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OIL & GAS

Angola Surpasses Nigeria In Crude Oil Production

Scientists Reduce Corrosion In Oil Pipelines With Local Biocides

Crude oil production from Nigeria fell by 250,000 barrels per day last month, making the country lose its status as Africa’s top oil producer to Angola, latest data from the Organisation of Petroleum Exporting Countries have shown. Nigeria recorded the ...

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NNPC To Suspend Some Projects Due To Oil Slump –  Kachikwu

NNPC To Suspend Some Projects Due To Oil Slump -  Kachikwu

The Minister of State for Petroleum Resources and Group Managing Director, Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu, on Monday declared that the NNPC would not go ahead with some of its planned projects until crude oil prices got to ...

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Power Generation Drops By 1,153MW

Power Generation Drops By 488.7MW

The nation has lost 1,153.66 megawatts of power in the last 20 days, worsening the load shedding arrangement that electricity distribution companies have been subjecting their consumers to. The electricity generated on Sunday, December 13, stood at 3,730.24MW, down from ...

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Oil Glut, Others Threaten Nigeria’s 2016 Production Target

IOCs Seek Collaboration To Overcome Industry Challenges

The growing supply glut in the global oil market is a threat to Nigeria’s projected production target for next year, industry experts have said. Other threats include the maturity of some fields and the global economic outlook. The Federal Government ...

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FG Okays N407bn Subsidy Payment To Marketers

External reserves rise by $595m in five days

The Federal Government on Wednesday finally approved the payment of N407.07bn as fuel subsidy to oil marketers. The payment was confirmed by the Minister of Finance, Mrs. Kemi Adeosun, through a statement signed by the Director of Press, Ministry of ...

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Renewable Power Solution’ll Underdevelop Africa – Ayade

71 firms bid for C/River deep seaport, superhighway

Governor Ben Ayade of Cross River State has said that the application of renewable energy solution as a measure to minimize climate change challenges is anti- African. Speaking to journalists at the ongoing Climate Change Conference in Paris, Governor Ayade ...

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Lagos Targets 24-Hour Power Supply

Lagos tackles graduate unemployment with internship scheme

The Lagos State Governor, Akinwunmi Ambode, says 24-hour power supply will boost business and increase the state’s Gross Domestic Product and that his government is ready to achieve the target. The governor also urged individuals, private homes and corporate organisations ...

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Oil Falls To $39, Threatens FG’s Savings Plan

US Oil Settles At 0.62 %  Higher at $48.52

Global benchmark Brent crude on Thursday extended its losses, dropping to $39 per barrel thereby threatening the Federal Government’s ability to save earnings from crude oil sales next year. The Federal Executive Council had earlier this week proposed $38 per ...

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Indigenous Operators Produce 6% Of Nigeria’s Oil

Stakeholders Advocate Reforms in Nigeria’s Oil Sector

crudeIndependent and marginal oil fields’ operators as at the end of the third quarter, Q3, accounted for about 5.72 per cent of total crude oil and condensates production, according to the Nigerian National Petroleum Corporation, NNPC financial statement. The NNPC, in ...

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FG splits PIB, To Break NNPC Into Two Companies

Recession: Buhari seeks N’Assembly’s approval for $29.96bn loan

The Federal Government has broken up the controversial Petroleum Industry Bill into different versions and is proposing splitting the Nigerian National Petroleum Corporation, NNPC, into two companies – the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company ...

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1.7bn People Lack Access To Electricity – ExxonMobil

http://punchng.com/electricity-consumers-groan-power-firms-others-trade-blame/

Over 1.7 billion people around the world have no access to electricity, just as demand for energy will rise significantly in the nearest future, the General Manager, Deep Water Operations, ExxonMobil, Mr. Oladotun Isiaka, has said. Isiaka, at the launch ...

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Refineries Remain Idle As 90-Day Deadline Approaches

PENGASSAN Opposes IPMAN On Sale Of Refineries

None of the nation’s four refineries of 445,000 barrels per day combined capacity has come back on stream few days to the end of the 90-day fast-track ultimatum given for their revival. Three of the refineries in Warri, Kaduna and ...

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FG Plans Partial Autonomy For Refineries

France to invest €1bn in Nigeria’s oil sector

The Federal Government has said it will soon allow the refineries to operate as semi-autonomous entities in order to run as profitable ventures. It also expressed its readiness to raise funds from international investors and the private sector in 2016 ...

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FG To Monitor Crude Oil Movement Electronically

FG to establish ICT development bank

The Federal Government recently said that it would be able to monitor the movement of crude oil and gas out of the country through the implementation of the e-Government Master Plan 2020. It said that since crude oil was the country’s ...

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Subsidy Claims By Oil Marketers Rise To N1.7tn In Three Years

Petrol marketers to gain N8.3bn on depot price reduction

Despite the raft of measures initiated in 2011 by the last administration, especially at the Petroleum Products Pricing Regulatory Agency (PPPRA) to curb infractions in the administration of the subsidy regime and reduce claims to sustainable levels, total fuel subsidy ...

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Fuel Scarcity Will End In A Few Days – Lai Mohammed

Minister unveils $1m venture capital for creative industry

The Minister of Information and Culture, Alhaji Lai Mohammed, has assured that the current fuel scarcity in the country will be over in a matter of days, following the approval of the subsidy payment by the National Assembly. ”We can ...

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Oil Price Rises Ahead Of OPEC Meeting

Stakeholders Advocate Reforms in Nigeria’s Oil Sector

Crude oil prices rose on Tuesday as the dollar eased slightly, but with OPEC widely expected to stick to its output target this week, concern about oversupply remained in focus. The European Central Bank is set to announce its latest ...

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Firm To Build Refineries In Lagos, Ondo

Firms to build mini refineries in Nigeria

Ode-Aye Refinery Limited has concluded plan to establish Greenfield and modular refineries in the country in the next 18 months. The company’s Director, Prince Bayo Otulana, said in Uyo on Monday that the refineries would be located in Ondo and ...

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Nigeria Requires $7.5bn For Transmission Upgrade

Nigeria requires $7.5bn for transmission upgrade

The Transmission Company of Nigeria (TCN) would require about $7.5 billion to improve on its ageing transmission infrastructure across the country. Managing Director, Niger Delta Power Holding Company Limited (NDPHC), Mr. James Abiodun Olutu, stated this at the PwC Annual ...

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We Lost N50bn To Oil Thieves In 9 Months – NNPC

We Lost N50bn To Oil Thieves In 9 Months – NNPC

The Nigerian National Petroleum Corporation (NNPC) has announced that a total of 531 million litres of petrol valued at over N50 billion was lost to pipeline vandals between January and September, 2015, at the problematic System 2B Pipeline network which ...

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