By Energy Worth The shutdown of the Trans-Ramos Pipeline since May has cost the Federal Government, Shell, Total and Nigeria Agip Oil Company Limited at least $640m (N195bn) in lost revenue. Shell Petroleum Development Company of Nigeria Limited announced on May 25 that it had shut down production following the discovery of leaks on the…
National Union of Electricity Employees (NUEE), has decried the lingering issue of unpaid benefits to over 2000 workers of the defunct Power Holding Company of Nigeria, PHCN, five years after the privatization of the assets of PHCN. Those yet to be paid, according to NUEE include staff who have been duly verified but not yet…
By Energy Worth THE Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has urged investors in Nigeria’s oil and gas industry to get listed on the Nigerian Stock Exchange, NSE in order to attract adequate funds required to grow their businesses. Speaking at the closing gong ceremony at NSE, Lagos recently,…
By Julianne Geiger The American Petroleum Institute (API) reported an extra-large oil inventory draw of 5.17 million barrels of United States crude oil inventories for the week ending August 18, compared to analyst expectations that this week would see a smaller draw in crude oil inventories of 1.497 million barrels. Last week, the American Petroleum…
MINNERS under the auspices of Miners Association of Nigeria (MAN), have expressed optimism that the completion 154-kilometer Itakpe-Ajaokuta-Warri standard gauge line billed for commercial operations by September 2018 will boost mining activities in the minerals and mining sector. In an interview with Vanguard over the weekend, the National President, MAN, Sani Shehu, applauded the federal…
By Energy Worth The Nigerian National Petroleum Corporation has called for the sensitization of the populace on the Petroleum Industry Governance Bill, PIGB, which is currently on the desk of the President. The Group Managing Director, NNPC, Dr. Maikanti Baru in his key note address at the annual conference of the Association of Energy Correspondents…
By Tsvetana Paraskova Saudi Arabia may be looking to build an oil port in Yemen’s southeast al-Mahra governorate, where the Saudi-led coalition troops are present, Al Jazeera reported on Monday, quoting sources and a document it has obtained. Saudi Arabia-based marine construction company Huta Marine has sent a letter to the Saudi ambassador to Yemen…
By Energy Worth Many of the Nigerian banks that gave loans to core investors during the privatisation of the power sector in 2013 may have incurred losses, our correspondent has learnt. It was gathered that the banks had, in the past four years, been struggling to ensure the repayment of the acquisition loans they granted…
The Delta State Police Command has arrested seven suspects in connection with the alleged assassination of the state task force chairman of the Nigeria Union of Petroleum and Natural Gas Workers, Chief Emmanuel Akpojevughe. Akpojevughe was reportedly killed around 8am last Thursday in Evvriyen village on the Benin-Effurun-Warri Expressway in the Okpe Local Government Area…
Iran told Organization of the Petroleum Exporting Countries (OPEC) on Sunday no member country should be allowed to take over another member’s share of oil exports, expressing Tehran’s concern about Saudi Arabia’s offer to pump more oil in the face of U.S. sanctions on Iranian oil sales. In a meeting with OPEC Secretary-General Mohammad Barkindo,…
