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Non-compliance to regulations hindering oil industry growth – NNPC GMD

Jan 10, 2019

Dr Maikanti Baru, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), says non-compliance to regulations by operators in the oil and gas sector hinders growth in the industry. Baru made this known at the 2018 annual stakeholders meeting of the Department of Petroleum Resources (DPR) in Abuja on Thursday. The meeting, with the theme…

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Hopes raised for Nigeria’s 2019 budget as oil price hits $60

Jan 10, 2019

The oil price rebound, yesterday, reached a significant point, selling at $60 per barrel, as the Organisation of Petroleum Exporting Countries, OPEC, continue to withdraw excess oil from the international market. Prices of Brent, West Texas Intermediate, WTI, and OPEC Basket of 14 crudes stood at $60.00, $59.91 and $56.11 per barrel respectively. Further checks…

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Delta youth protests against planned relocation of Nigeria Gas Company

Jan 10, 2019

For several hours yesterday, operational activities at the Nigeria Gas Company (NGC), a subsidiary of the Nigeria National Petroleum Corporation (NNPC), in Ekpan, Delta State, were paralyzed as angry youths protested against alleged relocation of the company. The protesters, comprising Ijaw, Itsekiri, Urhobo, Isoko and Ndokwa youths barricaded the entrance to the firm, vowing to…

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Oil price extends gains to $59 on potential US/China trade talks

Jan 9, 2019

Oil prices rose on Wednesday, further extending gains from the previous session on hopes that Washington and Beijing can resolve a trade dispute that has triggered a global economic slowdown. U.S. West Texas Intermediate (WTI) crude oil futures were at $50.29 per barrel up 51 cents, or 1 per cent from their last settlement. It…

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Rivers Governor defiant over terminated assets sale to Sahara Energy

Jan 9, 2019

River State Governor, Nyesom Ezenwo Wike, Thursday declared that no amount of blackmail and propaganda would alter the termination of the sale of valued state assets to Sahara Energy Limited. Wike said: “No amount of blackmail will change the situation. The courts are there for them to seek redress. “Rivers and Lagos States are not…

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Eroton refinances its RBL debt with GTB

Jan 9, 2019

The Nigerian independent Eroton Exploration and Production Company Limited has successfully refinanced the facility it took from Guarantee Trust Bank to purchase the 45% of Oil Mining Lease (OML) 18 in the eastern Niger Delta. Eroton produces around 40,000BOPD from that asset, which it took over as operator in September 2015. The state hydrocarbon company…

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Nigeria lost $2.8bn to oil related crimes in 2018 – UN report

Jan 8, 2019

The United Nations says Nigeria lost an estimated 2.8 billion dollars in revenues in 2018, mainly due to oil-related crimes. This is according to a new ‘Report by the Secretary-General on the activities of the United Nations Office for West Africa and the Sahel’ on Monday in New York. The report, which covered from July…

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Nigeria suffers $17.12m investment plunge in oil sector

Jan 8, 2019

Nigeria has suffered a plunge of $17.12 million foreign investment in its oil industry in just three months. Checks by New Telegraph showed that investor apathy, which trailed the petroleum industry from August to September 2018, has been listed as the cause of the plunge, highest since the first quarter of 2016. Foreign capital inflow…

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Samsung eyes future opportunities in Nigeria following Egina FPSO project

Jan 8, 2019

With the successful completion of the Egina Floating Production Storage Offloading (FPSO) unit and the achievement of First Oil in the facility, Samsung Heavy Industries, together with partners, could be justified in spending time looking back with pride. According to a statement by the company at the weekend, the completion of the largest floating oil…

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IAEA reviews Nigeria’s regulatory performance on nuclear energy

Jan 7, 2019

The International Atomic Energy Agency (IAEA) has examined the performance and operational framework of the Nigerian Nuclear Regulatory Authority (NNRA). The IAEA, also assessed the operations of nuclear regulators in other African countries in the course of a four-day African regional coordinating meeting held recently in Abuja. According to Director, Radiological Safety, NNRA, Prof. Timothy…

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