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Nigeria incurs huge costs on imported oil equipment

Aug 27, 2013

Nigeria is spending a fortune on the importation of oil and gas equipment because of the poor state of local market. At an energy forum in Lagos last week, participants said the country spends billions of dollars on the importation. Among the participants are Executive Secretary, Nigerian Content Development and Monitoring Board, Ernest Nwapa, the…

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Nigerian naira flat, oil firm dollar sales support

Aug 27, 2013

Nigeria’s naira closed broadly flat against the U.S dollar on the interbank market on Monday as two multinational oil companies sold about $107 million to some lenders. The unit ended flat at 161.48 naira to the greenback on the interbank, after weakening to 162 naira during intra-day trade. It closed at 161.45 naira on Friday.…

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NNPC confirms petroleum spillage in Lagos suburb

Aug 27, 2013

Nigerian National Petroleum Corporation, NNPC, yesterday, confirmed the oil spillage at Ejigbo area of Lagos State which occurred in the early hours of Saturday, saying two samples of the leakage had been taken for laboratory test to ascertain the true nature of the spill. The spillage was discovered in a well belonging to one Mr.…

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NCDMB fund hits $200m, commits N2bn to construction of fabrication yards

Aug 27, 2013

The Nigeria Content Development and Monitoring Board, NCMDB, said it currently has over US$200 million in its Fund, to promote the execution of projects in the oil and gas sector in areas such as fabrication, manufacturing, and training of local talents. The Executive Secretary of the Board, Mr. Ernest Nwapa, who disclosed this also, hinted…

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AFC, Nigerian banks provide funds for N34bn Ughelli plant acquisition

Aug 27, 2013

Africa Finance Corporation and three Nigerian banks — United Bank for Africa Plc, First City Monument Bank Plc and Fidelity Bank — yesterday, stated that they committed a total of US$ 215 million (N34.4 billion) in form of a debt financing facility, for the acquisition of Ughelli Power Plc. Ughelli Power Plc is a gas…

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FG risks $185bn loss over the next 10 years from PIB – Exxon Mobil boss

Aug 26, 2013

Nigeria risks losing $185bn within 10 years as higher taxes proposed by a new law will deter investments in the country’s oil industry, an association of energy companies including Exxon Mobil, has said. The nation’s oil production may slump by 25 per cent from 2.4 Million barrels a day if the Petroleum Industry Bill is…

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NSCDC, security officials uncover wells filled with petroleum products, crude in Lagos, Kogi

Aug 26, 2013

Officials of the Nigeria Security and Civil Defence Corps (NSCDC),  Lagos State Command and the Inspector General of Police Special Task Force on Anti-pipeline Vandalism, at the weekend uncovered illegal oil wells in both Lagos and Kogi States respectively. The operatives of the NSCDC had at Alimatu Ilo Street, Ejigbo, Oshodi/Isolo Local Government Area of…

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Destruction of recovered stolen oil angers experts

Aug 26, 2013

Stakeholders in the Nigerian oil and gas industry have condemned the destruction of recovered stolen crude oil in the Niger Delta by the Joint Task Force, citing environmental and ecological reasons. This dominated discussions at the Conference on Oil Theft and Illegal Bunkering in the Niger Delta recently organised by the Office of the Special…

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Navy hands over oil thieves apprehended in Bayelsa to EFCC

Aug 26, 2013

For 11 Nigerians and a Camerounian suspected  of oil theft, the day of justice is approaching. The end of the road in their nefarious activities came recently when officials of the Nigerian Navy intercepted their boat and arrested them for allegedly stealing 10,000 litres of illegally refined diesel   off the waterways of the Egweama community…

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$940m lost to piracy in Gulf of Guinea – Nigerian Navy

Aug 26, 2013

The Nigeria Navy, NN, authorities say piracy in the Gulf of Guinea, GoF, cost the world economy about $940 million last year, with an expected rise in loss this year. The Flag Officer Commanding, FOC, Western Naval Command, WNC, Rear Admiral Ibok-Ette Ibas, made this disclosure while speaking to journalists about the forthcoming Offshore Patrol…

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