Category: Oil & Gas
ExxonMobil considers sale of Nigerian oil, gas fields for $3bn
Nearly two and a half years after exiting Nigeria’s downstream oil sector, ExxonMobil is weighing the sale of some oil and gas fields in the country. The United States-based oil major recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in…
Nigeria spends N10trn on petrol subsidy —Report
By Oke Peter At the backdrop of the continued comatose state of the Nigeria’s local refining capacity, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. A research report by BudgIT, a public finance focused Non-Governmental Organisation (NGO), said this amount…
NNPC partners MOMAN on steady supply of petroleum products
Mayowa Okekale – Abuja Better days are ahead for petroleum products consumers across the Country as the Nigerian National Petroleum Corporation (NNPC) and the Major Marketers Association of Nigeria (MOMAN) exchanged vows to strengthen synergy to ensure seamless supply of petroleum products across the country. Speaking during a MOMAN Chief Executive Officers Strategy Retreat Dinner…
Nigerian crude oil grades get a boost in Europe
Damilola Shittu with Agency Report The narrowing spread between Northwest European diesel and petrol cracks has helped support some Nigerian crude grades which have suffered from a lack of European demand, traders have said. The Amsterdam-Rotterdam-Antwerpfront-month diesel crack was assessed at $14.54 per barrel on Monday, with the benchmark ARA front-month Eurobob petrol crack at…
FEC approves N1.4b for DPR building design
Damilola Shittu – Abuja The Federal Executive Council (FEC) meeting yesterday approved N1.4 billion for the design of 12-floor building design for the Department of Petroleum Resources (DPR). The Minister of State for Petroleum Resources, Ibe Kachikwu briefed State House correspondents at the end of FEC meeting chaired by President Muhammadu Buhari at the Presidential…
NNPC ongoing recruitment enters second phase
Mayowa Okekale – Abuja The Phase One of the ongoing recruitment exercise by the Nigerian National Petroleum Corporation (NNPC) which kicked off via nationwide advertisements in the national dailies and online media on Wednesday, 13 March, 2019 ended midnight yesterday with the closure of the corporation’s application portal. A release today in Abuja by the…
Gas flaring: Nigeria loses N302bn in one year
Damilola Shittu – Abuja Gas flaring has continued to take its toll on the Nigerian economy, the environment and the lives of the people of oil-producing communities, as the country lost $987.175 million, about N302.076 billion in 2018, to the continuous flaring by oil and gas firms operating in the petroleum industry. According to data…
Port Harcourt refinery bags Africa’s first ISO 9001:2015 Certification
Port Harcourt Refining Company (PHRC) Limited, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has attained the International Organization for Standardisation (ISO) 9001:2015 Quality Management System (QMS) certification, the first by any refinery on the African continent. Mr. Richard Omale, Managing Director of 3FM Solutions, a Management Consulting Company whose outfit conducted the QMS…
Don’t renew licences of oil block owners in Nigeria, Falana warns Buhari
Femi Falana, Senior Advocate of Nigeria (SAN) and human rights lawyer, has urged President Muhammadu Buhari not to renew the licences of oil block owners in the country. Sahara Reporters has reported. In a letter addressed to the President, dated March 20, 2019, Falana commended him for taking the decision to revoke the licences of…
Shell increases contractor support fund to $2.4bn …Sign $200m local vendor support with UBA
Shell Petroleum Development Company of Nigeria Limited says it has increased the size of its contractor support fund by $200m in a bid to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. The oil major said in a statement on Sunday that with the latest move, the fund size…