OIL & GAS

A cross section of Nigerians, including financial and labour experts, have condemned the plan by the Federal Government to continue to import refined petroleum products for the next 20 years. The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had said …

The recent dip in power supply in the country, rather than show signs of improvement, has gone worse with the loss of over 1,476 megawatts due to shrinking water level, shortage in gas supply and high frequency. The country is …

As the price of the nation’s major foreign exchange earner, crude oil, continues to struggle between $80 and $90 per barrel, four major Asian countries have been responsible for the sustenance of this feat, which is, however, still below comfort …

Content Development in the oil and gas sector gained a boost, yesterday, with the completion of first ever Nigerian fabricated 2,700 Tons Central Processing Facility (CPF) Modules built by Daewoo Nigeria Limited (DNL). The project which is the nucleus of …

Royal Dutch Shell has signed the sale and purchase agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country, a spokesman said  yesterday. The assets include oil mining …

Lagos State is set to join the league of oil producing states in the country come next year as the joint venture partners on the Aje Field offshore Lagos have taken the final investment decision on the exploration of the …

Despite growing domestic gas demand in the country, oil companies in the first half of the year flared a quantum of natural gas capable of generating 100,000 megawatts of electricity. According to data from the Nigerian National Petroleum Corporation, about …

The Federal Government has proposed $78 as the benchmark price for a barrel of crude oil and fixed the exchange rate at N160 per dollar for the 2015 national budget. The projection, which was contained in the Medium Term Expenditure …

The Nigerian Navy on last week in Lagos said it impounded over 2,000 gallons of petroleum products from some suspected vandals’ hideout at Majidun in Ikorodu, Lagos State. The products, which were concealed in 50 litres jerry cans, were lifted …

Royal Dutch Shell has agreed to sell a productive Nigerian oil block to a consortium led by oil-trading firm Taleveras Group, say two people familiar with the matter. Nigeria’s Taleveras will pay Shell more than $2.5 billion for the block, …

Thousands of Nigerians who are suing Shell over oil spills through a London law firm are being “poached” by rival solicitors, a court has been told. In the run up to what should be a test case of how multinational …

Governor Chibuike Amaechi has punctured claims that oil theft is responsible for the shortfall in allocation to states even as he attributed the development to factionalisation in the governors’ forum. Regretting that the federal allocation to his state had plummeted …

Nigeria has become the first country to completely stop selling oil to the United States of America, the world’s largest oil producer and consumer, due to the impact of the shale revolution – an astounding reversal – as the country …

The Department of Petroleum Resources said it had sanctioned 20 petroleum marketers in Abuja in the last one week for engaging in sharp practices. The DPR Head of Public Relations Unit, Abuja zone, Mr Seidu Mohammed, made this known at …

Mrs. Diezani Allison-Madueke receiving an Award in Leadership, from Mr. Christopher Kip Forbes, in New York, last week

In efforts to produce a more legally and economic sustainable document for operations, the Senate, last week moved to amend the Oil and Gas Export Free Zone Authority Bill. The bill according to the Senate President, David Mark is the fundamental ideology …

Gas shortage rather than politics is responsible for the delay in the conclusion of the privatisation of the 10 National Integrated Power Project plants, the Director-General, Bureau of Public Enterprises, Mr. Benjamin Dikki, has said. Dikki said this in a …

The ongoing strike by members of the Nigerian Union of Petroleum and Natural Gas Workers and the Petroleum and Natural Gas Senior Staff Association of Nigeria, Nigerian National Petroleum Corporation branches may result in nationwide power outage as major power …

Average loadings of Nigeria’s naphtha-rich Agbami crude in November are set to rise to 260,000 b/d from 251,613 b/d in October, according to a copy of the preliminary loading schedule seen by Platts on Friday. Total loadings of Agbami for November will …

The Gbaramatu, Egbema and Ogulagha Coastal Communities Front have issued a 21-day ultimatum to Chevron Nigeria Limited to stop all contracts, award/dealings with the Communities’ former Chairman, George Timinimi, or move out of their communities. In a resolution signed by …