Nigeria’s state oil firm NNPC has extended its crude-for-product swap contracts, the country’s main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said. According to Reuters, despite having a refining capacity of about 445,000 barrels per day, its plants have been underperforming for years, making Africa’s…
With an already substantial portfolio Oando Energy Resources is well on its way to achieving it aims of becoming the region’s top indigenous oil and gas producer. Oando Energy Resources (OER) was birthed from the desire to create Nigeria’s foremost indigenous exploration and production company. A major step towards this ambition was the acquisition of…
Chairman/Managing Director of Chevron Nigeria Limited, (CNL) Jeff Ewing has called on stakeholders in the gas industry to support and enable the willing seller – willing buyer gas pricing model, to ensure the viability of the sector. Ewing who spoke in Abuja at the 11th Edition of the Nigerian Gas Association Conference and Exhibition, also called…
The Lagos State Employment Trust Fund (LSETF) through its technology-driven initiative, Lagos Innovates, has collaborated with IBM to empower young Africans who have limited or no knowledge of emerging technologies with digital skills. As part of the collaboration, LSETF will provide its local expertise in engaging and building the digital capacity of youths in Lagos…
The Managing Director of Total E&P Nigeria Ltd, Mr. Nicolas Terraz, has suggested to stakeholders to prioritise fixing the many problems weighing down the optimisation of gas resources rather than focusing on building new infrastructure. Speaking at a session on “Gas Infrastructure Development” during the just concluded Nigerian Gas Association (NGA) 11th International Conference and…
Minister of Power, Works and Housing, Raji Fashola, on Thursday, said that the ministry recovered 690 out of 800 containers of electricity equipment abandoned at the port for 10 years by previous administrations. Fashola said this at the commissioning of 2×100MVA – 132/33kv power transformers at Ejigbo Transmission Substation in Lagos. Fashola said that the…
Over $104 billion was lost by the Federal Government for its refusal to implement the Deep Offshore and Inland Basin Production Sharing Contract Act. This was disclosed by the Lagos-based legal luminary, Mr. Femi Falana (SAN), Thursday in Abuja. According to Falana, who stated this at the 40th anniversary of the Petroleum and Natural Gas…
Nigeria’s Excess Crude Account has continued to appreciate and according to government the fund is currently standing at over 2.09 billion dollars as at October 16. According Bauchi State Governor, Mohammed Abubakar, who briefed State House correspondents after the National Economic Council, NEC, meeting on Thursday at the Presidential Villa, Abuja, the Minister of Finance,…
State-run Polish gas firm PGNiG has agreed to buy Equinor’s 42.38 percent stake in the Tommeliten Alpha gas and condensate field in Norway for $220 million, as part of its plan to diversify supplies, PGNiG said on Thursday. Poland uses around 17 billion cubic metres (bcm) of gas a year and imports more than half…
Exxon Mobil Corp has signed a framework agreement to supply liquefied natural gas to Zhejiang Provincial Energy Group, a senior executive said on Thursday, marking Zhejiang Energy’s first long-term supply deal. The company said in a statement the deal is for 20 years. Peter Clarke, president of Exxon Mobil gas and power marketing, was speaking…
