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OIL & GAS

NCDMB Provides Equity Investment For Two 17,000bpd Refineries

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

The Nigerian Content Development and Monitoring Board is providing equity investment for the establishment of two modular refineries in Imo and Bayelsa states that will produce a total of 17,000 barrels of crude oil per day. The Executive Secretary of ...

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Nigeria’s Daily Oil Production Hit 1.95m Barrels Per Day In July

Oil crash threatens Nigeria’s gas flaring reduction

The nation’s crude oil production rose by eight per cent to 1.95 million barrels per day in July, data released on Friday by the Organisation of Petroleum Exporting Countries showed. OPEC, in its monthly oil market report for August, put ...

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FG to overhaul refineries for three years to drive local production

FG refineries suffer N19bn loss in two months

To achieve its 2023 target of ensuring local refineries operate optimally, the Federal Government has said it has begun the overhauling of the facilities, commencing with the Port Harcourt refinery.Giving itself a three-year deadline, the Nigerian National Petroleum Corporation (NNPC), ...

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FG stakes N600b in power sector as intervention hits N1.5tr

FG stakes N600b in power sector as intervention hits N1.5tr

•Govt to slit TCN into two entities The Federal Government has concluded plans to inject additional N600 billion into the Nigerian electricity industry. The Market Operator (MO), Transmission Company of Nigeria, Edmond Eje, who disclosed this yesterday at the third ...

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Sylva pledges to reposition petroleum sector, requests briefing from agencies

FG Inaugurates Team To Monitor, Track Imported Fuel

The newly-appointed, Minister of State for Petroleum Resources, Timipre Sylva, yesterday, pledged to reposition Nigeria’s oil and gas sector. The former Governor of Beyelsa State, who said agencies under the Petroleum Ministry, have competent staff, immediately asked heads of the ...

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Power generation drops to 3,014.8MW as FG loses N92.28b in 49 days

Power generation drops to 3,014.8MW as FG loses N92.28b in 49 days

Power output from Nigeria’s generating companies (GenCos) dropped to 3,014.8 megawatts (MW), yesterday from a monthly average of 3,578MW in August, latest data from the National Control Centre (NCC), Osogbo, has shown. At 50.17Hz with installed capacity of 6,985.9MW and ...

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NNPC mulls performance-based pipeline protection system

11 new pipelines expected in Nigeria by 2023

•Partners NSCDC on safety of oil assets In efforts to rid the nation of the menace of pipeline vandalism, the Nigerian National Petroleum Corporation (NNPC), yesterday, disclosed that a new performance-based pipeline protection system is being considered to address the situation.The ...

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NNPC picks 15 firms to supply Nigeria 14b litres of petrol

FG appoints, redeploys NNPC top management staff

Fifteen local and international oil companies have been selected by the Nigerian National Petroleum Corporation (NNPC) to supply 14 billion litres of Premium Motor Spirit (popularly known as petrol) under the 2019/2020 Direct Sale of Crude Oil and Direct Purchase ...

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Oil Industry’s Share Of Digitization May Hit $1trn By 2025 – SNEPCo

COVID-19: Oil majors slash 2020 spending by 18%

The Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), Mr. Bayo Ojulari, has disclosed that by 2025, the global oil industry’s share of global digitalization will be over $1 trillion. Ojulari, stated this in a presentation, ‘Digital Transformation ...

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NNPC, ICRC, PLAN seek collaboration on oil, gas infrastructure

NNPC, ICRC, PLAN seek collaboration on oil, gas infrastructure

• Raise concern over pipeline vandalism Nigerian National Petroleum Corporation (NNPC), Pipelines Professionals Association of Nigeria (PLAN), and Infrastructure Concession and Regulatory Commission (ICRC), are seeking collaboration that would guarantee the safety and security of Nigeria’s oil and gas infrastructure. ...

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FG mulls recapitalisation strategy for power companies

FG stakes N600b in power sector as intervention hits N1.5tr

Following the debate of either to recapitalise or repossess the electricity companies unbundled from the defunct Power Holding Company of Nigeria (PHCN), Vice President Yemi Osinbajo has disclosed of a new strategy to recapitalise them through a new electrification road-map. ...

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NNPC to partner NOASDRA on oil spill mitigation

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

Cases of the oil spill will witness drastic reduction if the Nigerian National Petroleum Corporation (NNPC), kept its promise to deploy technology to address the menace across the country. This is just as the National Oil Spill Detection and Response ...

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Oil inches above $60 as U.S. delays tariffs on Chinese goods

Why oil licensing round bids may not hold this year

Oil prices continued to rally yesterday, following reports that the United States has decided to delay the next round of tariffs that were to be imposed on Chinese goods. The delay gives hope to a skittish market that the trade ...

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Many DisCos not performing, investing in new capacities, says TCN

Gencos oppose reversing privatisation, allege N1tn debt

The Transmission Company of Nigeria (TCN) has justified the suspension of some Distribution Companies (DisCos) from the Electricity Market, stating that there was need to enforce rules and ensure efficiency among operators. According to the Managing Director of the TCN, ...

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Nigeria defies cuts as OPEC output slumps to five-year low

Oil may fall to $40, experts warn OPEC

Organisation of the Petroleum Exporting Countries (OPEC), has pumped its fewest barrels in more than five years in July, aided by a huge production decline in its largest producer, Saudi Arabia, alongside wavering compliance by Iran, Nigeria, Libya, and Venezuela, ...

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NNPC seeks military support on assets’ protection, exploration

Government moves for $10 oil production cost

The Nigerian National Petroleum Corporation (NNPC) has expressed its preparedness to re-enter and commence full operations at the Chad Basin, Gongola and Benue Trough, as it seeks holistic military supports for the protection of its workforce and high-tech equipment. The ...

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Shell blames lower energy prices for profit squeeze

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

Energy giant Royal Dutch Shell said Thursday its net profit was halved in the second quarter due to lower oil and gas prices as well as lower margins in refining. The net profit for the three months to the end ...

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Kyari reaffirms resolution on import substitution, transparency

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

  • To speak at NACE conference The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has reaffirmed the Corporation’s commitment to boost in-country refining capacity as part of measures to drive its import substitution ...

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NNPC faults presidential panel, restates commitment to transparency, due process

NNPC faults presidential panel, restates commitment to transparency, due process

The Nigerian National Petroleum Corporation (NNPC) yesterday restated its commitment to transparency and due process, especially with regard to an alleged breach of Treasury Single Account (TSA) policy. Special Presidential Investigative Panel for the Recovery of Public Property had alleged ...

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World’s largest atmospheric tower built for Dangote refinery leaves China for Nigeria

World’s largest atmospheric tower built for Dangote refinery leaves China for Nigeria

China’s leading energy and chemical company, Sinopec, on Monday, said that it had built the world’s largest atmospheric tower for Nigeria’s Dangote Refinery. On its verified Twitter handle, the company shared photos of the tower and revealed that it (tower) ...

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