Nigeria’s rig count to continue downward spiral in 2015

Jan 7, 2015

There are indications that drilling activities in the oil and gas sector will continue to decline in 2015. Investigations carried out by Daily independent revealed that the number of works on rigs on every location in the country dropped from 42 to 25 in the last 12 months. Meanwhile, contractors of some of these jobs…

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Nestoil crude production hits 30,000 Bpd

Jan 6, 2015

Nestoil Plc has increased its daily production of crude oil from 7,000 barrels to 30,000 barrels per day at the end of 2014, Daily Independent reports. The Chief Executive Officer/Group Managing Director, Dr. Ernest Azudialu-Obiejesi, said; “We were able to grow our production from 7,000 barrels per day to almost 30,000 bpd in our company called…

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Gas suppliers’ demands may stall Transition Electricity Market

Jan 6, 2015

The kick-off of the Transitional Electricity Market (TEM), which was scheduled for January 1, 2015, may be delayed further by the demands of gas producers in the sector, This Day reports. Gas producers, who will supply gas to thermal generating plants, have requested that Letters of Credit (LCs) with 12-month duration be posted to their…

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FG approves N166b outstanding fuel subsidy disbursement, Q1 import allocation

Jan 6, 2015

The  Federal Government has approved the payment of about N166 billion to petroleum marketers as reimbursement for outstanding subsidy claims, The Nation reports. According to sources at the Federal Ministry of Finance, the payment is for batch I to part of batch M. However, the other part of batch M, and batches N, O, and P…

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Drop in oil prices cuts subsidy to 90 kobo per litre

Jan 5, 2015

With the price of the global benchmark Brent crude closing at $57.94 per barrel last Monday, Nigerian government is now paying just 90 kobo as subsidy for a litre of petrol, The Punch reports. The Petroleum Products Pricing Regulatory Agency, which last updated the approved prices of the product on December 29, 2014, is expected…

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OPEC should cut crude oil output – Algeria

Dec 30, 2014

As the drop in the price of crude oil bites harder on exporting countries, Algeria on Sunday insisted that the Organisation of Petroleum Exporting Countries (OPEC) should cut production to push oil prices up, This Day reports. Algerian Minister of Energy, Mr. Youcef Yousfi, was quoted by the country’s official APS news agency as saying…

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Oil’s slump gives Nigeria chance to end $7-billion subsidy

Dec 25, 2014

The tumbling oil prices that have slashed Nigeria’s revenue and roiled currency and stock markets in Africa’s biggest economy may have a silver lining: an excuse for the government to scrap fuel subsidies that cost as much as $7 billion a year. It’s an opportunity President Goodluck Jonathan, concerned that such a move would provoke…

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Ghana to cut gas dependence from Nigeria in 2015

Dec 25, 2014

Ghana has indicated that it is planning to reduce its dependence on ‘unreliable’ gas supply from Nigeria, Daily Trust reports. This has taken on particular importance as a strike embarked upon by workers of the Nigerian National Petroleum Corporation in September led to another stoppage of gas supply to Ghana through the West African Gas Pipeline…

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LPG marketers worried about influx of illegal gas plants

Dec 25, 2014

Dealers of Liquefied Petroleum Gas (LPG), otherwise known as cooking gas, under the aegis of Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) have decried the high level risk posed by the indiscriminate springing up of illegal gas skids across the country, The Guardian reports. The issue was raised in the wake of recent gas…

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Nigeria’s oil exports set to drop in February

Dec 24, 2014

Nigerian crude oil exports in February are set to fall to around 1.87 million barrels per day (bpd) from around 2.03 million bpd in January, shipping lists showed on Tuesday. This is just as the Kingdom of Saudi Arabia, the swing oil producer, has maintained that the Organisation of Petroleum Exporting Countries (OPEC) will not…

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