Oil sector records N2.9bn foreign investment in H1 2015 – NBS

Sep 22, 2015

The National Bureau of Statistics (NBS) has revealed that the Nigerian oil and gas sector attracted $14.34 million, about N2.87 billion worth of foreign investments in the first half (HY1) of 2015, Vanguard reports. The NBS in its Nigerian Capital Importation report for Second Quarter (Q2) 2015, said this is an appreciation of 347.36 per…

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Seismic data gathering for Dangote gas pipeline project begins

Sep 22, 2015

Africa’s richest man, Aliko Dangote, has said that seismic data gathering activity has begun for the ambitious multi billion dollar gas pipeline network which is set to quadruple gas supply in Nigeria, BusinessDay reports. Dangote said that his company plans to start laying the pipelines before the end of the year, with the first one…

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Ecuador looks to purchase 100,000 barrels of Nigerian crude

Sep 22, 2015

A firm working for Ecuador’s government has said that it plans to enter talks with the Nigerian National Petroleum Corporation (NNPC) over a potential investment to buy 100, 000 barrels of light sweet crude from Nigeria, Daily Trust reports. The country is looking at a potential tender for as much as 100,000 barrels of low…

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NSCDC acquires drone to fight oil pipeline vandalism

Sep 21, 2015

The Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), Abdullahi Muhammadu, has said that the corps had procured a drone to combat oil pipeline vandalism, Premium Times reports. Addressing newsmen in Abuja, Mr. Muhammadu said the new drone, which would be tested soon, would use GPS to document the times and places where…

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NNPC secures $1.2 bln drilling financing package for 36 oil wells

Sep 21, 2015

The Nigerian National Petroleum Corporation (NNPC) has said that it has secured a $1.2 billion multi-year drilling financing package to contribute to the running of 36 oil wells to be operated as part of a joint venture deal, Reuters reports. The NNPC said the package, financed by a consortium of Nigerian and International lenders, would…

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Nigeria to sell LNG cargo to Petrobras

Sep 19, 2015

Trade sources have indicated that Nigeria’s liquefied natural gas (LNG) export plant at Bonny Island is to sell a cargo loading later this month to Brazil’s Petrobras, Reuters reports. The cargo, due to load from the plant on Sept. 22-24, was sold at a price estimated by some traders to be around $6.60 per million…

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PPP Fluid Mechanics denies allegations of illegality in NNPC contracts

Sep 19, 2015

PPP Fluid Mechanics Limited (PPPFM), an oil servicing company, has denied any engagement in illegality in the process of obtaining and executing its contracts awarded by the Nigerian National Petroleum Corporation (NNPC), ThisDay reports. The Managing Director and Chief Executive Officer of the company, Mr. Kunle Oyelakun, in response to a publication by an online…

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Oil marketers’ earnings hit by delay in subsidy payments

Sep 19, 2015

The delay in paying subsidy monies owed to petroleum products importing and marketing firms, has hit their half year earnings, BusinessDay reports. As at last month, the total fuel subsidy debt owed by Nigeria to importers of petroleum products had swelled to N314 billion. The payment delays have been caused by the poor fiscal condition of…

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Nigeria still flaring 20% of its gas – Operator

Sep 19, 2015

The Managing Director, Energy and Mineral Resources Limited (EMR), Abiola Ajayi, has said that at least, 20 per cent of associated gas produced yearly in the country is still being flared, enough to generate 6,000 megawatts (Mw) of electricity, The Nation reports. Ajayi stressed the need for more investments in the sector to monetize the gas…

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ExxonMobil rues FG’s non-commitment to 60% JV stake

Sep 19, 2015

Exxonmobil, operator of the NNPC/MPN Joint Venture has lamented that the failure by the Federal Government to live up to expectations with regard to its 60 percent share in the company during the past ten years has truncated its growth, Daily Independent reports. According to the multinational, the decline in the commitment of its Joint…

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