NNPC undergoes restructure, appoints group executive directors, others

Aug 11, 2015

The Management of the Nigerian National Petroleum Corporation (NNPC) has appointed four new Group Executive Directors to man the four new Directorates that have been approved by the Presidency, BusinessDay reports. The appointments which were approved by President Muhammadu Buhari, include Maikanti Baru, Group Executive Director, Exploration & Production; Isiaka Abdulrazaq, Group Executive Director, Finance…

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Banks may soon begin to pass subsidy risks to marketers – Forte Oil CEO

Aug 11, 2015

Forte Oil Plc, a major oil marketer, has indicated that banks may start to pass on subsidy risks to the marketers if the federal government continues to delay payment of subsidy, Vanguard reports. The Group Chief Executive Officer, Forte Oil Plc, Mr. Akin Akinfemiwa, noted that “With the release of the third quarter, Q3 import…

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Two more NLNG cargoes head for Spanish terminals

Aug 11, 2015

Ship tracking data has shown that two tankers carrying LNG from Nigeria LNG (NLNG) are due to berth at Spanish regasification terminals today, Platts reports. The 148,300 cu m LNG Imo vessel is due at Spain’s 11.8 Bcm/year Cartagena terminal, while the LNG Ogun – with a capacity of 149,600 cu m – is expected…

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Gas supply to be on a “willing-buyer-willing-seller” basis – NGC

Aug 11, 2015

The Nigeria Gas Company has hinted that gas supply to power plants will increase to 800 million standard cubit feet by the end of 2016 through a “willing-buyer-willing-seller” basis, This Day reports. The Managing Director of NGC, Mr. Dafe Sejebor, said this at the just concluded Society of Petroleum Engineers (SPE) 2015 Conference and Exhibition in Lagos. The NGC…

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DPR commences Gas Transportation Code implementation

Aug 11, 2015

The Department of Petroleum Resources (DPR) has stated that it has commenced the implementation of the Nigeria Gas Transportation Network Code (NGTNC), This Day reports. The NGTNC is a contractual framework between a transporter (or network operator) and network users (known as shippers) that provides open competitive access to existing and future gas transportation infrastructure.…

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FG to acquire device for tracking vessels and their oil cargoes

Aug 10, 2015

The Federal Government’s attempt to monitor activities at Floating, Production, Storage and offloading (FPSO) facilities in the country so as to stop malpractices relating to crude theft may soon be successful, with plans for a device capable of tracking all vessels in Nigerian waters in the offing, The Guardian reports. Under the proposal, all vessels that…

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President Buhari orders stop to multiple accounts by NNPC, others

Aug 10, 2015

President Muhammadu Buhari has ordered all federal government ministries, departments or agencies to start paying only into approved government bank accounts as part of a drive to improve transparency and clamp down on corruption, Reuters reports. Buhari, who took office in May after being elected on promises to fight endemic graft in Africa’s biggest economy, has…

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Nigerian Gas Company boss highlights issues to be addressed in the gas sector

Aug 10, 2015

The Managing Director of the Nigerian Gas Company Limited (NGC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), Mr. Dafe Sejebor, has listed factors that mitigate against the development, supply and monetization of gas resources in Nigeria, The Nation reports. He said a huge volume of gas meant for the domestic market is lost through…

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Port Harcourt refinery to ramp up to 95% capacity

Aug 10, 2015

The New Port Harcourt Refining Company, PHRC 2, is now ready for the production of more premium motor spirit (PMS) popularly called petrol, and will reduce fuel import by 40 per cent when fully operational, Vanguard reports. Chrome Oil Services, a member of the Chrome Group and one of the three contractors handling the phased…

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Kachikwu invites traders to reconcile oil swaps, OPAs

Aug 10, 2015

The new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu, in a bid to begin plugging leakages from the state-run oil firm, will from this week start inviting oil traders who were awarded crude oil swaps and offshore processing contracts by NNPC during the administration of President Goodluck Jonathan, ThisDay reports.…

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