Category: Business News

The Nigerian National Petroleum Corporation (NNPC) is set to conclude on the choice of a core investor for the proposed Bio-fuel plant in Agasha Guma area of Benue State. Speaking at the end of a follow-up meeting with a Benue State delegation led by Deputy Governor, Engr. Benson Abounu, the Group Managing Director of the…

CNOOC Limited has announced today Libra block in Brazil has already started production. The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, destined to extended well tests, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening…

Betting on price swings in oil costs the least in three years before next week’s OPEC meeting. Implied volatility of options on second-month West Texas Intermediate futures sank to 20.94% Friday, the lowest level since October 2014, according to data compiled by Bloomberg. Volatility has been sinking as futures move steadily higher, with prices reaching…

Indigenous oil companies have recorded significant increases in their crude oil production, with their total output rising by 214 per cent in one month, the latest report from the Nigerian National Petroleum Corporation (NNPC) has indicated. The data obtained by our correspondent on Friday showed that the total oil production from the indigenous independent firms…

The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Maikanti Baru, on Friday in Zaria proffered illuminating guidelines for Nigeria to achieve the much desired diversification of its economic base away from the vulnerability and fragility of oil and gas revenue.  Speaking at the 40th Pre-Convocation Lecture of the Ahmadu Bello University, Baru,…

Operatives of the Nigerian Security and Civil Defence Corps (NSCDC) have arrested 33 suspected oil thieves and impounded 19 trucks laden with illegally refined petroleum products worth millions of naira. Rivers State Commandant of NSCDC, Mr. Mohammed Haruna, told newsmen while parading some of the suspects in Port Harcourt on Friday that they (suspects) were…

Organisation for the Petroleum Exporting Countries (OPEC) will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers.   Analysts gave differing outlooks for U.S. shale output in a briefing to officials from the Organization of Petroleum Exporting Countries, stoking concern ahead of…

Vandals struck at Tower 53, Itu-Adiabo 132kV transmission line located in a valley in Inuakpa, Odukpani Local Government Area in Cross Rivers State and cut down the transmission tower which TCN had earlier taken out for transmission lines re-conductoring to enhance its capacity. A release signed by the General Manager, Public Affairs, Transmission Company of…

Danos has completed water injection piping work for an offshore platform operated by a major oil and gas producer subsidiary off the coast of Equatorial Guinea. The on-time, incident-free fabrication project was completed at Danos’ Amelia Integrated Services Complex. The project required five-and-a-half months to complete, with Danos posting a weld-repair rate of 0.0007% for…

As part of efforts to transform the Nigerian National Petroleum Corporation (NNPC) into an integrated energy company, the Corporation has signed a Memorandum of Understanding (MoU) with the Kebbi State Government to build an 84 million litres per annum capacity fuel-ethanol project. Speaking during the signing of the MoU between the NNPC and the Kebbi…