Oil & Gas

FG eyes 140,000 jobs from NLNG Train 7

Sep 13, 2019

The Nigerian Liquified Natural Gas (NLNG) Train 7 Engineering, Procurement and Construction (EPC) Contract  would create over 40,000 direct jobs and provide employment for over 100,000 workers, it was learnt on Thursday. Speaking at the signing of the Letter of Intent of the $10billion project in Abuja, the Executive Secretary, Nigerian Content Development Monitoring Board…

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NLNG in discussions with lenders for $10bn expansion loan

Sep 13, 2019

Nigeria LNG Ltd., the operator of Africa’s largest natural gas plant, is in talks with lenders to finance a $10 billion expansion. The company is discussing with the country’s top-10 lenders including Guaranty Trust Bank Plc and Zenith Bank Plc, to raise as much as $2 billion, and with foreign lenders and export-credit agencies for…

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Modular refineries can’t provide all Nigeria’s petrol needs – FG

Sep 12, 2019

The federal government has said it does not believe that modular refineries are the main solutions to Nigeria’s inability to refine petroleum products locally, however, it said they would at best add to the solutions. The government in this regard said it was focusing its efforts on making sure the country’s refineries operated by the…

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Several injured as fire guts NNPC Ibadan depot

Sep 12, 2019

About seven persons were wounded on Wednesday when fire razed a Nigerian National Petroleum Company (NNPC) depot situated at Apata area of Ibadan, the Oyo State capital. PREMIUM TIMES gathered that the depot affected is the Nigerian Pipelines and Storage Company Limited, a subsidiary of the NNPC, situated at Apata, a suburb of Ibadan. Our…

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OPEC Sec Gen optimistic over NNPC reforms

Sep 12, 2019

The Secretary-General of the Organisation of the Petroleum Exporting Countries, Mohammed Barkindo, has commended the Nigerian National Petroleum Corporation for its ongoing reforms aimed at changing the fortunes of the corporation. Barkindo commended the national oil firm after inspecting its pavilion at the ongoing 24th World Energy Congress in Abu Dhabi, United Arab Emirates. The…

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Nigeria and Iraq pledge to slash oil output to meet OPEC targets

Sep 12, 2019

Iraq’s and Nigeria’s oil ministers pledged on Thursday to reduce oil output to comply with their OPEC output targets. An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average. Market monitoring will continue ahead of the next OPEC…

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IEA says oil demand to remain subdued on economic uncertainty

Sep 12, 2019

Global oil demand growth is expected to remain subdued, with the economy weakening and buffeted by US-China trade tensions, the International Energy Agency (IEA) said Thursday. “International trade relations have further deteriorated in the past few weeks but US and Chinese officials announced that they would resume trade negotiations in early October,” the Paris-based IEA…

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OPEC may require more cuts amid unchanged demand

Sep 12, 2019

The Organization of the Petroleum Exporting Countries (OPEC) yesterday, held its forecast for the world’s reliance on its oil next year unchanged, despite a weaker demand outlook, ahead of a key OPEC+ ministerial meeting to assess its current output curbs and country-level quotas. Global demand for OPEC’s crude will average 29.40 million b/d in 2020…

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NLNG awards contract for construction of Train 7 at Bonny plant

Sep 11, 2019

Nigeria LNG, owners of the six train Bonny LNG plant located in Nigeria’s Niger Delta Wednesday said it signed a letter of intent for the engineering, procurement and construction, or EPC, contract with SCD JV Consortium, to build a seventh train at the plant. The consortium is made up of Saipem of Italy, Japan’s Chiyoda…

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Nigeria will do what OPEC asks it to do – Oil minister

Sep 11, 2019

Nigeria will do what OPEC asks it to do, its minister of state for petroleum resources said on Tuesday. “It is not every day,” Timipre Sylva said when asked about current overproduction. “We are team players. We will do what OPEC asks.”   Source: Hellenic Shipping News

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