Oil & Gas

Reduction in oil exploration may plunge Nigeria into long-term risks – Explorationists

Oct 20, 2019

The Nigerian Association of Petroleum Explorationists (NAPE) has warned that the reduction in hydrocarbon exploration and steady depletion of the oil reserves will drive Nigeria into risks of long-term disruption to oil and gas supplies, power generation, collapse of industries and significant loss of revenue. NAPE also declared that with Nigeria being a mono-economy that…

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Nigeria’s border closure reduced fuel consumption by 8m litres – FG

Oct 19, 2019

The Federal Government has said the closure of the land borders by the Nigeria Customs Service has cut down the consumption of Premium Motor Spirit, also known as petrol, from 60 to 52 million litres per day. This represents a difference of eight million litres per day. The Minister of State for Petroleum Resources, Timipre…

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Oil firms to adopt plans against spills in Bauchi, Gombe – NOSDRA

Oct 19, 2019

Following the recent discovery of oil in Bauchi and Gombe states, the National Oil Spill Detection and Response Agency (NOSDRA) has said oil companies must soon adopt oil spill contingency plans and strategies to adequately prepare for any eventuality. Director General and CEO of NOSDRA Mr. Idris O. Musa, who stated this at an interactive…

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Market data suggests OPEC+ will have to cut output in December

Oct 19, 2019

The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. That’s the inescapable conclusion from the latest round of monthly reports published by the three big oil-forecasting agencies. The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see global…

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Nigeria records highest oil theft rate in the world – NNRC Report

Oct 19, 2019

The highest ever reported crude oil theft in the world has taken place in Nigeria with the country recording approximately 400,000 barrels per day (bpd) crude theft, a report showed. Mexico came second with approximately 5000 to 10000 bpd loss to oil theft. The report was the outcome of a study on oil theft carried…

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Benin port to receive petroleum products from Dangote jetty

Oct 18, 2019

The Edo State Governor, Mr Godwin Obaseki and the President of Dangote Group, Alhaji Aliko Dangote, have inspected ongoing work at the Dangote Jetty and Port operated by Dangote Group in Lagos. The port serves as an inspiration for the Benin River Port, being developed by the Edo State Government and China Harbour Engineering Company…

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Major oil companies to face stiff sanctions for default – NCDF

Oct 18, 2019

Major operating oil companies who have evaded statutory deployment of one per cent of the value of contracts awarded in the upstream sector of the oil and gas industry and remittance into the Nigerian Content Development Fund, NCDF, would be made to face very stiff sanctions as the Nigerian Content Development and Monitoring Board, NCDMB…

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Savannah Petroleum secures loan facility as Seven Energy transaction draws to a close

Oct 18, 2019

Savannah Petroleum PLC, the British independent oil & gas company focused around activities in Niger and Nigeria, is pleased to announce it has entered into an unsecured loan facility (the “Facility”) with an initial tranche of US$5m expected to be drawn immediately (the “Principal Amount”). The key terms of the Facility are as follows: —…

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FG not contemplating subsidy removal – Minister

Oct 18, 2019

The Minister of State for Petroleum, Timipre Sylva, has said the federal government is not in anyway contemplating to remove subsidy, even as he revealed that crude oil has been discovered in commercial quantity in Bauchi State. Sylva disclosed this yesterday while briefing the Joint National Assembly Committees on Petroleum Resources (upstream) on 2019 budget…

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Nigerian oil minister says FG not optimistic about recovering $62bn from oil majors

Oct 17, 2019

Oil minister Timipre Sylva said Nigeria knows it cannot recover $62 billion from oil majors despite ongoing cases against the companies for money the government believes it is owed. “Nobody can bring out that kind of money,” Sylva told reporters following a weekly cabinet meeting in Abuja. “I mean, we can’t get $62 billion. We…

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