Oil & Gas

Nigeria, others to drive natural gas surplus – U.S.

Nov 13, 2019

With new gas discoveries within Nigeria and other African countries, the United States has stated that the Africa is projected to be the prime market for the surplus of gas that the U.S. shale is driving. According to the U.S. Assistant Secretary for Fossil Energy, Steven Winberg, during the just-concluded Africa Oil Week, African countries…

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PETAN foresees decline in Nigeria’s oil production over PSC law

Nov 13, 2019

The Chairman, Petroleum Technology Association of Nigeria (PETAN), Mr. Bank-Anthony Okoroafor, has warned that the Deep Offshore and Inland Basin Production Sharing Contract (PSC) Act recently signed into law by President Muhammadu Buhari may lead to decline in oil production between 2020 and 2021. This, he explained, could happen if the federal government does not…

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Nigeria oil output at 1.6-1.7m bpd, in line with OPEC cut – NNPC

Nov 13, 2019

Nigeria is producing 1.6 million-1.7 million barrels per day (bpd) of crude oil, the chief operating officer of the Nigerian National Petroleum Corp said on Wednesday, adding that the country would continue to comply with OPEC output cuts. “The last quota put us at 1.7 million bpd and we are committed to that threshold ……

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Court gives EFCC 4 months to extradite former Petroleum Minister from UK

Nov 13, 2019

The Federal High Court in Abuja has given the Economic and Financial Crimes Commission an ultimatum of four months to extradite Diezani Alison-Madueke, a former Minister of Petroleum Resources, to Nigeria from the United Kingdom. The former minister has been in the UK since she was alleged of multimillion-naira fraud while she presided over the…

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Oman says OPEC+ considering limiting oil supplies

Nov 12, 2019

Oman said on Monday that the Organisation of the Petroleum Exporting Countries (OPEC) and allied oil producers could extend a deal to limit crude supply but may not consider deepening cuts. Oman’s energy minister Mohammed bin Hamad al-Rumhy said this while speaking with reporters at an energy conference in the UAE capital Abu Dhabi, according…

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NLNG vessel to supply cooking gas to Lagos

Nov 12, 2019

The Nigeria Liquefied Natural Gas (NLNG) Limited has said it will begin to discharge liquefied petroleum gas (LPG), also called cooking gas, to the New Oil Jetty (NOJ) terminal in Lagos. Its Manager, Corporate Communications and Public Affairs, Mrs Sophia Horsfall, made this known on Monday in Lagos. Horsfall spoke against the backdrop of marketers’…

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Fuel smuggling costs Nigeria billions of naira annually – MOMAN

Nov 12, 2019

The Major Oil Marketers Association of Nigeria (MOMAN) has revealed that smuggling of fuel cost the country billions of naira yearly. In an exclusive chat with The Daily Times, Executive Secretary, (MOMAN), Mr. Clement Isong, said the practice of smuggling of fuel costs Nigeria billions of naira yearly because of the subsidy paid on it…

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Suspension of fuel supply to borders will impact telecoms services – Telcos

Nov 12, 2019

The directive by the by Nigerian Customs Service (NCS), to suspend the supply of petroleum products to filling stations within 20km of all border areas, could crumble telecoms operations in the country with serious adverse effect on service quality, telecoms operators have warned. Speaking through the Association of Licensed Telecoms Operators of Nigeria (ALTON), the…

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NNPC expands pipeline networks to meet Nigeria’s domestic gas demand

Nov 12, 2019

The Nigerian National Petroleum Corporation (NNPC) has said it is expanding and integrating gas pipeline network in the country to meet unprecedented demand of the substance. The Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this at the NNPC Day, during the just concluded 2019 Lagos International Trade Fair. Kyari, who was represented at…

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FG to reduce crude oil production cost using local manpower – Minister

Nov 11, 2019

The Minister of State for Petroleum, Chief Timipre Sylva, has assured on the federal government’s commitment to using local contractors in the production of crude oil to reduce cost and make the resources more available to Nigerians. Sylva disclosed this on Friday when he led a team from the federal Ministry of Petroleum on an…

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