Category Archives: Oil&Gas

Nigeria, others to spend $105bn on oil, gas decommissioning

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Nigeria and other oil-producing countries across the world will expend about $105bn on decommissioning in the next 10 years. According to a recent report released by Wood Mackenzie otherwise called WoodMac, between 2018 and 2022, nothing less than $32 billion would be spent on decommissioning around the world. While UK, the US and Norway, were […]

Aiteo, Total, other oil firms get Senate approval for N348bn outstanding subsidy claims

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The Nigerian Senate has approved the payment of =N=348 billion as outstanding subsidy claims to 74 petroleum marketers. This followed adoption of interim report of its Committee on Petroleum (Downstream) on the Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and Contractual Obligations to Petroleum Marketers. Out of this amount, 55 oil marketers are […]

Oil Price Slides after OPEC’s Top Producer, Saudi offers extra oil

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Organisation of Petroleum Exporting Countries (OPEC) largest producer, Saudi Arabia, is offering extra oil on top of its contractual volumes to some buyers in its key market-Asia. WTI traded down 3.25 per cent at $68.70, while Brent tslumped 3.40 per cent at $72.77. The country is  boosting oil production to keep markets well-supplied amid disruptions […]

Reps probe N100b ‘under-remittance’ by NNPC

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The House of Representatives has launched an investigation into the earnings of the Nigerian National Petroleum Corporation (NNPC) from since the begining of this year. The lawmakers said the ambiguities surrounding the running of state-owned oil firm made it imperative for the lawmakers to ascertain the volume of production of oil within the period under […]

NNPC eyes 3.4bscfd domestic gas supply

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The Nigerian National Petroleum Corporation (NNPC) plans to deliver about 3.4 billion standard cubic feet per day (bscfd) of domestic gas supply to bridge existing and anticipated supply gap by 2020. Its Group Managing Director, Dr. Maikanti Baru, stated this yesterday in Lagos while delivering his keynote address at the ‘7 Critical Gas Development Projects […]

AfDB okays $12b for energy

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The African Development Bank (AfDB) has committed $12 billion to its New Deal on Energy for Africa programme. Sub-Saharan Africa  has 14 per cent of the world’s population and accounts for four per cent of global energy investment. Analysts at the bank note that several countries, including Ethiopia, Gabon, Ghana and Kenya, are on track […]

Dangote Refinery to commence petroleum products sale early 2020

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The Dangote refinery plans to start selling petrol, diesel and aviation fuel by early 2020, but the fertilizer plant, will start producing urea this year, Edwin Devakumar, the group executive director told Bloomberg. The $10 billion refinery, set to be one of the world’s largest and which can process 650,000 barrels of crude a day, […]

World powers back Iran oil exports

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Iran’s remaining partners in the 2015 nuclear deal which aimed at stopping Iran from building the atomic bomb in return for sanctions relief that promised greater trade and investment has vowed to keep Iran plugged into the global economy despite the U.S sanctions threat. The accord signed three years ago, in Vienna, Austria agreed on […]

Governor Ahmed hails supreme court verdict over Saraki’s case

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Kwara State Governor, Dr Abdulfatah Ahmed, has hailed the Supreme Court verdict on Senate President, Dr Bukola Saraki’s assets declaration and sundry charges instituted against him before the Code of Conduct Tribunal. The Governor, in a statement by his Chief Press Secretary, Abdulwahab Oba described the apex court as a bastion of democracy in the […]

Oil prices ease

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Oil prices dropped yesterday, falling 97 cents to $73.17. Oil’s uptick in recent weeks has brought the commodity to levels not seen since it started a rapid descent in November 2014 that culminated in a brief trip below $30 per barrel in February 2016. And consequently, Fourth of July gasoline prices notched a four-year high, […]