Oil & Gas

At public hearing on kerosene subsidy, it’s a game of figures, not substance

Feb 24, 2014

The public hearing on subsidy on kerosene held at the House of Representatives last week where figures of expenditure on the controversial subsidy arrangement were bandied by officials of the petroleum resources ministry and the Nigerian National Petroleum Corporation. Even if it was designed to be a popularity game, the ongoing public hearing on supply,…

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CAMAC Energy closes Allied Energy acquisition

Feb 24, 2014

CAMAC Energy has closed the acquisition of the remaining economic interests that it did not already own in the production sharing contract covering Oil Mining Leases 120 and 121 offshore Nigeria, which include the currently producing Oyo field, from Allied Energy. CAMAC Energy now has operatorship and a 100% interest in 8 production and exploration…

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NNPC restates commitment to explore oil In North

Feb 24, 2014

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary the National Petroleum Investment Management Services (NAPIMS) said its search for oil in the Chad basin was being intensified in line with government’s commitment to boost its reserve and increase revenue earning. The company announced that  seismic acquisition activities in the  Basin frontier area have also…

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Stakeholders seek review of 445,000bpd to NNPC

Feb 24, 2014

Mixed reactions have continued to trail the allocation of 445, 000 barrels of crude oil per day to the Nigerian National Petroleum Corporation (NNPC). According to the Federal Government, about 25 per cent of this is supposed to be refined at home while the balance is swapped offshore. Assistant Editor EMEKA UGWUANYI examines the issue.…

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LFTZ: $9b Dangote refinery to create thousands of jobs

Feb 24, 2014

The Lagos State Governor Babatunde Raji Fashola (SAN), at the Lekki Free Trade Zone (LFTZ), Lagos introduced the Dangote Group of Companies President and the arrowhead of the proposed $9 billion Dangote Refinery and Petrochemical Company in the zone, Alhaji Aliko Dangote, to the host communities. This signaled the take-off of the multi-billion naira investment there. Hope…

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PIB will increase offshore opportunities — Avuru

Feb 24, 2014

Austin Avuru, MD/CEO Seplat Petroleum Development Company Plc, says the passage of the Petroleum Industry Bill (PIB) will herald a new vista of opportunity in the offshore industry as the introduction of both “fiscal and non-fiscal enablers in the Petroleum Industry Bill could add significant value to the economics of offshore investments such that PIB…

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LCCI calls for scrapping of kerosene subsidy

Feb 24, 2014

The Lagos Chamber of Commerce and Industry, LCCI, yesterday, called on the Federal Government to scrap the Dual Purpose Kerosene (DPK) subsidy regime while the NNPC should be directed to disengage from the business of importation, distribution and retailing of Kerosene. Remi Bello, LCCI President, said the Chamber has watched with keen interest recent developments…

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PPPRA releases fuel import allocations to marketers

Feb 24, 2014

The Petroleum Products Pricing Regulatory Agency (PPPRA) has released the first quarter of  2014 fuel import allocations to the Nigerian National Petroleum Corporation (NNPC) and the private marketers, THISDAY has gathered. The PPPRA’s action, it was learnt, will effectively end weeks of artificial scarcity of petrol, which was created by marketers, following the delay in…

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Nigerian crudes for March steady on healthy demand from Europe, India: Sources

Feb 21, 2014

Nigerian crudes for March loading have sold well with less than 10 cargoes unsold from the March program, because of healthy demand from Europe and India, although the remaining grades were struggling to sell, sources said Wednesday. More Nigerian crudes are expected to head to Europe in March compared to February, which was boosting some…

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Oil majors opt out of distribution as kerosene scarcity bites

Feb 21, 2014

Despite consistent denial by the Nigerian National Petroleum Corporation (NNPC) that there was no issue with regard to kerosene subsidy, major oil marketers may have opted out of  the direct kerosene distribution initiative introduced by the corporation after observing lack of due process in the scheme. The NNPC in the past embarked on a field…

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