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Nigerian Navy destroys 50 illegal refineries in Delta

Jun 19, 2019

In continuation of its war against crude oil theft and pipeline vandalism in the Niger Delta region, the Nigerian Navy (NN) yesterday said it destroyed over 50 illegal refineries in the past 32 days around Yeye, Burutu and Ibafa creeks in Delta State. The operatives attached to the Nigerian Navy Ship (NNS) Delta also arrested six…

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NNPC’s engineering subsidiary makes N6.8bn in profits

Jun 19, 2019

The National Engineering and Technical Company of Nigeria (NETCO), the engineering subsidiary of the Nigerian National Petroleum Corporation (NNPC), yesterday posted a profit before tax of N6.75 billion for the year ended 31st December 2018 representing an increase of 107 percent over the N3.26 billion recorded in 2017. Profit -after – tax stood at N4.597billion…

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NNPC meets with investors in UK, negotiates $7bn FDIs

Jun 19, 2019

The Nigerian National Petroleum Corporation has said a team from the corporation is currently in London negotiating deals that will attract Foreign Direct Investments valued at about $7bn into Nigeria’s oil and gas sector. The nation’s crude oil and condensate production had risen to 2.32 million barrels per day, the NNPC announced on Tuesday. The…

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Forte Oil sees N8.53b gains on Otedola’s divestment deal

Jun 19, 2019

Shareholders of Forte Oil Plc have earned about N8.53 billion in capital gains after the Nigerian Stock Exchange (NSE) gave approval to a N64.9 billion divestment deal by the oil and gas group’s major shareholder and Chairman, Mr. Femi Otedola. The Nation had last week reported that authorities at the NSE had approved the full…

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Kyari, two Rabius, front runners for NNPC GMD role

Jun 19, 2019

Mele Kyari, Rabiu Suleiman and Bello Rabiu have been frequently mentioned in the last weeks as front runners in succession to Maikanti Baru, Group Managing Director of Nigeria’s state hydrocarbon company, Nigeria National Petroleum Corporation (NNPC). Next month Mr. Baru, a career NNPC staff, turns 60, which is the mandatory retirement age.. Kyari is both…

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Addax signs long-term deal for Yinson FPSO

Jun 19, 2019

After months of negotiations and short-term contract extensions, Malaysian FPSO provider Yinson has managed to secure a longer-term contract for its FPSO Adoon with Addax Petroleum Development in Nigeria. In a statement on Tuesday, Yinson said that it had on June 17 entered into a contract with Addax for an additional duration of four (4)…

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Renewable energy investment in 2018 hit $288.9bn, exceeding fossil fuel investment

Jun 19, 2019

Global investment in renewable energy hit USD 288.9 billion in 2018, with the amount spent on new capacity far exceeding the financial backing for new fossil fuel power, according to new figures published today. These numbers, produced by BloombergNEF (BNEF), are being published today as part of REN21’s Renewables 2019 Global Status Report. The numbers…

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Chevron seeks more stakeholders support for GMOU

Jun 18, 2019

Chevron Nigeria Limited (CNL) has emphasized the need for more stakeholders’ support to the implementation of Global Memorandum of Understanding (GMoU) in its host communities in Ekeremor local government area of Bayelsa. Mr Esimaje Brikinn, General Manager, Policy, Government and Public Affairs of Chevron, made the call in on Friday in Yenagoa, on the sidelines…

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Nigeria lags behind peers with $1.5bn in SWF savings

Jun 18, 2019

Almost six years after the Nigeria Sovereign Investment Authority (NSIA) commenced operations, total savings into the country’s Sovereign Wealth Fund (SWF), presently at $1.5 billion, remain abysmally low, compared with some other African countries. A report by the NSIA at the weekend showed that while the Libyan Investment Authority has about $66 billion, the Revenue…

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Oil prices slide as economic worries outweigh tanker tensions

Jun 18, 2019

Oil prices slipped on Monday as signs of an economic slowdown amid international trade disputes began to outweigh supply fears that were stoked by attacks on oil tankers in the Gulf of Oman last week and sent prices higher. Brent futures fell 25 cents, or 0.4 per cent, to 61.76 dollar a barrel by 0750…

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