Energy

Nigeria to Stop Petrol Import 2019, NNPC Reaffirms

The 2019 target set by the Nigerian National Petroleum Corporation to exit importation of Premium Motor Spirit (PMS) will be a reality, Group Managing Director, Dr. Maikanti Kacalla Baru, has said. Dr. Baru gave the assurance while fielding questions from journalists on the sidelines of the ongoing Offshore Technology Conference (OTC) in Houston, United States, on Monday. The GMD, who was ...

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Nembe Creek Trunk Line Shut, 232k Barrels Trapped

Nigeria stands to experience a shortfall in its oil exports earning as Shell Plc said it had shut down the Nembe Creek Trunk Line, which exports Bonny Light crude oil. The company said it shut the trunk line to remove theft points. The managing director of Shell Petroleum Development Company (SPDC) said the company was working to “remove a significant ...

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Petroleum Marketers Shelve Strike, Resolves to Support FG

The Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday announced the suspension of a scheduled nationwide strike after meeting with the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC. IPMAN said this in Abuja in a statement released by Mr Ndu Ughamadu, NNPC Group General Manager, Public Affairs Division.‎ ‎According to the statement, ‎Chairman of the IPMAN Committee ...

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Nigerian Senate to Investigate $17 Bln Subsidies Received By Oil Firms

Nigeria’s upper house of parliament will investigate allegations the state oil company illegally inflated funds it collected from an official subsidy scheme to 5.1 trillion naira ($17 billion) between 2006 and 2015, lawmakers said on Wednesday. The Senate’s decision to launch an investigation followed an emergency motion raised by Senator Dino Melaye, who told the Senate there were possible irregularities ...

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Buhari Govt Approves New Business Model for Refineries

The Buhari Government has approved the implementation of a new commercial model targeted at attracting investors in the restoration of the nation’s three refineries. Mr Anibor Kragha, Chief Operating Officer (COO) Refineries, Nigerian National Petroleum Corporation, NNPC, said this on Wednesday in Abuja at a plenary at the ongoing 2017 Nigeria Oil and Gas Conference and Exhibition (NOG). The plenary ...

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US Shale Oil Producers Drag Down Oil Prices

Oil prices rose on Monday but the gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures were up 17 cents at $55.98 a barrel at 0616 GMT, while U.S. West Texas Intermediate crude CLc1 was up 15 ...

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General Electric Offers to Invest in Nigeria’s Refineries

… Targets to Improve Capacity before the End Of 2017 General Electric, GE, a US multinational company, Tuesday in Abuja, proposed to invest in the nation’s three refineries located in Port Harcourt, Warri and Kaduna. GE, in a presentation to NNPC GMD, Dr. Maikanti Baru and his team stated that the company’s teams of partners, including its consortium involving the ...

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Nigeria to Make $2b Extra from Oil

An agreement that Nigeria signed with joint venture partners on Thursday will increase the nation’s revenue by $2 billion per annum, Minister of State for Petroleum, Dr Ibe Kachikwu, has revealed. According to him, net payments to the Federation Account is expected to double from about seven billion dollars to over 14 billion dollars by 2020. He explained: ”The immediate effect ...

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World Oil Prices Hit $58

Oil prices shot up over four per cent to their highest level since 2015 early on Monday after OPEC and other producers over the weekend in Vienna reached first output cut deal since 2001. They jointly reduced output in order to rein in oversupply and prop up the market. Brent sweet crude futures, the international benchmark for oil prices, soared ...

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Black Carbon Emissions Worry Rivers State Residents

Some residents of Rivers state have expressed concern over the possible health dangers of black carbon emissions, believed to have resulted from illegal refining and constant burning of oil installations in the state. Residents of Choba, Eleme, Okrika, Trans-Amadi, Iwofe, Okwujagu and Rumuokoro told the News Agency of Nigeria (NAN) on Sunday that the area has been experiencing the carbon ...

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