Nigeria Spends $28bn Annually On Petrol Importation – Kachikwu

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria allocates an average of $28 billion of her foreign exchange earnings yearly to import about 92% of the petrol consumed locally, Reporters reports. Kachikwu stated recently at the 2017 conference of the Modular Refineries Association of Nigeria (MRAN) in Abuja, that on […]

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Downstream Oil Pipeline Vandalism Dropped By 12% In April – NNPC

The extensive engagement with oil and gas community stakeholders embarked upon by the Federal Government and the Nigerian National Petroleum Corporation, NNPC has continued to yield positive results with the attainment of 12.77 per cent reduction in downstream pipeline vandalism. According to the April 2017 NNPC Financial and Operations report released in Abuja on Monday, […]

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Tenders keep Spot Trade For Nigerian Crude On Hold As Bonga Maintenance Ongoing

Spot deals were on hold on Tuesday, traders said, indicating that a number of Asian tenders are due to close this week and sellers did not want to disclose their positions, Reporters reports. Allocations from Nigeria’s NNPC have been announced, traders said, with spot trade due to resume by the end of the week. Nigerian demand […]

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Shell Considers Investment In Niger Delta Gas Project

Osagie Okunbor, managing director of Shell Petroleum Development Company of Nigeria (SPDC), has said Shell is considering whether to invest in a gas project in Nigeria’s southern Niger Delta energy hub, Reporters reports. Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf). Okunbor said it was “on the verge of making a […]

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Kachikwu Outlines Three-Pronged Strategy To End Fuel Importation By 2019

To achieve the President Muhammadu Buhari led administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy, reporters reports. The strategy was articulated by the Minister of State of Petroleum, Dr. Emmanuel Ibe […]

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Consult Widely Before Reducing Nigeria’s Share in Oil Joint Ventures – RMAFC

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Wednesday urged the Nigerian government to consult widely over the proposal to convert the Joint Venture Contracts (JVC) in the oil and gas industry to Incorporated Joint Ventures Company (IJVC). Highlighting the merits and demerits of the two options, the Commission said it was necessary to […]

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Oil, Gas Firms To Provide Electronic Surveillance Of Facilities

Foreign and indigenous firms operating in the Nigerian oil and gas industry will have to install electronic surveillance gadgets on their facilities in a bid to curb the vandalism of oil installations across the country. This was one of the highlights of conclusions at a two-day stakeholders’ consultation on the draft National Gas Policy and […]

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NNPC Seeks Buyers For Crude Oil

The Nigerian National Petroleum Corporation (NNPC) has invited local and foreign firms to bid for contract for the sale and purchase of Nigerian crude oil grades in 2017. The Corporation in a tender notice issued yesterday said it will give special consideration to companies that own refineries that can process Nigerian crude, indigenous oil and […]

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TCN Wheels Out 4,362mw Of Electricity To 11 DISCOs

The Transmission Company of Nigeria (TCN) on Friday wheeled out about 4,362 megawatts of generated electricity to the 11 distribution companies as the country’s power supply stabilises. The News Agency of Nigeria (NAN) reports that the power generation data was obtained from daily forecast on the Nigerian Electricity System Operator (SO) website. The website shows […]

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