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Oil prices rise as Middle East tanker attacks heighten supply concerns

May 14, 2019

Oil prices were lifted yesterday by growing concern over supply disruptions in the Middle East even as investors and traders fretted about global economic growth prospects amid a standoff in the Sino-U.S Brent crude futures were at $72.43 a barrel by 1321 GMT, up $1.81. U.S. West Texas Intermediate (WTI) futures were up $1.49 at…

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IOCs, others raise alarm as vandalism, oil theft increase in Niger Delta region

May 14, 2019

There are indications that Nigeria has lost significant oil as a result of increasing pipeline vandalism and oil theft in the Nigeria Delta. Investigation by Vanguardover the weekend showed that many oil companies, including the International Oil Companies, IOCs and indigenous producers have been affected. For instance, the latest report obtained from Shell Petroleum Development…

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Lekoil provides update on OPL 310 Licence, withdraws legal action over offshore block

May 14, 2019

Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, announces that further to the announcement, of 28 March 2019, the Company advises that it has received correspondence by letter (the “Letter”) from the Ministry of Petroleum Resources relating to an application for an…

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Dangote Refinery awards $368m contracts to indigenous firms

May 14, 2019

Dangote Refinery and Petrochemical has so far awarded $368 million worth of contracts to 120 local contractors as part of its contribution to Nigeria’s content development initiative. Group Executive Director, Strategy, Portfolio Development and Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin, made this disclosure during the tour of Dangote Refinery by members of Nigerian…

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NNPC to pay N534bn debt to federation account

May 13, 2019

Seven years after, the Nigerian National Petroleum Corporation (NNPC) has agreed to pay a debt of $1.740 billion or N534.180billion billion (at 307/$1 official exchange rate) to the Federation Account. The whole debt will be cleared within 18 months. The $1.740 billion is the balance of the $1.874 billion Shell Petroleum Development Company of Nigeria…

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FG in court filings says ex-president and his oil minister took bribes

May 12, 2019

The Nigerian government has accused former President Goodluck Jonathan and his then oil minister of accepting bribes and breaking the country’s laws to broker a $1.3 billion oil deal eight years ago, a London court filing shows. The deal, in which Anglo-Dutch company Royal Dutch Shell and Italian peer Eni jointly acquired the rights to…

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FAAC disbursements shrink to $1.9tr as oil price drops

May 12, 2019

The slump in the international crude oil price took its toll on the Federal Account Allocation Committee (FAAC), as its disbursements between January and March 2019 dropped to $1.929 trillion as against N1.938 trillion disbursed for the same period in 2018; representing 0.45% reduction. This information is contained in the latest issue of the quarterly…

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Nigeria’s April oil production level below budget benchmark

May 11, 2019

Notwithstanding its increased production output of 1.95 million barrels daily (mbd) for April, according to the latest S&P Global Platts survey, Nigeria’s output remains below the 2019 budget benchmark of 2.3mbpd at $60 per barrel. Although OPEC and 10 non-OPEC partners had in December, agreed on a new supply accord, which runs from January-June, which…

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Reps indict NNPC, others over extra budgetary spending, TSA violations

May 10, 2019

The House of Representatives yesterday indicted the Nigerian National Petroleum Corporation (NNPC) of extra-budgetary spending while other Ministries Departments and Agencies (MDAs) were accused of violating the Treasury Single Account (TSA)  policy of the Federal Government. This was sequel to the adoption of the recommendations of the ad hoc committee hoc committee on the need…

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DPR to collaborate with FAAN over aviation fuel quality control

May 9, 2019

The Department of Petroleum Resources has said it is collaborating with the Federal Airports Authority of Nigeria to address the gaps in the supply chain of Aviation Turbine Kerosine, also known as aviation fuel, in the Lagos. The DPR said the agencies, during a recent meeting in Lagos, agreed to continue collaboration to deliver on…

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