Oil & Gas

Cylinder recirculation model will increase cooking gas usage in Nigeria – FG

Jun 3, 2020

The Federal Government says its cylinder recirculation model is aimed at improving safety and reducing cost, in order to increase usage of Liquefied Petroleum Gas (LPG), also known as cooking gas, in the country. Ms Brenda Ataga, Project Coordinator/ Manager LPG, National Gas Expansion Programme, Office of the Minister of State for Petroleum, made the…

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Senate pegs 2020 budget oil price benchmark at $28 per barrel

Jun 3, 2020

The Senate on Tuesday put the benchmark price for crude oil in the 2020 budget at $28 per barrel. The Senate also reduced the targeted daily oil production from 1.94 million as initially proposed to 1.8 million barrels per day. The red chamber also passed the Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper…

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Nigeria loses N160bn to OPEC oil production cuts

Jun 3, 2020

Nigeria is projected to have lost over N160 billion in deferred revenue to a cut in the daily crude oil production by members of the Organisation of Petroleum Exporting Countries (OPEC) in May, THISDAY has learnt. However, the impact on gross receipts may be reduced as the country is expected to close the revenue gap…

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Brent crude rises above $40 for first time since March

Jun 3, 2020

Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1 per cent, at $40 a barrel, by 0252 GMT. The contract…

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High court rulings complicate Nigeria’s plans for its oilfield licensing round

Jun 2, 2020

Judges in Lagos have blocked Nigeria’s efforts to revoke two oilfield licences, court documents seen by Reuters showed, a move that could compromise a full licensing round for marginal fields which the government is aiming to launch as early as this month. Marginal fields are smaller oil blocks that are typically developed by indigenous companies.…

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Oil prices rise as OPEC+ considers production cut extension

Jun 2, 2020

Oil rose past $36 a barrel as investors eyed a potential extension of record production curbs by OPEC+ while physical markets showed renewed signs of tightness. Futures in New York rose around 2.7% as Russia and several producers in the Organization of Petroleum Exporting Countries and its allies are said to favor an extension of…

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NLNG suffered ‘operational trip’ in May

Jun 2, 2020

Nigeria’s six-train liquefied natural gas plant on Bonny Island suffered an operational trip mid-May. In a brief statement, Nigeria LNG noted that the trip resulted in the temporary loss of power at the plant. According to the company, there was no injury or damage to the asset. The company added that power was restored within…

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NNPC records 74 pipeline breaches in 2 months

Jun 2, 2020

The Nigerian National Petroleum Corporation (NNPC) lost over N20 billion due to 74 pipelines breaches by suspected crude oil thieves in January and February this year, the national oil company has said. Information obtained from the corporation also indicated that from the illegal activities of the vandals, loss of refined products, especially petrol, amounted to…

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FG clears outstanding N168bn fuel subsidy debt to oil marketers

Jun 2, 2020

THE Federal Government has paid N168 billion outstanding subsidy debt to oil marketers, as part of measures targeted at stimulating activities in the downstream sector of the petroleum industry. Investigation by Vanguard indicated that the payment was made through promissory notes, which the major and independent marketers started to collect on June 1, 2020. However,…

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Ibile Oil & Gas Corp to establish five LPG stations in Lagos

Jun 1, 2020

Ibile Oil and Gas Corporation will launch five Liquefied Petroleum Gas stations by the fourth quarter of this year, the Lagos State Commissioner for Energy and Mineral Resources, Mr Olalere Odusote, has said. Odusote said the company, owned by the Lagos State Government, would promote and deepen the use of LPG, also known as cooking…

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