Oil & Gas

Atiku reiterates plan to privatise NNPC as Nigeria’s elections approach

Jan 16, 2019

Nigeria’s main opposition candidate for president said on Wednesday he would seek to privatise the state oil company and other government assets if elected next month, while removing a costly petrol subsidy, to revive the economy. Atiku Abubakar, a businessman who served as vice president between 1999 and 2007, has promised to double the size…

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Oil bloc concessionaires heighten race for renewal before elections

Jan 15, 2019

The concessioners of 28 expired oil blocks have heightened the race for the renewal of their leases ahead of the 2019 general elections. Most of the firms, it was gathered at the weekend, expressed apprehension that the results of the polls might change dynamics for licence renewal, hence the rush to get them renewed before…

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Nigeria earned $640.35m from oil, gas exports in October 2018

Jan 15, 2019

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said that Nigeria earned $640.35million from the export of crude oil and gas for the month of October, 2018. The NNPC Monthly Financial and Operations Report for October 2018 contained this. According to a statement of the Group General Managing, Group Public Affairs Division, Mr. Ndu Ughamadu,…

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Niger Govt reconfirms hydrocarbon discovery in Bida Basin

Jan 15, 2019

The Niger State government has again confirmed the presence of hydrocarbon in the Bida basin, but explained that the state has not been able to confirm the presence of crude oil in the basin. The state government has commenced talks with investors that “will conduct seismic data analysis to prove the viability of hydrocarbon in…

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Pipeline vandalism increased by 42.9% in October – NNPC

Jan 15, 2019

The Nigerian National Petroleum Corporation (NNPC) on Tuesday raised alarm over the rising incidence of pipeline vandalism across the country. In a statement, the NNPC spokesperson, Ndu Ughamadu, said the corporation’s pipeline network suffered a 42.9 percent increase in the incidents of vandalism as at October last year, compared to the previous month during the…

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Report calls for cautious investment in Nigeria’s oil and gas sector

Jan 15, 2019

Analysts at Agusto & Co, a credit rating and research company have urged investors in Nigeria’s oil and gas industry to be guarded in their investments in the sector, following the recent rally in oil prices and a somewhat stability in oil production in the country. The report indicated that though certain favourable conditions could…

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In 3 years, Nigeria’s average daily petrol usage was 51m litres – PPPRA

Jan 15, 2019

The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that between 2016 and 2018, a period of three years, Nigerians consumed an average of 51 million litres of petrol every day. It explained that the consumption figure which was based on its daily petroleum products truck-out saw an increase from 50 million litres in 2016…

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Eland Oil & Gas announces operational update and provides 2019 guidance

Jan 15, 2019

Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has provided an update on operations and guidance for 2019. Highlights Average production in 2018 was 8,000 barrels of oil per day (“bopd”) net to Elcrest, more than doubling the 2017 average production…

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Nigerian crude spot trade dwindles as new programmes due to emerge

Jan 15, 2019

Spot activity dwindled on Monday as traders awaited the new March Nigerian loading programmes that are expected to emerge this week, while India’s IOC mopped up some cargoes via a tender. BP was said to be offering a cargo of February-loading Nigerian Escravos at dated Brent plus $2.10 a barrel. Vitol was said to be…

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NPDC seeking N967bn to develop 416m barrels of oil

Jan 14, 2019

The Nigerian Petroleum Development Company is making efforts to raise $3.15bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13. The flagship subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, is interfacing with third-party financiers to raise $3.15bn (N967.1bn at the official exchange…

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