Energy

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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11 ships Discharging Petrol at Lagos Port

Eleven ships are presently discharging petroleum products and other commodities at Apapa and Tin-Can Island ports in Lagos, the Nigerian Ports Authority (NPA) said on Friday. NPA explained that the ships were at the ports discharging petrol, empty containers, butane and other products. The News Agency of Nigeria (NAN) reports that 28 ships laden with petroleum products, food items and other goods are ...

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Communities Drag Shell to British Court

Aside the damage already inflicted on its platform by Niger Delta militants, Shell Petroleum has been dragged to British court by two communities in the region. The communities, Ogale and Bille in Rivers state, have jointly filed a suit which is being heard by the Britain’s High Court. The communities accused the Anglo-Dutch Shell of fouling the waters and destroying ...

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NNPC Denies Plan to Increase Petrol Price

The Nigerian National Petroleum Corporation (NNPC) has again debunked report of plans to increase the pump price of petrol. Mr Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of NNPC said on Monday NNPC was not empowered to increase prices of fuel. The corporation, he said, was not empowered statutorily to tinker with the pricing template of petroleum ...

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Cold Weather May Increase Oil Demand – IEA

The Paris-based International Energy Agency (IEA) on Tuesday said waning growth in OECD countries and decelerating economic pace in China would weigh heavy on the global oil demand growth which is set at 1.2 million barrels per day (bpd) this year. “Growth (of oil demand) continues to slow, dropping from a five-year high in Q3 2015 to a four-year low in ...

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