The Programme Manager for the Nigeria Gas Flare Commercialisation Programme (NGFCP), Mr. Justice Derefaka, has disclosed that a market analysis carried on the NGFCP by the International Finance Corporation (IFC) of the World Bank showed that the programme would be profitable if implemented on certain premises. Derefaka, stated this in a recent presentation he made…
Read MoreOffshore drilling contractor Shelf Drilling has secured a contract extension for its Adriatic I jack-up unit in Nigeria. In its fleet status report released on Wednesday, Shelf said that the Adriatic I would keep working for Sirius Petroleum for longer than initially agreed. As previously reported, Sirius Petroleum has recently hired the rig to drill…
Read MoreThe Group General Manager of Greenfield Refineries, a division of the Nigerian National Petroleum Corporation (NNPC), Mohammed Usman, has said it is difficult to set up new refineries in Nigeria because many companies do not have the financial muscle and technical expertise. Usman, who made this known during an interview published in the February edition…
Read MoreThe Chairman, Seplat Petroleum, Dr. Ambrosie Orjiako, has said that 2018 operational and financial performance reflected the significantly higher year-on-year levels of production uptime in its core oil producing assets combined with a firmer and increased contribution from the company’s gas business. Indeed, Orjiako explained that Seplat’s investment in gas aided its ability to hedge…
Read MoreNigerian airlines have called on the federal government to review its tax policy for the sector as well as the cost of aviation fuel, in order to reduce cost of flight operations and ensure they remain in business. The operators said many airlines that went under in the last few years were due to high…
Read MoreBrooge Petroleum and Gas Investment Co (BPGIC) and Sahara Energy Resources DMCC Dubai have announced plans to set up an oil refinery to produce bunker fuel with a capacity of up to 250,000 barrel per day (bpd) in the Emirate of Fujairah. BPGIC and Sahara Energy said the facility will be one of the first…
Read MoreA Nigerian agency responsible for monetising flared gas, which accounts for 22 million tonnes per annum of carbon emissions, is preparing the gas sector for a major shake-up. Justice Derefaka, general manager of the Nigerian Gas Flare Commercialisation Programme, told Upstream that he expected flare gas monetisation schemes to lead to major changes in the…
Read MorePrivate depot owners are lamenting Nigerian National Petroleum Corporation’s (NNPC’s) decision to sell Premium Motor Spirit (PMS) to them at N117 per litre, admitting that the price is not only outrageous, but not cost effective. The depot owners include members of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of…
Read MoreThe fortune of local shipowners has gone from bad to worse following the Nigerian National Petroleum Corporation’s domination of the downstream petroleum sector of the economy. Our correspondent gathered that business has been dull for local operators in the local shipping sector since the NNPC moved from importing 90 per cent of petroleum product to…
Read MoreOperator Royal Dutch Shell lifted the force majeure in place on exports of major Nigerian grade Bonny Light, as tight global oil supply encourages sellers of Nigerian crude to offer many varieties at all-time high prices. Feeding the Bonny Light terminal, the Nembe Creek Trunk Line has been struck by three outages this year, worrying…
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