of Rivers State has accused multinational oil companies of fuelling insecurity through the award of multi-million naira surveillance jobs to cultists. He said the over-politicisation of ...

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NNPC, Seplat to boost domestic gas supply with 300MSCF

NNPC, Seplat to boost domestic gas supply with 300MSCF

Domestic gas supply in Nigeria is set to increase by about 300 million standard cubic (MSCF) daily through the Asa North/Ohaji South (ANOH) Gas Processing Company, a partnership between the Nigerian National Petroleum Corporation (NNPC), and Seplat Petroleum Nigeria Limited. With the development, Nigeria could bridge the projected ...

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Execution of N8.916tr budget under threat

Execution of N8.916tr budget under threat

• Rise in pipeline vandalism may affect revenue • N3b lost daily as Aiteo shuts down Nembe pipeline Barely two weeks after the National Assembly passed the N8.916 trillion budget for 2019, the implementation of the financial plan is already ...

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Nigeria offers 43 licences for large, modular refineries

Nigeria offers 43 licences for large, modular refineries

•Grants tax waiver to operators The Federal Government has disclosed that about 43 refineries, including large scale and modular refineries have been licensed to refine petroleum products across the country. The Senior Technical Adviser to Nigeria’s Petroleum Minister on Refineries and ...

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Senate, DPR differ on Anambra, Enugu, Kogi oil-producing status

Senate, DPR differ on Anambra, Enugu, Kogi oil-producing status

Members of the Senate Committee on Petroleum (Upstream) yesterday disagreed with the Department of Petroleum Resources (DPR) over the exclusion of Anambra, Enugu and Kogi states from the category of oil-producing states. DPR, in a letter to the Senate, stated ...

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Nigeria saves N673b from refining oil abroad

Nigeria saves N673b from refining oil abroad

The Nigerian National Petleum Corporation (NNPC) yesterday said $2.2 billion (N673.2 billion) had been saved from refining over 40 billion litres of crude oil abroad through the nation’s Direct Sale and Direct Purchase (DSDP) scheme. Speaking at the 2019 DSDP ...

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DPR approves one-million-barrel onshore terminal for Otakikpo marginal field

DPR approves one-million-barrel onshore terminal for Otakikpo marginal field

The Department of Petroleum Resources (DPR), has approved the construction of a one-million-barrel capacity onshore terminal at the Otakikpo marginal field in OML 11, being operated by Green Energy International Ltd. (GEIL). Chairman of GEIL, Prof. Anthony Adegbulugbe, who disclosed this in ...

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FG to understudy Ogoni cleanup in UK, targets 10,000 capacity village by 2027

FG to understudy Ogoni cleanup in UK, targets 10,000 capacity village by 2027

The Federal Government has concluded arrangements with the United Kingdom (UK) to understudy the cleanup and remediation programme of Ogoniland, which has been a victim of environmental degradation for decades. The United Nations Environment Programme (UNEP) is facilitating the visit ...

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Transcorp wins Afam power plant with N105.3 billion offer

Transcorp wins Afam power plant with N105.3 billion offer

•As Quest Electric grabs Yola Disco for N19b It was yet another victory yesterday, as Transcorp Plc, core investors in the Ughelli Power Plant, won the bid for Afam Power, by beating two other contenders to emerge winner with an ...

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NUPENG warns Buhari govt against IMF, states demand on NMW

NUPENG warns Buhari govt against IMF, states demand on NMW

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has reiterated its warning on the advice by the International Monetary Fund (IMF) that Nigeria should remove oil subsidy. Its President, Williams Akporeha, said this in a state of the ...

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TCN losses 45MVA power transformer to inferno in Apo substation

TCN losses 45MVA power transformer to inferno in Apo substation

Restores normal bulk power transmission Fire outbreak at the Apo transmission station has affected 45MVA transformer, although the fire was brought under control, based on preliminary information.  Transmission Company of Nigeria, TCN assured that it has restored normal power transmission ...

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NNPC Shifts 40 Billion Oil Reserves Target To 2025

NNPC Shifts 40 Billion Oil Reserves Target To 2025

The Nigerian National Petroleum Corporation has said it seeks to increase the nation’s crude oil reserves to 40 billion barrels and production capacity to four million barrels per day by 2025. The Federal Government in 2010 set the target of ...

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