By Energy Worth The Nigeria Customs Service, Federal Operations Unit,, Zone ‘A’ Ikeja, said that it had intercepted N1.5bn worth of petroleum products about to be smuggled out of the country to Benin Republic. It added that the petroleum products in about 12 wooden speed boats had about 11,000 jerry cans set to be smuggled…
By Energy Worth The China National Petroleum Corporation (CNPC) has assured Nigeria of its unflinching commitment towards securing funding for the financing and execution of the Ajaokuta-Kaduna-Kano (AKK) pipeline project. The Nigerian National petroleum Corporation (NNPC) disclosed this in a statement signed by its Spokesman, Mr Ndu Ughamadu, in Abuja on Monday. It said that…
Six companies, including ExxonMobil Corp, bought a total of 11 million barrels of oil from the U.S. Strategic Petroleum Reserve, in a sale timed to take place ahead of U.S. sanctions on Iran that are expected to remove oil from the global market. The oil sold in a range of $67.66-$69.05/bbl, according to the Department…
In a bid to consolidate its foothold on the shipping business in Nigeria and boost profitability, the Nigerian National Petroleum Corporation (NNPC), has unveiled plans to set up a subsidiary to provide refueling services to ships and other ocean-going vessels. A statement by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu,…
By Irina Slav Saudi Arabia could earn US$161 billion (605 billion riyals) this year from crude oil sales, versus a budgeted US$131 billion (492 billion riyals), local financial services provider Al Rajhi Capital said in a report published this weekend. The company noted improvements in the economic growth of the Kingdom on the back of…
Oil prices rose on Monday, supported by concerns that falling Iranian output will tighten markets once U.S. sanctions bite from November. The News Agency of Nigeria (NAN) has reported. Brent crude oil was up at 78.09 dollars a barrel. U.S. crude was 10 cents higher at 69.90 dollars. The two benchmarks have risen strongly over…
A tacit endorsement of President Muhammadu Buhari’s decision not to sign the troubled Petroleum Industry Governance Bill (PIGB) appear came from some stakeholders in the Niger Delta, who view the proposed law as inimical to the interest of the region.They were, however, quick to stress that they were not averse to the reformation of the…
The Transmission Company of Nigeria (TCN) has said that electricity distribution companies (Discos) would have to invest about $4 billion over the next three years to be able to match its ongoing expansion of the national grid to take up to 20,000 megawatts (MW) of electricity generated in the country, and also distribute same by…
By Scott Belinksi As Iran is turning to the UN’s International Court of Justice to have the US-imposed sanctions against its oil suspended, the EU is preparing for the hit its economies will have to absorb once the full weight of Washington’s punitive measures comes into effect in the fourth quarter of this year. With…
Communities in the oil-producing local government areas of Edo State, comprising Orhionmwon, Ikpoba-Okha and Ovia North-East have praised Governor Godwin Obaseki for providing a new direction for the Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC), which resulted in the approval of funds for industrialisation and education projects in their communities. The projects…
