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OIL & GAS

Discos’ annual revenue collection rises to N466bn

Nigeria’s Power Generation Hits 4,898.2MW

Power distribution companies have set a new record of N466bn in their yearly revenue collection, the Association of Nigerian Electricity Distributors has said. ANED, which is the umbrella body for all the Discos, said the revenue collection rose by 10 ...

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Oil majors kick against FG’s $62bn claim

Oil majors kick against FG’s $62bn claim

International oil companies operating in the country are opposed to the claim by the Federal Government that they owe as much as N62bn with respect to Production Sharing Contracts. Last month, the President, Major General Muhammadu Buhari (retd.), signed the ...

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Electricity tariffs will increase April 1 – NERC

Electricity tariffs will increase April 1 – NERC

The Nigerian Electricity Regulatory Commission has said the electricity tariffs being paid by consumers will increase in April this year. NERC disclosed this in its December 2019 Minor Review of Multi-Year Tariff Order 2015 and Minimum Remittance Order for the ...

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Oil jumps to $69 as US kills Iran’s Soleimani

US slashes imports of Nigerian oil by 60%

World oil prices jumped nearly $3 on Friday after the US killed a top Iranian general, fanning fresh fears of conflict in the crude-rich Middle East, with Tehran warning of “severe” retaliation. The international oil benchmark, Brent crude, hit $69.16 ...

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Global adoption of LNG as marine fuel rises over IMO 2020

‘Coronavirus may cripple gas, LNG demand by 14 billion cm’

The Liquefied Natural Gas (LNG) is fast gaining strength as alternative marine fuel, as a worldwide push is on to sharply reduce or eliminate harmful emissions from the burning of fossil fuels by ocean going ships. Recent indications showed that ...

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Oil price rises, Nigeria faces crude production decline

NNPC swapped N3.04tn crude for refined products

The international oil benchmark, Brent crude, rose slightly on Thursday on the back of improving trade relations between the United States and China as well as rising tensions in the Middle East. Brent, against which Nigeria’s oil is priced, gained ...

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IOCs delay $58.4bn oil, gas projects in Nigeria

Government moves for $10 oil production cost

A number of oil and gas projects valued at $58.4bn are facing an uncertain future as international oil companies operating in the country have failed to sanction them several years after they were announced. Industry experts said the regulatory and ...

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Gas reduction stalls 1,109MW electricity generation

Electricity tariffs will increase April 1 – NERC

The volume of gas supplied to gas-fired power plants dropped from 820 million standard cubic feet per day in February 2019 to 595mmscfd in September, a development that stalled the generation of 1,109 megawatts of electricity. Latest data on gas ...

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‘Why NNPC will not go public despite losses’

FG’ll divert N457bn petrol subsidy to other sectors –NNPC

At a time when national oil companies across the world are launching Initial Public Offerings (IPOs) and raising capital from public investors to outsmart the volatility in the oil and gas industry, the Nigerian National Petroleum Corporation (NNPC) remains unprepared ...

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NNPC, JVs finally seal $10bn NLNG Train-7 deal

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

The Nigerian National Petroleum Corporation and its joint venture partners in the Nigeria Liquefied Natural Gas Limited on Friday took the Final Investment Decision on the commencement of the $10bn NLNG Train-7 project. Shareholders of the company took the FID ...

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Petrol subsidy now N47.5/litre as oil price hits $67.86

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

Landing cost of petrol was N180.7/ltr on Dec 23 – PPPRA Dangote refinery’ll change subsidy regime, say marketers The subsidy on Premium Motor Spirit, popularly known as petrol, has risen to N47.5 per litre as the expected open market price ...

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DPR warns fuel stations against sharp practices

NDPR expands modular refinery capacity by 5,000bpd

The Department of Petroleum Resources has said it will sanction any fuel stations found engaging in sharp practices. The DPR also urged Nigerians to avoid stockpiling petroleum products at home during the festive season, saying there would be no fuel ...

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FG sets up EIA panel on 1,350MW plant

Nigerians’ll pay higher electricity tariffs, FG promises IMF

The Federal Government has set up an Environmental Impact Assessment panel for the proposed Abuja 1,350 megawatts Independent Power Plant. It was gathered that the panel held its review meeting on the EIA for the project in Abuja, where the ...

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Crude oil, gas exports increase by 53% –NNPC

Crude oil, gas exports increase by 53% –NNPC

The Nigerian National Petroleum Corporation on Sunday announced that crude oil and gas export sales increased by 52.84 per cent to $355.93m in September 2019. NNPC’s crude oil and gas exports in September were $123.06m higher than the $232.87m recorded ...

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Decision on $10bn NLNG Train 7 suffers fresh delay

Decision on $10bn NLNG Train 7 suffers fresh delay

The Federal Government and other shareholders of the Nigeria LNG Limited failed to take a final investment decision on the company’s Train 7 project last week, our correspondent has learnt. It was gathered that the Final Investment Decision was due ...

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DPR Launches Guidelines For Nigeria’s Upstream Sector

DPR Launches Guidelines For Nigeria’s Upstream Sector

The Department of Petroleum Resource (DPR) has launched its new guidelines of operations for the upstream sector of the Nigerian oil and gas industry. The regulatory document is part of efforts geared towards limiting the cost of oil production in ...

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FG Sets 2020 Oil Production At 2.18 Million Bpd

Nigeria needs N10.1trillion to improve economy

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government has pegged oil production at 2.18 Million Barrels Per Day (MBPD) in the 2020 budget. Ahmed made this known at the Highlights and Breakdown of ...

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NERC’s inefficiency compounding power crises, says NSE

NERC’s inefficiency compounding power crises, says NSE

The inadequate regulation and enforcement by the Nigerian Electricity Regulatory Commission is compounding the crises currently bedevilling Nigeria’s power sector, the Nigerian Society of Engineers declared on Thursday. Participants at the society’s 52nd National Engineering Conference, Exhibition and Annual General ...

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Crude oil prices rise after bullish EIA report

Oil rises above $70 amid US, Iran face-off

Oil prices recouped some of their losses on Wednesday after the Energy Information Administration reported a crude oil inventory draw for the week to December 13. The draw came in at 1.1 million barrels, which compared with analyst expectations of ...

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Forte Oil changes name to Ardova

Forte Oil changes name to Ardova

Forte Oil Plc has announced a change of name of the company to Ardova Plc. In a notice filed at the Nigerian Stock Exchange on Wednesday, the company said the change of name was approved by its shareholders at an ...

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