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OIL & GAS

Senate penalises gas flaring in new bill, offenders to pay N10 million fine

Senate penalises gas flaring in new bill, offenders to pay N10 million fine

Kokori laments exclusion from NSITF board, NLC, NUPENG vow to resist change The Senate yesterday passed a new bill, which provided for penalty against gas flaring and other malpractices in the oil and gas sector.The last legislation on gas flare, ...

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NNPC denies spending $22 billion on Brass LNG project

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

Insists departure of Conoco Philips stalls scheme The Nigerian National Petroleum Corporation (NNPC) yesterday said spent only $1.2 billion on the Brass Liquefied Natural Gas (LNG) project as against $22 billion being reported in public space. Brass Liquefied Natural Gas ...

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Operators seek liberalisation of gas industry to check N800m/d flares

Operators seek liberalisation of gas industry to check N800m/d flares

With no less than N800 million being recorded as daily loss to gas flaring, sector operators have called for a liberalised market and financial structures in the power sector. The move, according to the operators, would form part of measures ...

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OPEC sees tighter 2019 market as Nigeria, others defy cuts

OPEC sees tighter 2019 market as Nigeria, others defy cuts

…Nation’s production below budget benchmark Organisation of the Petroleum Exporting Countries (OPEC), has forecast a much tighter market in 2019, and has seen its production fall significantly this year, led by curbs to Saudi Arabian output along with dramatic, involuntary ...

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Oil prices to steady at $72.50 in Q2 on cuts, U.S. sanctions

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

Goldman Sachs has adjusted its second quarter (Q2) 2019 Brent oil price forecast upwards by 11.5 per cent from $65/barrel to $72.50/b to reflect stronger assumptions on OPEC output cuts, further tightening of U.S. oil sanctions on Venezuela, and Iran, ...

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NERC to begin mass metering May 1

Discos Move To Install Six Million Meters

The Nigerian Electricity Regulatory Commission (NERC) is beginning mass metering of electricity consumers nationwide May 1. Its General Manager, Public Affairs, Dr. Usman Arabi, in a statement, said the exercise would be executed under the Meter Asset Providers (MAP) programme ...

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FG targets 4mbpd oil production, tasks local firms on IOCs’ divestments, others

Nigeria, Saudi Arabia meet to boost refineries, pipelines, others

The Minister of State for Petroleum Resources, Ibe Kachikwu has tasked indigenous operators to step up their investments and take over major operations from international oil companies, especially as many are already considering divesting and charting new paths. Besides, the ...

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Nigeria makes first crude oil sale to United States in six months

How Cartels Cook Diesel, Oil Lubricants In Lagos

A cargo of Nigeria’s distillate-rich Bonga crude is due to move to the United States (U.S.) from the May loading programme, traders have disclosed, after a near six-month hiatus. According to U.S. Customs data, the last cargo of Bonga arrived ...

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We Are Exploring Options To Commercialize Gas Flare Sites – NNPC

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

The Nigerian National Petroleum Corporation says it is exploring options for commercialising existing gas flare sites in the country. The Group Managing Director, NNPC, Dr Maikanti Baru, said this while receiving the national leadership of Host Communities of Nigeria led ...

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Shell’s Yearly Payment To Nigerian Govt Hits $6.39bn

Shell blames lower energy prices for profit squeeze

Royal Dutch Shell has said its subsidiaries in Nigeria paid $6.397bn to the Nigerian government and its agencies last year, compared to $4.322bn in 2017 and $3.638bn in 2016. The oil giant disclosed this in its ‘2018 Payments to Governments ...

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ExxonMobil Considers Sale Of Nigerian Oil, Gas Fields For $3bn

ExxonMobil Considers Sale Of Nigerian Oil, Gas Fields For $3bn

Nearly two and a half years after exiting Nigeria’s downstream oil sector, ExxonMobil is weighing the sale of some oil and gas fields in the country. The United States-based oil major recently held talks on the sale of a suite ...

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Atlas Oranto Petroleum To Make Massive Investment In Equatorial Guinea’s Gas Sector

Atlas Oranto Petroleum To Make Massive Investment In Equatorial Guinea’s Gas Sector

Following the signing of Definitive Agreements for the monetization of gas from Equatorial Guinea’s Alen Unit, pan-African oil and gas exploration and production company, Atlas Oranto Petroleum (Atlas-Oranto.com) is planning to make a significant investment into the country’s backfill project. ...

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Nigeria Set To Lose Competiveness In Global Market Industry– NNRC

Nigeria Set To Lose Competiveness In Global Market Industry– NNRC

The Nigeria Natural Resource Charter (NNRC) has said that Nigeria is fast losing its competitiveness in the global oil market due to new hydrocarbon discoveries in new jurisdictions within the African continent. The NNRC which is the Nigerian version of ...

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Nigeria’s Oil Rich Bayelsa State Opens Oil Spills Inquiry

Nigeria’s Oil Rich Bayelsa State Opens Oil Spills Inquiry

A major new inquiry into oil companies operating in the Niger Delta has been launched by the Archbishop of York, John Sentamu. The probe will investigate “environmental and human damage” in Nigeria’s vast oil fields. “This Commission will investigate the ...

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NLNG’s Train-7 Project To Improve Nigeria’s LPG Market

NCDMB Provides Equity Investment For Two 17,000bpd Refineries

   The Executive Secretary of the Nigerian Content Development Management Board (NCDMB), Mr. Simbi Wabote, has predicted a boom in Nigeria’s Liquefied Petroleum Gas (LPG) market with the anticipated addition of a seventh train to the existing six Liquefied Natural ...

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PENGASSAN Urges Buhari To Separate Petroleum Ministry From Presidency

BEARS: PENGASSAN Mourns

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on President Muhammadu Buhari to separate the Ministry of Petroleum Resources from the Presidency to make it efficient. It urged the incoming federal lawmakers to ensure that ...

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BPE hinges NNPC’s privatisation on Petroleum Industry Bill outcome

BPE hinges NNPC’s privatisation on Petroleum Industry Bill outcome

•AIHN reiterates policy reforms in oil sector, others to grow capital market The Director General of Bureau for Public Enterprises (BPE), Alex Okoh yesterday, insisted that the bureau must await the outcome of the Petroleum Industry Bill (PIB) to privatise ...

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Crude Oil Price Drops by 1% over Excess US Inventories

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

Oil prices sank about one per cent Wednesday after a United States government data showed that the country’s crude stocks unexpectedly rose last week as exports slowed due to a chemical spill at the country’s busiest energy port. While the ...

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Nigeria showcases $48 billion upcoming oil, gas projects to investors

Nigeria showcases $48 billion upcoming oil, gas projects to investors

• Seek paradigm shift as contribution to GDP shrinks The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, yesterday said $48billion oil and gas investment opportunities have been identified in the country. Speaking on ‘Insights on Future ...

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Dangote Refinery inaugurates skills acquisition programme

Insurance sector may lose 72% of Dangote refinery’s risk

As part of efforts aimed at making youths from its host communities employable, Dangote Petroleum Refinery and Petrochemicals Company has flagged off a vocational training scheme that will inculcate necessary skills in the young men and women from Ibeju-Lekki area. ...

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