Panic buying of petrol occurs as tanker drivers begin strike

Aug 10, 2020

NIGERIANS, weekend, engaged in panic buying of fuel, as Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, yesterday ordered full compliance as members of the Petroleum Tanker Drivers, PTD, in Lagos zone, today down tools to begin an indefinite strike in Lagos area and its environs to protest take-over of access roads to tank…

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OPEC+ looking to pump more crude into an uncertain global oil market

Aug 9, 2020

From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge for the OPEC cartel and its partners, who next week plan to resume some of the crude output halted during the depths of the…

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NNPC realises N92.58bn from products sale in May

Aug 9, 2020

The Nigerian National Petroleum Corporation (NNPC) has said that it raked in N92.58 billion from the sale of white (refined) products in the month of May, 2020. A statement by its Group General Manager, Dr. Kennie Obateru, the corporation said the record is contained in the May 2020 version of the NNPC Monthly Financial and…

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NNPC provides conditions for relocation of tank farms and petroleum products depots

Aug 8, 2020

The Nigerian National Petroleum Corporation (NNPC) has advised against a swift relocation of tank farms from their current locations along Ijegun, Kirikiri areas in Lagos and other parts of the country in order to avoid a dislocation in the supply and distribution chain of petroleum products across the country. A press release by the NNPC…

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Imo State moves to recover disputed oil wells from Rivers State

Aug 8, 2020

The efforts of the government of Senator Hope Uzodinma to boost the economy of Imo State has received a huge boost following the move by the government to recover some oil wells wrongly ceded to Rivers State. Imo and her neighboring Rivers have been in a protracted battle over oil wells belonging to the state…

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Exxon Mobil Nigeria gets new Chairman/Managing Director

Aug 8, 2020

ExxonMobil on Saturday announced the appointment of Richard Laing as Chairman and Managing Director of its three affiliates in Nigeria. The Manager, Media and Communications, ExxonMobil, Ogechukwu Udeagha, confirmed this in a statement in Eket. The three affiliates are Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria…

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NUPENG orders tanker drivers to suspend services in Lagos

Aug 7, 2020

The National Leadership of the Nigeria Union of Petroleum and Natural Gas Workers has directed petroleum tanker drivers to withdraw their services from Lagos State with effect from Monday. NUPENG said on Friday that the directive followed the failure of various authorities in the state to address three major issues that had severely caused petroleum…

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IPMAN shelves planned shutdown of filling stations, sells petrol at N150

Aug 7, 2020

The South West chapter of Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed all its members in the zone to increase the dispensing pump price of Premium Motor Spirit (PMS) otherwise known as petroleum from N143 to N150 in their respective filling stations. IPMAN South-West Zonal chairman, Alhaji Dele Tajudeen who spoke with journalists…

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High number of offshore fields raises risk in Nigeria’s 2020 marginal field bid round

Aug 7, 2020

There are 29 shallow water fields among the 52 fields on offer in the ongoing Nigerian marginal field bid round, which wraps up on September 2, 2020. This represents 56% of the total. Compared with six offshore fields (or 25%) out of the 24 marginal fields offered in 2003/2004, this current round is enormously riskier.…

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Canadian judge approves Nigeria’s seizure of ex-oil minister’s jet

Aug 7, 2020

A Canadian judge has confirmed the seizure and grounding of a luxury private jet purchased by a former Nigerian oil minister, Dan Etete, with some of the alleged proceeds of the controversial $1.3 billion Malabu OPL245 oil deal. The judge, Martin Castonguay, ruled that the plane, which landed in Montreal on May 29, must remain…

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