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OIL & GAS

US slashes imports of Nigerian oil by 60%

‘Oil-producing states got N44tn in 18 years’

The United States cut its imports of Nigerian crude oil by 60.37 per cent to 1.93 million barrels in January this year, compared to the 4.87 million barrels bought in the same month in 2019. Latest data from the US ...

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FG targets N103bn from gas flaring penalty

FG targets N103bn from gas flaring penalty

The Federal Government has said gas flare penalty payment by oil and gas companies in the country will increase to N103.51bn this year. The Director General, Budget Office of the Federation, Ben Akabueze, disclosed this in a presentation where he ...

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NNPC reduces petrol depot price to N108

Petrol price hits N143.8, stakeholders push for total deregulation

The Nigerian National Petroleum Corporation on Wednesday night announced a reduction in the ex-depot price of petrol from N113.28 per litre to N108 per litre. The ex-depot price is the price at which the product is sold to marketers at ...

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GenCos raise alarm over nation’s weak national grid

N1.8tn fund: We received only N58bn, say Discos

Electricity generation companies (GenCos) in Nigeria, have again raised an alarm over the epileptic performance of the nation’s national grid. Section 15.3.1 of the national grid code states that the Frequency shall be maintained at 50 Hz. This means that ...

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Privatise refineries, CSOs tell FG

Privatise refineries, CSOs tell FG

A consortium of 15 civil society organisations on Tuesday asked the Federal Government to privatise Nigeria’s refineries and commit to the sustainability of the no-subsidy regime by articulating it into a law. According to the CSOs, this would help the ...

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NUPENG, PENGASSAN caution oil companies against sacking workers

Tension at NNPC as PENGASSAN threatens strike

The national leaderships of both the Nigeria Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria have cautioned companies in the oil and gas industry against sacking workers. The unions said ...

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FG’ll offer small oil fields for licensing –NNPC

FG’ll offer small oil fields for licensing –NNPC

The Federal Government will offer marginal oil fields for auction this year despite the crash in crude oil prices, the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, has said. The country has not conducted any licensing ...

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NLNG plans construction contract for $10bn Train 7 project

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

The Nigerian LNG Limited has said it is making significant progress in activities that will lead to the formal award of engineering, procurement and construction contracts for its Train 7 project. The NLNG announced in September 2019 that it had ...

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‘How majors’ stake in gas, lower margins hedged against price volatility’

‘How majors’ stake in gas, lower margins hedged against price volatility’

As the world groans under the impact of the coronavirus, oil majors with portfolio investments in gas in Nigeria, and many other developed climes, may have helped to provide strong resilience to the current oil price volatility. Already, the need ...

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Nigerians’ll pay higher electricity tariffs, FG promises IMF

Nigerians’ll pay higher electricity tariffs, FG promises IMF

Nigerians will pay much higher tariff for power in 2021, going by promises made by the Federal Government to the International Monetary Fund while seeking the $3.4bn emergency financial assistance recently approved for Nigeria. The Executive Board of the IMF ...

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NNPC, partners construct 200-bed hospital in Yenagoa

FG’ll offer small oil fields for licensing –NNPC

The Nigerian National Petroleum Corporation-led oil and gas industry intervention initiative on COVID-19 has commenced the third phase of their support programme. According to the NNPC, the phase commenced with the foundation laying ceremony of a permanent emergency and infectious ...

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FG retains N125/litre petrol price despite crude oil crash

FG retains N125/litre petrol price despite crude oil crash

The Federal Government has failed to review the N123.5 to N125/litre pump price of petrol for the month of May 2020 despite continued crash of crude oil price. The Petroleum Products Pricing Regulatory Agency had stated that the cost of ...

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

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

Royal Dutch Shell on, cut its dividend for the first time since the 1940s after a first-quarter loss – and warned virus-ravaged oil prices will take time to fully recover. The Anglo-Dutch group sank into a $24-million ($29.5-million) net loss ...

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COVID-19 Responsible For Slow Meter Rollout — Eko Disco

COVID-19 Responsible For Slow Meter Rollout — Eko Disco

Eko Electricity Distribution Company Plc said on Wednesday, that the COVID-19 pandemic had slowed down the deployment of meters to customers. The Managing Director/Chief Executive Officer, EKEDC, Mr Adeoye Fadeyibi, stated this during a fact-finding visit by a joint committee ...

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Nigerian Oil Firms Cut Expenses, Battle For Survival

Government moves for $10 oil production cost

Indigenous oil and gas companies are among the operators in the country worst hit by the sharp drop in oil prices and demand, with many now struggling to stay afloat. The international oil price benchmark, Brent crude, which rose to ...

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…says Nigeria’s oil, gas exports to fall by $26.5bn

…says Nigeria’s oil, gas exports to fall by $26.5bn

• Oil price rises to $25 The International Monetary Fund has said Nigeria’s oil and gas exports are expected to fall by at least $26.5bn this year as a result of the coronavirus-induced sharp drop in prices and demand. The ...

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ExxonMobil director Udom Inoyo retires from service

ExxonMobil donates vehicles for COVID-19

ExxonMobil affiliate companies in Nigeria have announced the retirement from the Company of Udom Uko Inoyo, Vice Chairman & Management External Advisor, Upstream Nigeria, after more than 30 years of meritorious service, effective May 1, 2020. Announcing the retirement in ...

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Refineries recorded N9.6bn loss in January, says NNPC

FG appoints, redeploys NNPC top management staff

Nigeria’s refineries started their 2020 financial year with losses as they posted a cumulative operational deficit of N9.6bn in January. The Nigerian National Petroleum Corporation manages the country’s three refineries – the Kaduna Refining and Petrochemical Company, the Port Harcourt ...

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Oil rebounds above $14 after massive sell-off

Oil rebounds above $14 after massive sell-off

US oil prices rebounded above $14 a barrel Wednesday, a day after a sell-off sparked by a major fund selling its short-term holdings of the commodity amid virus-triggered storage concerns. West Texas Intermediate, the US benchmark, for June delivery jumped ...

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NNPC delays oil export plans, negotiates with producers

NNPC increases gas supply as pipeline vandalism rises

The Nigerian National Petroleum Corporation has delayed publishing its future oil export plans as it negotiates with international oil companies and local players on how to cut output in line with a global deal on production curbs. The official selling ...

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