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OIL & GAS

Nigeria’s Oil Reform Bill To Be Drafted From Scratch, To Pass This Year – Senate President

You can’t hijack public works scheme, Lawan tells Keyamo

Nigeria’s legislature has begun consulting with the president to draft “from scratch” a bill overhauling the nation’s petroleum sector and will aim to pass it by the end of 2020, the Senate president has said. The government of Africa’s largest ...

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DPR Unveils Initiative To Digitise Downstream Operations

DPR Launches Guidelines For Nigeria’s Upstream Sector

The Department of Petroleum Resources has launched its digitisation initiative for downstream operations under what it called the Automated Downstream System programme. The DPR said the initiative was designed to improve overall efficiency and accelerate its downstream regulatory performance by ...

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Nigeria Clings To Loss-Making Refineries As Angola Targets New Fids From SONANGOL Sale

Why oil licensing round bids may not hold this year

Government reforms in Africa’s second largest producer, Angola’s oil sector including the targeted part-privatisation of its national oil company, SONANGOL by 2022, is already yielding positive results, as new investments are expected to be witnessed in the sector.  While many ...

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Nigeria faces competition amid global LNG supply glut

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

Exporters of Liquefied Natural Gas, including Nigeria, have been told to brace for an oversupplied market and weaker-than-expected global demand depressing prices for their output for another two years. Nigeria, which is among the top 10 largest exporters of the ...

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Malabu scandal: Italian court throws out witness request

Malabu scandal: Italian court throws out witness request

A Milan court has rejected a prosecution request to hear testimony from a former legal adviser of Eni who has accused the company of spying on judges, offering a boost to the Italian oil firm as it fights bribery allegations ...

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Budget under threat as oil sinks to $54

FG adjusts 2020 budget to N10.52tn, adopts $25 oil benchmark

OPEC, others to meet today, Wednesday The international oil benchmark, Brent crude, plummeted to its lowest level in more than a year on Monday, trading below the Federal Government’s benchmark for the 2020 budget, as the coronavirus outbreak hit fuel ...

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211 Global Oil And Gas Projects To Start Production In 2020 – Globaldata

211 Global Oil And Gas Projects To Start Production In 2020 – Globaldata

Globally, about 99 new gas projects and 112 new oil projects are expected to start production this year, a renowned industry research body, Globadata, has said. Latest report shows that oil firms may take investment decisions on projects that would ...

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Nigeria Exported $5.49bn Of Oil And Gas In Twelve Months

FG appoints, redeploys NNPC top management staff

Nigeria exported $5.49 billion worth of crude oil and gas between October 2018 and October 2019, a report by the Nigerian National Petroleum (NNPC) has said. The report said that crude oil export sales contributed $396.94 million (82.14 per cent) ...

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DPR Expresses Concern Over Illegal Marketing Of Cooking Gas

DPR Expresses Concern Over Illegal Marketing Of Cooking Gas

The Department of Petroleum Resources (DPR) in Abuja, raised the alarm about activities of illegal marketers of Liquefied petroleum gas (LPG) insisting that the development remains a critical treat to lives and properties and uneconomical to users. Closing down over ...

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Nigeria Has Lowest Gas Usage Despite Vastness Of Resource – Sylva

N10tn spent on fuel subsidy in 15 years – Marketers

Nigeria has the lowest penetration of liquefied petroleum gas, popularly called cooking gas, despite being rich in gas resources, the Federal Government has said. The Minister of State for Petroleum Resources, Timipre Sylva, who said this during an interview, also ...

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Total Nigeria Sees Profit Fall 70% On High Financing Costs

Total Nigeria Sees Profit Fall 70% On High Financing Costs

The reliance on bank borrowings to finance its operations continued to have a negative impact on the fortunes of Total Nigeria Plc as it has recorded a decline of 69 per cent in its bottom-line for the year ended December ...

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NCDMB, Rungas Partner On LPG Cylinder Factory In Bayelsa

NCI Fund Increased To $350M, $20M Reserved For Women

The Nigerian Content Development and Monitoring Board (NCDMB) has partnered Rungas Prime Industries Limited in the establishment of a 400,000 per annum Type 3 LPG Composite Cylinder Manufacturing Plant in Polaku, Bayelsa State. Making the announcement, last week, in Yenagoa ...

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Shell’s oil production in Nigeria hits five-year high

Shell’s oil production in Nigeria hits five-year high

Global oil and gas giant, Royal Dutch Shell, has said its total production in Nigeria increased in 2019 to 176,000 barrels of oil equivalent per day, the highest level in five years. Shell, which announced its fourth quarter 2019 results ...

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NNPC swapped N3.04tn crude for refined products

NNPC swapped N3.04tn crude for refined products

A total of 150.4 million barrels of crude oil valued at N3.04tn was swapped for refined petroleum products by the Nigerian National Petroleum Corporation between September 2018 and September 2019, latest figures from the oil firm showed. Nigeria’s refineries are ...

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Malabu Oil scam: Court grants bail to Adoke, others

Malabu Oil scam: Court grants bail to Adoke, others

  The High Court of the Federal Capital Territory in Abuja, on Thursday, granted bail to a former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Adoke (SAN), and two of his co-defendants charged with offences bordering on ...

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211 oil, gas projects to start production in 2020

211 oil, gas projects to start production in 2020

• As investors may delay long term projectsGlobally, about 99 new gas projects and 112 new oil projects are expected to start production this year, a renowned industry research body, Globadata, has said. Latest report from the think-tank however disclosed ...

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Coronavirus: Oil falls below $60, OPEC eyes deeper cuts

Coronavirus: Oil falls below $60, OPEC eyes deeper cuts

The International oil benchmark, Brent crude, plunged to its lowest level in more than three months on Monday on fears that China’s deadly coronavirus would hit demand in a market that already has plentiful supply. Brent, against which Nigeria’s crude ...

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Discos to reflect 7.5% VAT on transactions Feb 1

Gencos oppose reversing privatisation, allege N1tn debt

There are indications that power distribution firms across the country plan to reflect the new Value Added Tax of 7.5 per cent on all their transactions  from February 1, as announced by the Federal Government. Already, Ibadan Electricity Distribution Company ...

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Nigerian Refineries Posted N123.3bn Loss In 10 Months – NNPC

NNPC increases gas supply as pipeline vandalism rises

The country’s refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released last week showed. An analysis of data in the October 2019 oil and gas ...

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NLNG Signs 10-Year Gas Deal With Total

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

Nigeria Liquefied Natural Gas has signed a deal with French energy group Total for 1.5 million tonnes of LNG per year, the African producer said. The agreement is for 10 years, with volumes to be supplied to Total from trains ...

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