Damilola Shittu – Abuja President Muhammadu Buhari has approved the 2019 operational budget of the Nigerian National Petroleum Corporation (NNPC), the Group Managing Director of e state oil company, Dr. Maikanti Baru, disclosed Wednesday. Although Baru did not state how much the corporation’s budget for 2019 was worth, he however disclosed that Buhari was gracious…
Royal Dutch Shell has disclosed that it does not have plans to declare force majeure on Bonny Light exports after a fire in an area around a key pipeline. A force majeure is usually declared to protect an oil exporter against any liability with buyers because of its inability to meet obligation. Shell stated that…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Tuesday announced that it had recovered assets worth over N771 million from some oil marketers who under-paid for petroleum products supplied to them from the Kaduna depot of the Petroleum Products Marketing Company. NNPC’s Anti-Corruption Committee Chairman, Mike Balami, said the committee, in collaboration with…
In the wake of growing uncertainty in the price of crude oil, Nigeria faces the challenge of losing its market in Asia as Saudi Arabia has concluded plans to invest $100 billion in India, Nigeria’s major oil importer, thus threatening future importation of the country’s crude by India. According to Thisday The move by Saudi…
Oil prices rose on Monday, buoyed by output cuts by OPEC and reports that the United States and China are close to a deal to end a year-long tariff row. International Brent futures were at 65.25 dollars a barrel at 07:13 GMT, up 18 cents, or 0.3 per cent, from their last close. U.S. West…
The nation’s crude oil export has suffered a setback following the shutdown of the Nembe Creek Trunk Line, one of the major crude oil transportation channels used for export. The NCTL, which is 100 kilometres long and has a capacity of 150,000 barrels per day at Nembe Creek, evacuates crude to the Bonny Crude Oil…
By Oke Peter Nigeria’s refineries posted a cumulative loss of N114.3 billion in the first 11 months of 2018, the latest industry data have revealed. Figures obtained from the Nigerian National Petroleum Corporation (NNPC) on Friday in Abuja showed that the Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical…
The organizers of African Utility Week (AUW) and POWERGEN Africa, have announced a media partnership with the global news organization and broadcaster, CNN, in the run-up to the event that will hold between 14 and 16 May 2019, in Cape Town, South Africa. In a release signed by the organization’s Senior Communications Manager, Annemarie Roodbol,…
Kenya’s Electricity Generation (KenGen) on Monday, said it secured a multi-million shillings contract to provide geothermal drilling services to state-run Ethiopian Electric Power. The power producer’s contract with East Africa’s largest power producing company is being funded by the World Bank through a loan to the Ethopian government for 7.6 billion shillings ($76.8 million), KenGen…
Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over its $1.3 billion acquisition of Nigerian offshore oilfield OPL 245 in 2011. Shell said in a statement on its website that it had been informed by the Dutch Public Prosecutor’s Office (DPP) that it had nearly concluded its investigation and is preparing to prosecute…
