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BEDC reconnects 42 communities to electricity across 4 states

Jan 7, 2019

Benin Electricity Distribution Company PLC (BEDC) said it has reconnected 42 communities within its franchise states of Delta, Edo, Ondo and Ekiti states which were hitherto without power supply to the national grid, as at November 2018. The Distribution Company (Disco) in a statement said the notion that BEDC has not been responsive to community…

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Oil prices rebound on potential US/China trade dispute discussions

Jan 7, 2019

Oil prices rose by around 1 percent on Monday, lifted by optimism that talks could soon resolve the trade war between the United States and China, while supply cuts by major producers also supported the market. Brent crude futures were at $57.61 per barrel up 55 cents, or 1 per cent, from their last close,…

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Nigerian army debunks reported militant attack on Conoil facility

Jan 7, 2019

The Nigerian military has denied a militant group’s claims about executing a strike against operator Conoil. “After exhaustive verifications following enquiries from media practitioners, we found out that no such incident happened. We enjoin the media to crosscheck their facts before rushing to the press to avoid publishing falsehood such as this report,” Joint Military…

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Ensco ultra-deepwater drillship gets Shell extension offshore Nigeria

Jan 7, 2019

Ensco Plc has issued an update on its offshore drilling rig fleet. Offshore Nigeria, in particular, Shell has awarded a one-year contract extension to the high-spec ultra-deepwater drillship ENSCO DS-10. The ENSCO DS-10 commenced work with Shell offshore Nigeria in the first quarter 2018. The contract duration was originally for one year and includes five…

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India was Nigeria’s biggest trading partner for oil, others in Q3 2018 – NBS

Jan 6, 2019

India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2bn of crude and N37.7bn of natural gas exports from the country. India also bought cashew nuts worth N4.7bn. The latest figures from the National Bureau of Statistics, covering July, August and September, also listed Spain, France, Netherlands and China as Nigeria’s…

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Nigeria loses N197bn to gas flaring in 9 months of 2018

Jan 6, 2019

Oil and gas firms operating in the country flared a total of 215.9 billion standard cubic feet of natural gas in the first nine months of last year, amounting to a potential loss of N197bn. Data obtained from the Nigerian National Petroleum Corporation showed that 31.68 billion scf of gas was flared in January; 27.25…

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N. Delta militant group bombs Conoil facility in Bayelsa

Jan 6, 2019

A Niger Delta militant group that styles itself as Koluama Seven Brothers, on Sunday, said it carried out a “warning” strike on an oil facility owned by energy company, Conoil in Bayelsa. The attack was carried out on Friday, by the new group. The Nigeria Security and Civil Defence Corps confirmed that a blast was…

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Oil prices rise to $56

Jan 3, 2019

Oil prices reversed course and turned sharply higher in mid-morning trade yesterday. Brent crude rose $2.60, or 4.8 per cent, to $56.40 a barrel after trading as low as $52.51 earlier. U.S. West Texas Intermediate crude rose $2.22, or 4.9 per cent, to $47.63. This came after earlier falling more than $1 a barrel as…

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Budget minister allays budget fears over oil price drop

Jan 3, 2019

Minister of Budget and National Planning, Senator Udoma Udo Udoma, has allayed the fears of Nigerians over the softening of the international oil prices, saying that the government will closely monitor the events with a view to achieving targeted oil production. According to him, President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC)…

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Kachikwu says FG generated over $2bn from oil block licences to fund 2019 budget

Jan 3, 2019

Nigeria’s Minister of State for Petroleum Resources, Mr Ibe Kachikwu, has said the Federal Government generated over $2 billion from the renewal of oil block licences. The former Group Managing Director the Nigerian National Petroleum Corporation (NNPC), said the funds will be used to implement the nation’s budget. “We have actually asked for early renewals,…

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