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Oil hits $40, Nigeria cuts production by 216,000bpd

Oil hits $40, Nigeria cuts production by 216,000bpd

Global oil commodities gained in prices on Wednesday as Brent crude, the benchmark against which Nigeria’s crude is priced, rose to $40 per barrel for the time since March. Brent crude rose by 43 cents, or 1.1 per cent, to ...

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NNPC launches App for COVID-19 contacts tracing, begins sale of products online

NNPC launches App for COVID-19 contacts tracing, begins sale of products online

NCDMB moves to resolve NLNG’s N970m dispute with Macobarb The Nigerian National Petroleum Corporation (NNPC) yesterday unveiled a technology application to facilitate tracing contacts of people infected with COVID-19. This followed NNPC’s Transparency, Accountability and Performance Excellence (TAPE) agenda and ...

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Govt invites investors to bid for 57 oil fields

Govt invites investors to bid for 57 oil fields

The Federal Government, through the Department of Petroleum Resources, has put on offer 57 marginal fields for licensing as part of efforts to develop oil and gas discoveries that had been left unattended to for many years. The DPR disclosed ...

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Marketers groan as FG cuts petrol price to N121.50

• IPMAN asks for time to finish old stock

• IPMAN asks for time to finish old stock Fuel marketers have expressed concerns over the further reduction by the Federal Government of the pump price of Premium Motor Spirit, also known as petrol. The Petroleum Products Pricing Regulatory Agency, ...

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Government moves for $10 oil production cost

Government moves for $10 oil production cost

Loses 2.9 million barrels in two months Though Nigeria’s cost of oil production is currently above $20 per barrel, the Nigerian National Petroleum Corporation (NNPC) yesterday said efforts were ongoing to crash the fee to $10. The corporation’s Group Managing ...

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Price crash: NNPC targets $10 oil production cost

Price crash: NNPC targets $10 oil production cost

The Nigerian National Petroleum Corporation has said it is looking to drive down the cost of producing a barrel of crude oil to $10 and below in oilfields across the country. The Group Managing Director of the NNPC, Mallam Mele ...

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Power distributors sue FG over business interference

Power distributors sue FG over business interference

Electricity distribution companies have dragged the Federal Government to court to restrain it from further interfering in the corporate business activities of the power firms. According to the firms, the government, through the Nigerian Electricity Regulatory Commission and other agencies, ...

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Petrol marketers to gain N8.3bn on depot price reduction

Petrol marketers to gain N8.3bn on depot price reduction

Retail marketers of petrol are currently raking in billions of naira as findings on Wednesday showed that they would make over N8.3bn profit in May (this month) due to the recent reduction in the ex-depot price of the product. On ...

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Oil crash threatens Nigeria’s gas flaring reduction

Oil crash threatens Nigeria’s gas flaring reduction

The oil price crash brought on by the coronavirus pandemic looks set to put a damper on gas flaring reduction efforts in the country as oil firms cut capital spending. International and indigenous oil firms operating in the country have ...

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Nasarawa to complete abandoned N5.4bn power plant

Nasarawa to complete abandoned N5.4bn power plant

The Nasarawa State Governor, Abdullahi Sule, has said his administration will complete the ex-Governor Abdullahi Adamu’s abandoned N5.4bn Farin-Ruwa Independent Power Plant in the state. Adamu, who was the first civilian governor of the state, now Senator representing Nasarawa West ...

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NNPC increases June selling prices of crude oil

NNPC increases June selling prices of crude oil

The Nigerian National Petroleum Corporation has increased prices at which the country’s crude oil grades will be sold next month. The country’s July crude oil loading programmes showed higher output on key grades on Tuesday after the country reduced its ...

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Allow market forces determine petrol pump price, NNRC tells Federal Government

Allow market forces determine petrol pump price, NNRC tells Federal Government

The Nigeria Natural Resource Charter (NNRC) has urged President Muhammadu Buhari to allow market forces determine prices of petroleum resources in the country, stressing that the move would go a long way to sustain the nation’s revenues in the short ...

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PETAN restates need for local content, lauds NLNG’s Train 7 stakeholders

PETAN restates need for local content, lauds NLNG’s Train 7 stakeholders

The Petroleum Technology Association of Nigeria (PETAN) has commended the signing of the engineering, procurement, and construction (EPC) contract for Train 7 with the SCD Joint Venture Consortium with Saipem, Chiyoda, and Daewoo by the Nigeria LNG. According to the ...

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SMEs to benefit as REA moves to implement AfDB funded off-grid project

SMEs to benefit as REA moves to implement AfDB funded off-grid project

The Rural Electrification Agency (REA) has said arrangements are being concluded for the implementation of component two; ‘Productive Use Appliances and Equipment in Off-Grid Communities of the African Development Bank (AfDB) financed Nigeria Electrification Project. Being implemented with collaboration with ...

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Despite NOCs’ budget cut, FG explores options for oil in North

Despite NOCs’ budget cut, FG explores options for oil in North

Though National oil companies (NOCs) across the world are estimated to cut exploration budgets by $5 billion to around $14 billion this year, the Federal Government has stated that the plan to explore prospects of hydrocarbon in the Northern region ...

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10 power plants idle, generation sinks to 2,627MW

10 power plants idle, generation sinks to 2,627MW

The number of the nation’s power plants sitting idle increased by three on Monday to 10, prompting generation to tumble below 3,000 megawatts. Total power generation in the country fell to 2,626.9MW as of 6am on Monday from 3,738MW the ...

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Petrol price may increase as Brent stabilises around $35/barrel

Petrol price may increase as Brent stabilises around $35/barrel

Brent, the oil against which Nigeria’s crude is priced, has hovered around $35 per barrel for about one week, raising concerns of a possible hike in petrol price in Nigeria any time soon. An analysis of global oil trading rates ...

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NNPC says top fresh management appointments based on merit

NNPC launches App for COVID-19 contacts tracing, begins sale of products online

The Nigerian National Petroleum Corporation (NNPC) has said that professional competence, adherence to the principle of transparency and accountability informed the recent top management appointments executed in March. The Spokesman for the corporation, Dr. Kennie Obateru, disclosed this in a ...

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Panic as Buhari probes Abba Kyari’s office, others

Buhari writes National Assembly, seeks $5.5bn fresh loan

Presidency aides silent amid intrigues A wave of apprehension is sweeping through Ministries, Departments and Agencies (MDAs) as President Muhammadu Buhari begins a probe into the office of the late Chief of Staff Abba Kyari. The investigation may lead to ...

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Less than 30% of fuel depots operating – DAPPMAN

Less than 30% of fuel depots operating – DAPPMAN

Most fuel depot operators have been forced out of business as the Nigerian National Petroleum Company emerged the sole supplier of imported fuel in recent years, the Depot and Petroleum Products Marketers Association of Nigeria has said. The Chairman, DAPPMAN ...

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