Oil & Gas

DPR moves against hoarding, profiteering by fuel Marketers

Feb 19, 2014

As the supply of Premium Motor Spirit (PMS), otherwise called petrol tightens across the country, the Department of Petroleum Resources (DPR) has moved to sanction marketers, who hoard products and sell above the official pump price. Speaking Wednesday in Lagos when he led a team of DPR officials to force some retail outlets hoarding petrol…

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Bumi Armada secures FPSO contract extension in Nigeria

Feb 19, 2014

Bumi Armada Berhad  has informed that its subsidiaries Armada Oyo Ltd. (“AOL”) and Bumi Armada (Singapore) Pte. Ltd. (“BASPL”) have signed 2 contracts with Oceanic Consultants Nigeria Limited (“Oceanic”) for the continued deployment of the FPSO Armada Perdana (the “FPSO”) at the Oyo Field Development (the “Oyo Field”) located offshore of Nigeria. Oceanic signed a…

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Reps probe: ‘N1trn spent on kerosene subsidy in 4 years’

Feb 19, 2014

Despite the inability of the many Nigerians to buy kerosene at the official N50 per litre, it was disclosed yesterday that the country had spent a whopping N1 trillion over the past four years to subsidise the domestic product. Deputy Speaker, House of Representatives, Emeka Ihedioha, made the disclosure while declaring open an investigative hearing…

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Baker Hughes January 2014 rig count drops to 1,325

Feb 19, 2014

Baker Hughes Incorporated has announced that its international rig count for January 2014 was 1,325, down 10 from the 1,335 counted in December 2013, and up 46 from the 1,279 counted in January 2013. The international offshore rig count for January 2014 was 302, down 4 from the 306 counted in December 2013, and down…

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Nigeria’s crude oil production increases by 214.5mbpd

Feb 19, 2014

Nigeria’s crude oil production has increased from the 1.7 million barrels per day (mpd) recorded in January to 1.9mpd in February this year, representing 214.5 barrels per day increase from the previous month. Nigeria recorded 281.7 barrels per day increase in its January report, compared with what it recorded in December 2013. The Organisation of…

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IPMAN indicates interest in private refinery

Feb 19, 2014

The quest for private refinery in the country was recently heightened by the Independent Petroleum Marketers of Nigeria (IPMAN), as it advocated for long term financial facilities to aid private refineries in-country. The National Chairman of the Association, Abdulkadiri Aminu, who disclosed in Lagos at the monitoring of the N50 kerosene scheme, berated the low…

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Queues resurface in filling stations as fuel scarcity looms

Feb 19, 2014

Few weeks after the Major Oil Marketers Association of Nigeria (MOMAN) warned of imminent fuel scarcity, following the delay in the release of the first quarter 2014 petrol import allocations to marketers by the Petroleum Products Pricing Regulatory Agency (PPPRA), long queues of motorists waiting to buy petrol have resurfaced in Lagos and other parts…

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NNPC: Smugglers, peddlers, others bane of effective kerosene supply

Feb 19, 2014

Revelations emerged Tuesday that a combination of forces may have been working behind the scene to subvert the good intention of the federal government to provide kerosene to Nigerians at the subsidised rate of N50 per litre. As a result of this and the increasing demand for the product by many Nigerians, the Nigerian National…

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25 independent oil firms produced 157,000 barrels in Dec, 2013

Feb 18, 2014

The profile of Nigerian wholly independent oil producers is fast rising as 25 of them produced about 157,000 barrels of oil daily in December 2013. The output of these firms represent about seven percent of national output while the multinationals who have dominated the scene over the years accounted  for 93 percent of the entire…

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Oil marketers deny bribing NNPC officials

Feb 18, 2014

National President of Independent Petroleum Marketers  Association of Nigeria, IPMAN, Alhaji Aminu  Abdulkadir has denied allegations that its members bribed officials of the oil ministry, describing the allegation as false and politically motivated. Abdulkadir also warned against removal of kerozene subsidy, say it could trigger social unrest in the country even as he defended the…

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