Category Archives: Oil&Gas

Global Markets-Oil races toward $100 as stocks inch off 3-week lows

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Fresh sparring between Washington and Beijing over trade kept world stocks close to three-week lows on Wednesday, while a slight dollar pullback gave little respite to emerging markets, Indian rupee plumbied new record lows. Oil prices extended to 80 dollars a barrel as Hurricane Florence advanced and U.S. sanctions started weighing on Iran’s exports. Analyst […]

ExxonMobil: blockade threatens Nigeria’s oil production

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  Oil giant ExxonMobil has decried the blockade mounted by its former employees around its facilities in Nigeria. The oil firm said the activity threatens crude production and such “disruptions to these operations have the potential to significantly impact revenues.” It said the blockade was characterised by playing of loud music, defacing of company facilities […]

Oil marketers pledge support to curb pipeline vandalism

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday pledged  to work with the Nigerian National Petroleum Corporation (NNPC) to curb pipeline vandalism. Alhaji Ayo Alanamu, the IPMAN Chairman in Ejigbo Satellite Depot,  gave the assurance in an interview in Lagos against the backdrop of frequent pipeline vandalism on the network. A five-member gang […]

NNPC says to establish two condensate refineries

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Nigerian National Petroleum Corporation (NNPC) says it will establish two condensate refineries with a total refining capacity of 200,000 barrels per day. The corporation disclosed this in a statement signed by its spokesman, Mr Ndu Ughamadu, in Abuja on Tuesday. Ughamadu said that the refineries would be located at the Western Forcados Area and Assah North […]

Edo Approves N700m For Modular Refinery Take-Off

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President Muhammadu Buhari

The Edo State Governor is scheduled to accompany President Muhammadu Buhari on an investment tour in China following the federal government’s listing of several Edo State governments’ projects which are backed by Chinese investors, on its itinerary. The Chinese investors-backed big ticked projects in Edo State include the Benin River Port in Gelegele, the Benin […]

Oil Exports to Hit Four-Month High in October

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Nigeria’s oil exports are expected to rise to their highest in four months in October, thanks to supply of several larger grades coming back online following a series of pipeline outages in the last couple of months.  Loadings of Nigerian crude will rise to 1.73 million barrels per day, from September’s 1.41 million bpd. October’s […]

Nigeria considers use of methanol fuel technology

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Nigeria is considering the utilisation of methanol fuel technology to generate electricity and expand the chemical industry. The Minister of Science and Technology, Dr.  Ogbonnaya Onu disclosed this while inaugurating the Technical Committee on Methanol Fuel Technology Implementation programme in Abuja, the nation’s capital. Dr. Onu said that ”the adoption of Methanol would revitalise the country’s weak […]

NLNG: Federal Government committed to Train-7 commencement –Finance Minister

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The Minister of Finance, Mrs Kemi Adeosun, says the Federal Government is committed to supporting the commencement of the Train-7 initiative of the Nigerian Liquefied Natural Gas (NLNG) plant. Adeosun stated this on Sunday during a visit to the NLNG plant in Finima, Bonny Local Government Area of Rivers state, Southern Nigeria. She said the most […]

Fed Govt mulls VAT removal on locally produced LPG

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The Federal Government is working with relevant agencies to remove the controversial value added tax (VAT) from locally produced liquefied petroleum gas (LPG), commonly called cooking gas,  The Nation learnt at the weekend. There has been effort from operators in the LPG subsector of the oil and gas industry to persuade the government to remove VAT from […]

NNPC chief urges firms to diversify

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The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has called on stakeholders in the oil and gas industry to explore other areas to boost economic diversification. Baru spoke at the 2018 Nigerian Annual International Conference and Exhibition (NAICE) of the Society of Petroleum Engineers (SPE) Nigeria Council titled: Diversification of the Nigerian […]