Category Archives: Oil&Gas

N3.8tn lost to oil theft in 2016 – NNRC

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The Nigeria Natural Resource Charter on Tuesday revealed findings of its latest report on crude oil theft and stated that the country lost about N3.8tn as a result of the menace two years ago, which was under the current administration of President Muhammadu Buhari. It also stated that the estimated value of the total losses […]

Shell to make final investment call on Nigeria’s oilfield

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Royal Dutch Shell and its partners will decide on whether to go ahead with the development of Nigeria’s Bonga Southwest offshore oilfield in 2019. The Managing Director of Shell Nigeria Exploration and Production Company, Mr Bayo Ojuli said that the project, one of the country’s largest with an expected production of 180,000 barrels per day, would […]

Buhari to inaugurate 69km Warri-Escravos road soon

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The Niger Delta Development Commission says plans have reached an advanced stage for President Muhammadu Buhari to inaugurate the construction of a 69-kilometre road network that will link Warri to the Nigeria Maritime University, Okerenkoko, and the Escravos terminal in Warri South West Council Area of Delta State. The Executive Director, Projects, NDDC, Mr Samuel […]

“Nigeria can generate 3,000MW from flared gas” – DPR report

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The Department of Petroleum Resources (DPR ) in Nigeria has revealed that additional 3,000 megawatts of electricity can be generated from the current gas being flared in the country. This is contained in DPR’s report made available at a workshop organised for energy journalists in Lagos state. The report which explained routine gas flaring as […]

Baru says NNPC to create 5 million jobs

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The Nigerian National Petroleum Corporation (NNPC), has pledged to create over five million jobs through the development of renewable energy sector in the country. The Group Managing Director of the NNPC, Dr Maikanti Baru, said this in a lecture he gave at the 12th Mechanical Engineers Distinguished Lecture organised by the Nigerian Institution of Mechanical […]

FG plans construct of 150,000 b/d refinery in Katsina

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Nigeria is to construct a 150,000 barrels per day capacity refinery in Katsina State. Minister of State-Petroleum resources, Dr Ibe Kachikwu disclosed this in an interview with Journalists soon after the signing of the Memorandum Of Understanding between Nigeria and Niger Republic on Tuesday at the Presidential Villa, Abuja. “We are constructing a refinery from Niger Republic […]

NNPC: Kaduna, Port Harcourt refineries dormant

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The latest operational performance of the nation’s refineries as released by the Nigerian National Petroleum Corporation shows that two of the plants in Kaduna and Port Harcourt have been dormant. According to the NNPC, while the two refineries cannot refine any crude oil, the one in Warri is performing better, as its capacity utilisation has […]

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 […]