Category: Oil & Gas
Senate confirms N11trn oil subsidy payment, okays N129bn for marketers
Jumoke Adelabu – Abuja The Senate on Thursday confirmed the payment of N11 trillion as fuel subsidy claims in the last six years. The chairman of its Committee on Petroleum Downstream, Kabir Marafa (APC, Zamfara), made the disclosure while tendering a report. This comes as the upper legislative chamber approved the payment of N129 billion…
Oil, gas investment opportunities abound in Africa —Seplat Director
Seplat Petroleum Development Company Plc’s Operations Director, Mr Effiong Okon, has stated that Africa is the destination for gas development and investment. He gave this insight in his keynote address at the Africa E & P Summit held in London recently. The Africa E&P Summit is a landmark event on Africa, which brings together key…
NNPC posts $490.03m export sale of crude oil and gas …Records over 8% increase in gas supply for power generation
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) posted a total export sale of crude oil and gas of $490.03 million in February 2019 which is 32.45 percent higher than the previous month’s sale. NNPC Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in a release of the February 2019 edition of…
Oil prices drop as trade war worries outweigh supply disruptions
Oil prices fell more than 2 per cent on Wednesday, as China signalled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered some support,…
EFCC arraigns five marketers for alleged N1bn oil theft
By Oke Peter The Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned five oil marketers for allegedly stealing petroleum products worth N1bn belonging to the United Bank for Africa. Thompson Omoietan, Adeleke Lasun, Funmilola Oyerinde, Adegoke Shadrack and James Amore were arraigned on three counts of conspiracy, stealing and forgery. However, they pleaded not…
Deepwater struggles to make its case
The oil price recovery has not yet translated into a rush of cash into challenging offshore environments The world’s largest listed oil and gas firms are continuing to stress their financial discipline, continuing to shower their more buoyant cashflows onto shareholders through dividends and buy-backs, continuing to boost acreage in the US shale basins and…
Contract inflation: Reps ask Total to refund $592m to FG …Order NNPC/NAPIMS staff to refund $1m
Damilola Shittu – Abuja The House of Representatives, on Thursday, asked Total Exploration and Production Nigeria to refund $592m to the Federal Government. The decision was taken following the consideration of the Report of the Committee on Gas Resources led by Fred Agbedi. The committee investigated the contract for the upgrade of OML 58, upgrade…
Recruitment: NNPC schedules CBT for shortlisted candidates, June 1
By Oke Peter The Nigerian National Petroleum Corporation, (NNPC), on Thursday, said its ongoing recruitment exercise has entered the third phase following the conclusion of the shortlist of the candidates. The NNPC, in a statement in Abuja, stated that shortlisted candidates had been scheduled to sit for Computer Based Testing (CBT) on Saturday, June 1,…
Nigeria’s oil exports threatened as fire hits 250,000bpd pipeline
Nigeria’s crude oil exports have suffered a fresh setback following a fire outbreak on the Trans Forcados Pipeline, one of the nation’s key export routes. One of our correspondents learnt that the fire occurred late Sunday evening on a section of the pipeline that was undergoing repairs. It was also gathered that the fire incident…
NNPC removes NPDC boss, 49 others in major shake-up
There has been a massive reorganisation of the top management staff of the Nigerian National Petroleum Corporation, as about 50 senior personnel of the oil firm and its subsidiaries have either been removed or replaced. It was learnt that the Managing Director of the Nigerian Petroleum Development Company, Yusuf Matashi, was removed and replaced by…