Oil & Gas

Pipeline vandalism increased by 42.9% in October – NNPC

Jan 15, 2019

The Nigerian National Petroleum Corporation (NNPC) on Tuesday raised alarm over the rising incidence of pipeline vandalism across the country. In a statement, the NNPC spokesperson, Ndu Ughamadu, said the corporation’s pipeline network suffered a 42.9 percent increase in the incidents of vandalism as at October last year, compared to the previous month during the…

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Report calls for cautious investment in Nigeria’s oil and gas sector

Jan 15, 2019

Analysts at Agusto & Co, a credit rating and research company have urged investors in Nigeria’s oil and gas industry to be guarded in their investments in the sector, following the recent rally in oil prices and a somewhat stability in oil production in the country. The report indicated that though certain favourable conditions could…

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In 3 years, Nigeria’s average daily petrol usage was 51m litres – PPPRA

Jan 15, 2019

The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that between 2016 and 2018, a period of three years, Nigerians consumed an average of 51 million litres of petrol every day. It explained that the consumption figure which was based on its daily petroleum products truck-out saw an increase from 50 million litres in 2016…

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Eland Oil & Gas announces operational update and provides 2019 guidance

Jan 15, 2019

Eland Oil & Gas, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has provided an update on operations and guidance for 2019. Highlights Average production in 2018 was 8,000 barrels of oil per day (“bopd”) net to Elcrest, more than doubling the 2017 average production…

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Nigerian crude spot trade dwindles as new programmes due to emerge

Jan 15, 2019

Spot activity dwindled on Monday as traders awaited the new March Nigerian loading programmes that are expected to emerge this week, while India’s IOC mopped up some cargoes via a tender. BP was said to be offering a cargo of February-loading Nigerian Escravos at dated Brent plus $2.10 a barrel. Vitol was said to be…

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NPDC seeking N967bn to develop 416m barrels of oil

Jan 14, 2019

The Nigerian Petroleum Development Company is making efforts to raise $3.15bn through third party financing to develop the country’s oil and gas reserves from Oil Mining Lease 13. The flagship subsidiary of the Nigerian National Petroleum Corporation, the Nigerian Petroleum Development Company, is interfacing with third-party financiers to raise $3.15bn (N967.1bn at the official exchange…

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Dangote begins equipment installation for 650,000bpd refinery

Jan 14, 2019

The Dangote Oil Refining Company (DORC) Limited, says it took delivery of one of the major components of its refinery equipment; the regenerator for the Residual Fluid Catalytic Cracker last week. Fluid catalytic cracking (FCC) is widely used to convert the high-boiling, high-molecular weight hydrocarbon fractions of petroleum crude oils into more valuable gasoline, olefinic…

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DPR gives illegal outlets till March to regularise

Jan 14, 2019

The Department of Petroleum Resources (DPR) has granted owners of illegal filling stations and gas plants within Abuja and environs up to the first quarter of this year to regularise their outlets or face sanctions. The ultimatum was issued by the Zonal Operations Controller, DPR Abuja, Alhaji Misau Abba, during the 2018 Annual General Stakeholders…

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Dozens feared dead in Nigeria after tanker explodes while people collect fuel

Jan 12, 2019

Dozens of people are feared dead after an oil tanker overturned and exploded in Nigeria. The blast happened as locals scooped up fuel from the leaking tanker. A police spokeswoman said 12 people are known to have died, and 22 others have been taken to hospital with “serious burns”. However, nearby residents fear as many…

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NNPC set to crash price of cooking gas

Jan 10, 2019

The Nigerian National Petroleum Corporation (NNPC) is set to implement effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas. The Corporation explained in a press release by its Group General Manager, Group Public Affairs Division,…

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