Oil & Gas

NNPC says selling petrol at N145 per litre no longer sustainable

Jul 11, 2019

The Nigerian National Petroleum Corporation (NNPC) has said it was running at a loss insisting the pump price rate of N145 per litre for Premium Motor Spirit (PMS) was the bane on its revenue drive. The new Group Managing Director of the NNPC, Mele Kyari, made the disclosure on Wednesday, when the heads of revenue…

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Petrol marketers say they didn’t access $7.2bn forex windows for 2 years

Jul 10, 2019

The Depot and Petroleum Products Marketers Association (DAPPMA), yesterday faulted the claims of the out-going Chief Operating Officer, Downstream of the Nigerian National Petroleum Corporation, Mr. Henry Ikem-Obih, that its members accessed foreign exchange at N305 per a dollar for the importation of petrol into the country since 2017. Olufemi Adewole, Executive Secretary of the…

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DPR shuts down 17 illegal cooking gas outlets in Ibadan

Jul 10, 2019

The Department of Petroleum Resources (DPR) yesterday said it shuts  17 illegal LPG skid in Ibadan and  warned  nine filling plants in the second quarter of 2019. Mr Oluyemi Olaonipekun, the operations controller of Ibadan Field Office of DPR, who made the disclosure, said the agency carried out its operations effectively in monitoring the operations of Retail Oil…

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Presidential Panel seeks N684bn oil block renewal fee from Mobil

Jul 10, 2019

The Special Presidential Investigation Panel for the Recovery of Public Property says an oil giant, Mobil Producing Nigeria Unlimited (ExxonMobil), is indebted to the Federal Government to the tune of $1.6bn, The PUNCH reported. The money translates to about N684bn at N360 to $1 exchange rate. According to the panel, which is led by Mr Okoi Obono-Obla,…

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NOSDRA tells FG to mark Nigerian crude to end theft

Jul 10, 2019

The National Oil Spill Detection and Response Agency on Tuesday declared that crude oil theft in Nigeria could only be stopped through the application of stringent measures such as the marking of crude oil produced in Nigeria. NOSDRA charged the Federal Government to consider the option of marking Nigerian oil using the molecular fuel marker…

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Lack of new investments degrades Nigeria’s oil sector infrastructure – Report

Jul 10, 2019

The dearth of new investments in the oil sector has resulted in the degradation of infrastructure, causing frequent breakdowns, a report has revealed. CSL Stockbrokers Limited, a research and financial advisory firm, stated this in its economic outlook for the second half of the year, titled: “Walking on Eggshells,” that was obtained yesterday. The dearth…

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Lekoil mulls NSE listing as oil output seen to triple

Jul 10, 2019

Nigerian oil and gas production company Lekoil Ltd. is contemplating a listing on the West African nation’s stock exchange as it boosts output by more than threefold over the next three years, Chief Executive Officer Lekan Akinyanmi said. The energy firm, which trades on the London exchange, is “seriously considering” offering shares in Nigeria, Akinyanmi…

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FG begins environmental social impact assessments for Edo modular refinery

Jul 10, 2019

The Federal Government has commenced Environmental Impact Assessment for the proposed Edo Modular Refinery being developed by Edo Refinery and Petrochemicals Company Limited, a firm floated by the Godwin Obaseki-led Edo State Government to refine petroleum products in the state. A statement by Permanent Secretary, Federal Ministry of Environment, on behalf of the Minister, said…

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Enyo Retail and Supply expands fleet with new trucks

Jul 9, 2019

Enyo Retail and Supply, has announced the acquisition of brand new trucks – to improve logistics and facilitate safe distribution of its products across Nigeria. The new range of trucks includes global brands such as Mercedes Benz, FAW and Iveco Genlyon; all equipped with 45,000 litres – built to modern safety and technology standards. In…

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Oando CEO urges stakeholders to invest in Nigeria’s oil & gas sector

Jul 9, 2019

Oando Plc Group Chief Executive Wale Tinubu has urged indigenous oil and gas companies to invest in the business now that the prices of oil are low. He advised the Federal Government to embrace Public-Private Partnership (PPP) in local refining. According to him, “there is a lot indigenous capacity that can provide solution to refineries.…

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