Category: Oil & Gas
Malabu oilfield licence, nine others set to expire in 2020, 2021
Ten oil block licences, including the controversial Oil Prospecting Licence 245, held by international and local firms will expire in 2020 and 2021. The Punch has reported. OPL 245, better known as Malabu oil block, is one of the biggest sources of untapped oil reserves on the African continent with reserves estimated at nine billion…
Oil exports: Nigeria slashes selling prices to attract buyers
Nigeria has cut its official selling prices of a basket of May-loading crude oil grades in a bid to attract buyers. The nation’s crude oil has had a difficult time clearing in recent weeks, as offer levels were too high to attract buying interest from European refineries. Nigeria released its official selling prices for May,…
$1.2bn Malabu oil deal: Court orders arrest of Adoke, Etete, others
A High Court of the Federal Capital Territory (FCT) in Jabi has ordered the arrest of two former ministers – Mohammed Adoke (Justice) and Deazia Louya Etete (aka Dan Elete) (Petroleum Resources). The News Agency of Nigeria (NAN) has reported. Also to be arrested are Raph Wezels, Casula Roberto, Pujato Stefeno and Burrato Sebastino, who…
Senate bows to President, reviews, passes PIGB …Rejects Bill on Electric Vehicles
Damilola Shittu with Agency Report The Senate, Wednesday bowed to President Muhammadu Buhari’s positions on Petroleum Industry Governance Bill (PIGB) and six others he had vetoed, reviewing and passing them in accordance with the observations and recommendations of the president. The president had, exercising his powers under the 1999 Constitution, refused assent to the PIGB,…
NNPC’s financial records insufficient for govt oversight —Report
A New York-based Natural Resource Governance Institute (NRGI) yesterday stated that the financial reports of the Nigerian National Petroleum Corporation (NNPC) do not contain systematic financial information that would enable the Federal Government to demand for accountability in its operations. In its latest report titled: ‘Resource Governance Index: From Legal Reform to Implementation in Sub-Saharan…
Construction of US $75m liquefied petroleum gas plant in Kenya begins
Construction of a US $75m liquefied petroleum gas (LPG) plant in Liwatoni area of Mombasa, a coastal city in Kenya, has commenced. According to the Construction Review, the onshore storage and filing facility, whose construction works shall be overseen by Mansa East Africa Ltd, a two firms’ joint venture by US company Petredec and Kenya’s…
Nigeria’s daily petrol supply hits 56 million litres —PPPRA
Damilola Shittu – Abuja The Petroleum Product Pricing Regulatory Agency (PPPRA) has put the country’s daily supply of Premium Motor Spirit, otherwise known as petrol, at 56 million litres. In a statement signed and made available to our correspondent in Abuja on Sunday by the Executive Secretary, Abdulkadir Saidu, PPPRA said that daily supply of…
Nigeria mismanaging Excess Crude Account —IMF
The International Monetary Fund has criticised the government of Nigeria for mismanaging the Excess Crude Account and not saving enough for the rainy day. The News Agency of Nigeria (NAN) has reported. The Director, African Department at the IMF, Abebe Selassie , in an interview with Nigerian journalists after presenting the regional economic outlook on…
Chevron buys Anadarko in $33 billion bet on shale, LNG
Chevron agreed to buy Anadarko Petroleum in a $33 billion bet on the Permian shale-oil region and liquefied natural gas, intensifying a battle with Exxon Mobil to be America’s top energy company. Chevron is making a double bet on what many in energy consider the future of the majors over the next decade. The deal…
Anxiety as fuel queues return …NNPC, marketers allay scarcity fears
By Oke Peter Filling stations in some parts of Lagos experienced queues on Friday amid a supply hitch that slowed down the distribution of the Premium Motor Spirit (petrol). Our correspondent learnt on Friday that the hitch was resolved on Thursday, with more vessels expected to arrive in Apapa and discharge the product over the…