FG set to meet five million tonnes of LPG utilization – Sylva

Aug 7, 2020

The minister of state for petroleum resources Timipre Sylva has said that more private and public sector collaboration will be encouraged as the country steps up effort to realise its target of boosting domestic gas utilisation. The minister made the comment while commissioning Rainoil 8,000 metric ton Liquefied Natural Gas, LPG facility in Lagos on…

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NNPC reaches deal with Sapetro, CNOOC to end OML 130 dispute

Aug 7, 2020

Nigeria’s state oil company signed a preliminary agreement to end a dispute with two energy companies over oil exports, signaling a move toward resolving similar disagreements with other oil majors on revenue from several offshore oil fields. The Nigerian National Petroleum Corp. said in a statement on Twitter it signed a deal Thursday with China’s…

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Oil industry’s future remains bright – Petrocam MD

Aug 6, 2020

The Managing Director of Petrocam Trading Nigeria Limited, Mr. Patrick Ilo, is optimistic that the future of global oil and gas industry is bright. Notwithstanding the COVID-19 pandemic, he is optimistic of a boost in the demand and supply of oil at the global market soon because “economic activities will resume”. Ilo, in a chat…

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Petrol queues return as retail price hits N150/litre

Aug 6, 2020

Fuel queues returned to major parts of Lagos metropolis and the Federal Capital Territory yesterday, following announcement of an increase in the ex-depot price of petrol. Majority of the filling station visited by Daily Sun yesterday had long vehicular queues as consumers engaging in panic buying in a bid to beat the new fuel price…

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Oil price approaches $46, highest in 5 months

Aug 6, 2020

The international oil benchmark, Brent crude, rose on Wednesday to its highest since early March after a large decline in the United States’ crude inventories and supported by a weak dollar. Brent, which plunged to as low as $15.98 per barrel in April, its lowest since June 1999, has continued to rise in recent months…

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Nigerians spent N2.37trn on petrol in 13 months – NNPC

Aug 6, 2020

In 13 months, Nigerians spent N2.37tn on petrol imported into the country by the Nigerian National Petroleum Corporation, data released by the corporation have shown. The corporation said on Wednesday that its total revenue generated from the sales of white products for the period May 2019 to May 2020 stood at N2.39tn. It disclosed that…

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LEKOIL inks agreements for Otakikpo JV

Aug 6, 2020

LEKOIL has signed agreements for the development of the next phase of the Otakikpo marginal field. Further to the execution of a non-binding Memorandum of Understanding (MoU), the Otakikpo Joint Venture (JV) has executed agreements with Schlumberger, which covers the infrastructure sharing and field management services for the planned upstream drilling. The upstream drilling consists…

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Operators seek FG’s intervention over high charges at LADOL free zone

Aug 5, 2020

Investment advisors and other maritime operators have called on President Muhammadu Buhari to intervene on the issue of the high charges slammed on investors at the Tarqua Bay base of Lagos Deep Offshore Logistics (LADOL) to encourage inflow of investments. The operators lamented that the exorbitant cost of land per square meter, and high cost…

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NNPC recorded 43% drop in oil pipeline vandalism in May

Aug 5, 2020

The Nigerian National Petroleum Corporation (NNPC) has recorded an encouraging 43 per cent drop in cases of willful damage of its oil pipeline infrastructure by suspected oil thieves in May 2020. Dr. Kennie Obateru, the corporation, in a release by its Group General Manager, Group Public Affairs Division, explained that details of the report contained…

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Dangote refining and petchem complex 71% complete – DPR

Aug 5, 2020

According to Nigeria’s Department of Petroleum Resources (DPR) the construction of what is to be Africa’s largest oil refinery and the world’s biggest single-train facility upon completion, is now 71% complete. The $12-billion Dangote Refinery will have the capacity to refine 650,000 barrels per day. Dangote Industries Executive Director Devakumar Edwin says the facility is…

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