*To save $16bn forex revenue per year *Another saving of $10 billion a year through domestic supplies of petroleum products The President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Babatunde Paul Ruwase has described as magnificent and spectacular the impact the Dangote Oil Refinery project would have on Nigeria’s downstream petroleum sector. Ruwase, who led members…
The 25 megawatts independent power project, IPP being developed by the Nigerian Agip Oil Company, NAOC in partnership with the Board in Bayelsa State would be commissioned in December. The Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Engr. Simbi Wabote made this known in a statement on Thursday. When completed, the IPP…
The price of OPEC basket of fifteen crudes stood at $78.25 a barrel on Thursday, compared with $79.50 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic…
The Nigerian National Petroleum Corporation, NNPC, Thursday, denies culpability in the pipeline fire incident that occurred last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. The NNPC, in a statement by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, claimed that the incident was not as…
Several Nigerian crude loading programmes emerged on Thursday, including Qua Iboe, the largest of the country’s supply streams. The Qua Iboe stream will load eight cargoes of 950,000 barrels each, equal to 245,000 barrels per day in December, down from November’s 253,000 bpd rate. The Escravos, Amenam and Agbami programmes were among those that emerged…
Human rights lawyer, Femi Falana (SAN) yesterday said about 60.2 million barrels of crude oil were stolen from the country between 2011 and 2014. Speaking at the 40th anniversary of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Falana noted that the stolen product passed through the Philadelphia Port in the United…
The Nigerian National Petroleum Corporation (NNPC) has refuted the allegation that negligence on its part caused the oil pipeline fire incident Friday last week in Umuaduru and Umuimo communities in Osisioma Ngwa Local Government Area of Abia State. A release by the NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, today in…
Henceforth, defaulters of the local content law in the nation’s oil and gas industry are to lose five per cent on total contract sum, Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote, has warned. Wabote, announced the disincentive to erring oil and gas firms during the Dangote Petroleum Refinery and Petrochemical Free…
The Department of Petroleum Resources (DPR) in Cross River State has shut down three fuel stations in Odukpani local government area for selling petrol at N150 per litre against the government approved price of N145 per litre. DPR Operations Controller in Cross River, Mr Bassey Nkanga, who led his team on a surveillance of fuel…
Three oil-producing states of the Niger Delta on Wednesday, got a landmark judgment at the Supreme Court of Nigeria that would substantially boost their revenue from oil production with effect from the date of the judgement. The verdict was handed down by the Supreme Court yesterday. The three states: Rivers, Bayelsa and Akwa-Ibom, had approached…
