Category: Oil & Gas
800 companies bid for 176 gas flare points, says Kachikwu
Efforts of the Federal government to eliminate gas flaring in the country got a boost on Thursday as the Minister of State, Petroleum Resources, Dr Ibe Kachikwu disclosed that over 800 Expression of Interest (EoI) have been received from various multinational companies jostling to harness gas currently being flared for greater economic use. According to…
IMF urges Nigeria to remove fuel subsidy
Agency Report The Managing Director, International Monetary Fund (IMF), Mrs. Christine Lagarde, has advised the Nigerian government to jettison spending on fuel subsidy and expend the money on health, education and infrastructural development. Also reviewing the sub-Sahara African countries’ situation, the World Bank Group said the level of poverty in Nigeria is getting worse despite…
China-South Sudan oil deal raises red flags
By Tim Daiss China has long been criticised for imposing massive debt on developing countries as well as securing their natural resources to help them build up infrastructure with funding by Beijing, something about which the U.S. has been especially vocal, particularly in Africa and South Asia. Now, that criticism will likely be taken to…
Libya civil war threatens oil supply as oil rises above $71
The international oil benchmark, Brent crude, extended its gains on Monday, rising to a five-month high. Brent, against which Nigeria’s crude oil is priced, hit a high of $70.86 per barrel, with instability in Libya raising the prospect of further supply constraints at the same time that the Organisation of Petroleum Exporting Countries (OPEC) has…
Kaduna govt to support AKK Pipeline Project
The Abuja-Kaduna-Kano (AKK) gas pipeline project received a major boost on Thursday as the Kaduna State government pledged to join forces with the Nigerian National Petroleum Corporation (NNPC) to ensure effective optimisation of the project by stakeholders across the state. Kaduna State governor, Mallam Nasur el-Rufai, declared the support while receiving the Group Managing Director…
High business costs weighed on Total Nigeria’s Q4 2018 results review
Total Nigeria’s Q4 2018 earnings of N295m were disappointing. Although sales were up 21 percent y/y, significantly higher cogs and operating expenses weighed on profitability. The operating environment was tough in 2018 as the landing cost of gasoline was higher than the pump price for most of the year. In addition to this, delayed payments…
MYTILINEOS signs new power plant EPC contract in Slovenia
Foremost metallurgy, power and gas projects company, MYTILINEOS SA has announced the signing of a contract with JAVNO PODJETJE LJUBLJANA, Ljubljana’s energy company engaged in electrical and thermal production, transmission and distribution, operating Slovenia’s largest District Heating System. The contract involves the Engineering, Procurement, and Construction of a new Combined Heat and Power (CHP) plant…
Dangote refinery ’ll boost Nigeria’s trade balance by $2bn annually —IMF
By Oke Peter The International Monetary Fund (IMF) has said the crude oil refinery being built by Dangote Industries Limited will improve the trade balance by $2bn per year after coming on stream. The Washington-based fund noted that Nigeria, despite being a long-time crude oil exporter, continued to import refined oil to meet domestic demand….
Nigeria neglects OPEC quota again, boosts crude oil production
Oke Peter with Agency Report Nigeria has failed to comply with the new quota given by the Organisation of Petroleum Exporting Countries (OPEC) as it produced far in excess of its cap. OPEC and 10 non-OPEC countries agreed in December to cut oil production by 1.2 million barrels per day effective from January for an…
NNPC expresses commitment to zero gas flare regime
Mayowa Okekale – Abuja The Nigerian National Petroleum Corporation (NNPC) has expressed its commitment to a zero gas flare regime for every new gas project, even as it trains its sights on commercializing existing gas flare projects for the benefits of the host communities and Country at large. Group Managing Director of the NNPC, Dr….