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OIL & GAS

FG saves $1.7bn from managed interventions for petrol importation

FG saves $1.7bn from managed interventions for petrol importation

The Nigerian National Petroleum Corporation (NNPC), yesterday, defended its role in the importation of Premium Motor Spirit, otherwise known as petrol, noting that its intervention has helped to check false claims for subsidy arising from smuggling of the product to ...

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Senate probes Rivers explosion as IOCs urge uniform regulation

Generator importation to attract 10-year jail term — Senate bill

The Senate has set up a committee headed by Ibrahim Gobir (Sokoto APC) to unravel the remote and immediate causes of the pipeline explosion that killed 15 persons and injured over 50 others at Komkom community in Oyigbo Local Council ...

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At least 45 killed in Nigeria fuel tanker blast

tanker incidents on poor haulage system, pipeline vandalism

At least 45 people were killed and more than 100 injured in central Nigeria when a petrol tanker crashed and then exploded as people gathered fuel, emergency services said Tuesday. The truck overturned near shops while travelling through the village ...

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NCDMB disburses $160 million in two years, reads riot act to IoCs

NCDMB disburses $160 million in two years, reads riot act to IoCs

Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, yesterday, said about $160 million has been disbursed in the past two years to develop capacity of indigenous oil and gas companies. Speaking at the ongoing yearly, ...

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Nigeria promises compliance as OPEC extends cut

Why oil licensing round bids may not hold this year

…Kyari hinges nation’s revenue on oil prices, production Nigeria, whose crude production exceeds its quota under an OPEC/non-OPEC supply accord, is working to improve its compliance, Head of the Nigerian Delegation to the meeting, Dr Folasade Yemi-Esan, said on Monday. ...

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Shell, Communities Set To Resolve Dispute Over OML 25

COVID-19: Shell Cuts Dividend For First Time Since WWII

Stakeholders, including communities of Oil Mining Licence 25 in Akuku-Toru Local Government Area of Rivers State, and Shell Petroleum Development Company have agreed on the procedures for the re-opening of the oil field. The Memorandum of Understanding, which will be ...

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North Sea Outages: Nigeria Set For Highest European Oil Exports In 2019

Government moves for $10 oil production cost

Outages at North Sea oilfields have helped put competing Nigerian oil on pace to arrive in Europe at the highest levels in seven months in June, according to Refinitiv Eikon data and traders.  Nigeria is set to export about 905,000 ...

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Nigeria wins award with Egina floating facility

Nigeria wins award with Egina floating facility

Nigeria has been honoured in France for its floating facility, which is expected to add 200,000 barrels of oil per day to the country’s daily production. The facility built by Samsung Heavy Industries Nigeria (SHIN) bagged the ‘Project of the ...

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Nigerian firm secures $9m from Norway to boost renewable energy

‘Renewables to displace oil as top global energy source by 2040’

Nigerian distributed utility company, Arnergy, has raised $9 million in a Series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI, ElectriFI and All On. The firm noted ...

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IYC alleges anomalies in NNPC recruitment, threatens showdown with Presidency

IYC alleges anomalies in NNPC recruitment, threatens showdown with Presidency

The Ijaw Youth Council (IYC) has threatened a showdown with the Presidency over alleged anomalies in the recent recruitment exercise being conducted by the Nigerian National Petroleum Corporation (NNPC). The body of Ijaw youths worldwide warned of dire consequences if ...

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Nigeria’s Daily Oil Production Now 2.2mb At $22 Per Barrel Production Cost

Government moves for $10 oil production cost

Nigeria’s daily oil production has exceeded the 2.3 million barrel per day benchmark for the 2019 budget. The Former Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed this in Abuja, last week during a discussion with ...

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FG Evaluates 250 Companies For 178 Gas Flare Points

Govt urged to raise flaring penalties

The Federal Government, through the steering committee of Nigerian Gas Flare Commercialisation Programme (NGFCP),has commenced prequalification of over 250 companies that have submitted their expression of interest to bid for 178 flaring points across the crude oil production fields in ...

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U.S Surpasses Nigeria In Oil Exports, Slashes Imports

Nigeria lost 22m barrels of crude to theft in six months

The US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations is similar to Nigeria’s crude. Its oil imports from Nigeria plunged to 9.599 million barrels in the ...

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Rivers Govt Promises Support For NLNG’s Train 7 Project

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

Rivers State Governor, Nyesom  Wike, has declared that the State Government would support the Train 7 project of the Nigerian Liquefied Natural Gas (NLNG) Limited because of its potential to create about 15,000 jobs and enhance the economy of the ...

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NNPC To Resume Oil Search In Lake Chad Basin

NNPC increases June selling prices of crude oil

The Nigerian National Petroleum Corporation (NNPC) is set to resume oil search in the Lake Chad basin once it gets the needed green light from security agencies. This is as the Bauchi State Governor, Bala Mohammed has expressed optimism over ...

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Banks Prepared to Fund Rehabilitation Of Nigeria’s Refineries – NNPC

Banks Prepared to Fund Rehabilitation Of Nigeria’s Refineries – NNPC

The outgoing Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has disclosed bank’s readiness to fund the rehabilitation of the nation’s ailing refineries. After efforts to secure offshore funding for the rehabilitation of the refineries proved ...

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‘New NNPC appointments to spur reserves’ increase, reforms’

NNPC spends N1bn daily, petrol subsidy hits N19.37/litre

Stakeholders in the oil and gas sector have expressed confidence in the appointment of a new management team for the Nigerian National Petroleum Corporation (NNPC), describing it as a move to shore up reserves and reposition the corporation. Petroleum Technology ...

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Buhari removes Baru, appoints Kyari as NNPC GMD

Buhari removes Baru, appoints Kyari as NNPC GMD

President Muhammadu Buhari has appointed Mr. Mele Kolo Kyari as the new Group Managing Director of the Nigerian National Petroleum Corporation, bringing to an end the tenure of Maikanti Baru, as the oil firm’s boss. NNPC’s Group General Manager, Group ...

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NERC moves to address 57% meter deficit

NERC moves to address 57% meter deficit

Nigerian Electricity Regulatory Commission (NERC) says it has instituted measures to accelerate adequate metering of Nigerians. The chairman, Prof. James Momoh, said that the move would help in bridging the existing gap of 5,046,906 against 8,840,801 customers, which represents 57 ...

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Refineries N141b losses surpass allocations to critical sectors

Privatise refineries, CSOs tell FG

•Stakeholders insist on assets commercialisation  Refineries operated by the Nigeria National Petroleum Corporation (NNPC), recorded deficits running into N141billion within 13 months, between January 2018 and January 2019. Indeed, the sum is capable of addressing capital projects in critical sectors ...

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