Oil & Gas

Sahara Energy, BPGIC to build 250,000 bpd refinery in UAE

May 16, 2019

Brooge 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…

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Monetisation of flared gas in Nigeria to shake sector up

May 16, 2019

A 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…

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Depot owners tell NNPC N117 per litre of fuel too high

May 16, 2019

Private 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…

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Indigenous shipping businesses suffer as NNPC dominates downstream sector

May 16, 2019

The 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…

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Nigeria’s Bonny Light crude force majeure lifted

May 16, 2019

Operator 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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Prices of kerosene, diesel rise to two year high in April over higher oil prices

May 15, 2019

The average prices paid by consumers for household kerosene and diesel in Nigeria rose to their highest levels in more than two years in April 2019, latest data from the National Bureau of Statistics (NBS) have shown. After buying cheaper kerosene in the previous month, Nigerians bought a litre of the product at N316.26 on average, the…

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Nigeria’s oil output rose by 5.3% in April 2019

May 15, 2019

Nigeria oil output has risen from 1.7 million barrels per day, mbpd, in March to 1.8 mbpd in April, 2019, indicating an increase a 5.3 percent improvement, month-on-month. In its market report obtained by Vanguard yesterday, the Organisation of Petroleum Exporting Countries, OPEC, indicated that its report was based on information obtained from secondary sources in Nigeria.…

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Lekoil provides update on OPL 310 Licence, withdraws legal action over offshore block

May 14, 2019

Lekoil (AIM: LEK), the oil and gas exploration and development company with a focus on Nigeria and West Africa more generally, announces that further to the announcement, of 28 March 2019, the Company advises that it has received correspondence by letter (the “Letter”) from the Ministry of Petroleum Resources relating to an application for an…

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Nigeria sees reliance on imported fuel rise – NNPC Report

May 14, 2019

Oil production from fields in Nigeria in 2018 were 70,166,496 (70 million) barrels more than what were produced in 2017, a report by the Nigerian National Petroleum Corporation (NNPC) has disclosed. The document titled: “NNPC Monthly Financial and Operations Report,” for the month of January 2019, contained information on the performance of the country’s oil…

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Nigerian crude struggles to find buyers as loading delays persist

May 14, 2019

At least 20 cargoes of June loading crude offered at relatively elevated prices struggled to find buyers, as likely customers in Europe sought cheaper barrels closer afield in the Mediterranean and from Russia. A force majeure on the Amenam stream and Bonny Light streams continued to cause loading delays. Major buyer India was heard not…

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