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Oil rises above $48 on COVID-19 vaccine hope

Oil rises above $48 on COVID-19 vaccine hope

The international oil benchmark, Brent crude, rose above $48 per barrel on Wednesday, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent, against which Nigerian’s oil is priced, rose for a fourth straight session ...

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Tank farm closure will hurt economy, say operators

Tank farm closure will hurt economy, say operators

Ijegun-Egba Tank Farm Owners and Operators Association has said any move to shut down its members’ tank farms will result in national economic crisis, energy insecurity, massive unemployment, banking and financial crisis. The association said in a statement that the ...

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Buhari inaugurates 5,000bpd refinery in Imo

Buhari inaugurates 5,000bpd refinery in Imo

The President, Major General Muhammadu Buhari (retd.), has said the realisation of the refinery roadmap that was rolled out two years ago will enable Nigeria to export petroleum products to neighbouring countries and other markets. Buhari said this on Tuesday ...

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Crude in commercial quantity discovered in Benue Trough – NNPC

Crude in commercial quantity discovered in Benue Trough – NNPC

The Nigerian National Petroleum Corporation on Thursday said the volume of crude oil discovered in Benue Trough was in commercial quantity. It said Nigerian geologists were spearheading efforts in the discovery of the commodity in the trough. The corporation’s Group ...

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Nigeria to resume fuel imports from Niger Republic

Nigeria, Africa’s biggest oil producer, is set to resume the importation of petroleum products from a neighbouring country, Niger Republic. The Ministry of Petroleum Resources announced on Thursday in a statement that the two countries signed a Memorandum of Understanding on Thursday for petroleum products transportation and storage. According to the statement, Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, has an installed refining capacity of 20,000 barrels per day. “Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000 bpd, mostly for export,” it said. The ministry said the MoU was signed by the Group Managing Director, NNPC, Mallam Mele Kyari and the Director-General of SONIDEP, Mr Alio Toune, under the supervision of the two countries’ Ministers of State for Petroleum, Çhief Timipre Sylva and Mr Foumakoye Gado, respectively with the Secretary-General of the African Petroleum Producers Organisation, Dr Omar Ibrahim, in attendance. “This is a major step forward. Niger Republic has some excess products which needs to be evacuated. Nigeria has the market for these products. Therefore, this is going to be a win-win relation for both countries,” Sylva said. Kyari said the two countries had had long engagements in the last four to five months with a view to restoring the importation of petroleum products (excess production) from Niger into Nigeria. He said, “With this development, we hope to have a long-lasting and sustainable commercial framework to having a pipeline from the Soraz Refinery in Zinder (Niger) into the most proximate Nigerian city so that we can develop a depot.”

Nigeria, Africa’s biggest oil producer, is set to resume the importation of petroleum products from a neighbouring country, Niger Republic. The Ministry of Petroleum Resources announced on Thursday in a statement that the two countries signed a Memorandum of Understanding ...

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Sylva, NNPC boss shun budget defence meeting with Reps

Sylva, NNPC boss shun budget defence meeting with Reps

The Minister of State for Petroleum Resources, Timipre Sylva; and the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, on Monday, failed to appear before the House of Representatives. Sylva and Kyari, among others, were to appear ...

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Petrol price’ll increase when oil goes up – Sylva

Petrol price’ll increase when oil goes up – Sylva

The Minister of State for Petroleum, Timipre Sylva, on Monday said Nigerians would soon get used to hike in price of fuel. Sylva also said petrol price would always increase whenever oil rate had gone up. He spoke in an ...

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NNPC raises petrol depot price, marketers to sell at N168-N170/litre

NNPC raises petrol depot price, marketers to sell at N168-N170/litre

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre. The PPMC disclosed this in an ...

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Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects

Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects

With the continued delay in the passage of the Petroleum Industry Bill (PIB) leading to a frigile fiscal regime mired by uncertainty, the African Energy Chamber (AEC), has said Nigeria and other African countries should expect a capital expenditure (CAPEX) ...

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Fuel scarcity looms as oil workers begin strike over IPPIS

Fuel scarcity looms as oil workers begin strike over IPPIS

There are palpable fears of fuel scarcity as members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the National Union of Petroleum and Natural Gas Workers (NUPENG) have down tools over breach of agreement on ...

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Tank fire won’t disrupt fuel supply, says MOMAN

Tank farm closure will hurt economy, say operators

The Major Oil Marketers Association of Nigeria has said the recent fire outbreak at the depot of one of its members, OVH Marketing Limited, will not cause product supply disruptions. MOMAN said in a statement on Sunday that the fire, ...

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Nigeria, OPEC Peers To Lose $272bn In Oil Revenue

Nigeria, OPEC Peers To Lose $272bn In Oil Revenue

Nigeria and other members of the Organisation of the Petroleum Exporting Countries will see their combined net oil export revenue fall this year to its lowest level since 2002, according to the United States Energy Information Administration. The EIA, in ...

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Panic as fire guts Oando tank farm in Lagos

Tank farm closure will hurt economy, say operators

Fire gutted a tank farm yesterday in the Oando Depot on Gaskiya Road, Ijora Badia area of Lagos State. The fire was still raging as at press time last night. The fire was seen from other areas of the state ...

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FG, Transcorp’s Afam plant deal to add 966MW generation

FG, Transcorp’s Afam plant deal to add 966MW generation

The Federal  Government on Thursday signed a share sale and purchase agreement with Transcorp Power Consortium  in relation to Afam Power Plc and Afam III Fast Power Ltd. The agreement, which is expected to lead to the addition of  966MW ...

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We’ll begin oil exploration in Chad Basin soon – FG

Petrol price’ll increase when oil goes up – Sylva

The Federal Government on Wednesday said it was willing to resume oil exploration in the Lake Chad Basin. The exercise was suspended by the government in July 2017 after suspected members of Boko Haram attacked a team of geological engineers ...

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OML 40 explosion damages marine storage vessel, stalls 10,000bpd

OML 40 explosion damages marine storage vessel, stalls 10,000bpd

The Nigerian Petroleum Development Company, a subsidiary of the Nigerian National Petroleum Corporation, has reported an explosion at a production facility in Oil Mining Lease 40 involving its partners, Elcrest Exploration and Production Nigeria Limited. Spokesperson for NNPC, Kennie Obateru, ...

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FG releases funds to Discos for mass metering

FG releases funds to Discos for mass metering

The Federal Government has released funds to power distribution companies for the mass deployment of about six million free electricity meters to power consumers nationwide. It was gathered that some senior officials of power distribution companies met with the Central ...

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10 power plants suffer gas shortage, 1,753MW idle

10 power plants suffer gas shortage, 1,753MW idle

The lingering challenge of gas supply in the nation’s power sector left 1,753.4 megawatts generation capacity at 10 power plants idle on Monday. The nation’s total unutilised electricity generation capacity stood at 2,131.9MW as of 6am on Monday, with low ...

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Oil price rises 2% after falling to $36

Oil rises above $48 on COVID-19 vaccine hope

The international oil benchmark, Brent crude, gained nearly two per cent on Monday, shaking off earlier losses, as the United States heads into a contentious presidential election. Brent, against which Nigeria’s oil is priced, had fallen more than $2 to ...

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FG to spend N269.38bn on six million free meters

FG releases funds to Discos for mass metering

The Federal Government is to spend between N269.38bn and N497.13bn on the provision of six million free meters to various unmetered power users across the country. Also, findings from separate quarterly reports of the Nigerian Electricity Regulatory Commission on the ...

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