The international oil benchmark, Brent crude, has fallen to its lowest level this year and below the proposed benchmark for Nigeria’s 2019 budget, with economic experts describing the development as a cause for concern for the country. Brent, against which Nigeria’s oil is priced, plunged by $3.80 to $58 per barrel on Sunday as of…
The Nigerian Liquefied Natural Gas Limited has expressed its commitment towards eliminating gas flaring in the country. Managing Director/Chief Executive Officer of NLNG, Tony Attah, said the firm was at the forefront of deliberate efforts towards eliminating gas flaring in Nigeria. Attah explained that the company had created a system that would re-utilise gases that…
Tension has started building up in Delta State due to the decision of the Nigerian National Petroleum Corporation (NNPC) to award oil infrastructure surveillance contract to Ocean Marine Solution Limited contrary to extant rules. Multiple sources told THISDAY at the weekend that the NNPC approved a contract for the surveillance of the 87-kilometre Trans-Forcados Pipeline…
In line with the Federal Government’s initiative on gas to power, Greenville, an oil and gas company has inaugurated its first phase of Liquefied Natural Gas (LNG) plant with a daily capacity of 2,250 tons in Rumuji, River State. The plant, which is at a tune of between $450 million and $500 million dollars worth…
Petrocam International ‘s plan to build a 400,000 barrels per day (bpd) refinery will hasten Nigeria’s quest for improved locally refined products. Also, the firm is contemplating off-grid solutions to improve power supply. The South African-based oil trading giant is investing in the refinery to improve fuel supply for domestic consumption which is put at…
The Chief Executive Officer, Seplat Petroleum Development Company Plc, Mr Austin Avuru, in his keynote speech at the on-going annual conference and exhibition of the Nigerian Association of Petroleum Explorationists in Lagos noted that the country must effectively utilize its gas resources if it is to achieve sustainable economic growth. Avuru said, “With prices going…
Over 90 per cent of Nigerian homes do not have Liquefied Petroleum Gas (LPG) cylinders, thus exposing them to health hazards characterising the use of dirty cooking fuels like kerosene, wood, among others. Out of the 30 million homes in Nigeria, only three million LPG (cooking gas) cylinders. The Nigeria LPGas Association disclosed this in…
• Contributes N338.12bn to NDDC within 15 years Out of the over N41 billion disbursed for community projects in the Niger Delta, about N15 billion went to Rivers State under the Global Memorandum of Understanding, the Shell Petroleum Development Company of Nigeria Limited (SPDC) has said. “Between 2006 and end of 2017, a total of N14.86…
The Nigeria National Petroleum Corporation (NNPC) says it is devising new ways to attract more funding for operators in Nigeria’s oil and gas industry to launch them into a new phase of exploration. The operators have been grappling with funding challenges which has cut down investment in oil exploration. Dr Maikanti Baru, the Group Managing…
A report by the Financial Times Thursday stated that the 650,000 barrels of oil per day refinery plant currently being built by Dangote Group in Lagos, and set for inauguration in 2020, would likely produce more fuel than what Nigeria needs and send the dilapidated refineries of the Nigerian National Petroleum Corporation (NNPC) packing. On…
