Oil & Gas

FG gives UK court $200m guarantee for stay on asset seizures in P&ID case

Nov 30, 2019

The Nigerian government on Thursday placed a bank guarantee of $200 million (€182 million) with the high court in London to secure a stay on asset seizures of up to $9 billion related to a failed gas project, a spokesman for its attorney general said. Process & Industrial Developments (P&ID), a company based in the…

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Stakeholders urge LPG producers to increase market penetration as global competition rises

Nov 30, 2019

With changes in the global Liquefied Petroleum Gas (LPG) market as well as growth opportunities for the Nigerian market, stakeholders in the industry have been urged to take advantage of the rising demand and production locally, as competition in the export market is expected to become intense in the coming years. Specifically, they noted that…

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Nigeria exports 90% cooking gas produced – NNPC

Nov 29, 2019

Over 90 per cent of the Liquefied Petroleum Gas, also known as cooking gas, produced in the country is being exported, a subsidiary of the Nigerian National Petroleum Corporation, NNPC Retail Limited, has said. The Managing Director, NNPC Retail, Sir Billy Okoye, who said this on Tuesday, added that a chunk of the cooking gas…

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Total calls for rewarding investment structure in Nigeria, says it is ready for new licences

Nov 29, 2019

Total said it requires a rewarding investment structure in order for it to keep tapping Nigeria’s prolific petroleum potentials. The firm made this stance when some of its top officials visited the country’s Minister of State for Petroleum Resources, Timipre Sylva. “We (TOTAL) will continue to invest more and it is imperative to have conversations…

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Chevron launches sale of two Nigerian offshore blocks

Nov 29, 2019

Energy giant Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters News Agency showed, as the company seeks to dispose of aging assets to focus on its fast-growing production in the United States. A Chevron spokesman confirmed the sale process. California-based Chevron…

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Nigeria saves 30% on petrol consumption over border closure – Customs CG

Nov 29, 2019

Nigeria’s fuel consumption has reduced by 30 per cent since the stoppage of petrol sale at towns/villages within 30 kilometres of the country’s land borders. Comptroller General of Customs, Col. Hameed Ali (rtd) stated this on Thursday when he appeared before the House of Representatives Committee on Customs. Col. Ali said the directive banning sales…

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Demand for Nigerian oil high despite loading issues

Nov 29, 2019

Gasoline cracks and high prices for competing North Sea grades kept price offers high for light, sweet Nigerian crude, though two key streams have suffered loading issues. A slightly smaller January loading volume for North Sea benchmark grades and multi-year price highs for the likes of Forties kept offers for some light, sweet Nigerian grades…

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Nigeria requires oil reform to attract investments – AEC Report

Nov 28, 2019

A new report by the African Energy Chamber has highlighted the need for Nigeria to reform its oil and gas industry in a bid to attract investments. AEC described the soon-to-be-released African Energy Outlook 2020 as a comprehensive overview of the oil and gas sector across sub-Saharan Africa, with a focus on the strategic, operational…

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Nigeria’s LNG projects remain in limbo as competition mounts

Nov 28, 2019

While many projects are springing up in the global LNG industry, only one of the three in Nigeria has gained some momentum in recent years. On Tuesday, the African Development Bank Group announced that its board of directors had approved a long-term senior loan of $400m to support the building of an integrated LNG plant…

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Nigeria earned $21bn from its oil and gas sector in 2017 –NEITI

Nov 28, 2019

A recent oil and gas industry report released by the Nigeria Extractive Industries Transparency Initiative (NEITI) on Wednesday in Abuja shows that Nigeria earned about $21 billion from the industry in 2017. The report made available to journalists by NEITI’s Director of Communication, Dr Orji Ogbonnaya Orji, indicated a 23 per cent increase from the $17.05…

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