Category: Oil & Gas
Egypt to invest $9bn refineries’ upgrade over four years —Minister
Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said…
Saudi Arabia set to build oil refinery in South Africa
By Paul BurkhardtSaudi Arabia is in talks to build an oil refinery in South Africa as part of a pledge to invest as much as $10 billion in Africa’s most developed economy. Joint studies for a refinery and petrochemical complex will be conducted by state oil giant Saudi Aramco and South Africa’s Central Energy Fund,…
Like in Nigeria, 20 Mexican oil pipeline thieves die in fire
Stealing fuel from oil pipelines appears not to be a peculiar Nigerian habit. It is also a problem in Mexico, where the theft cost the government about $3 billion in 2018. The News Agency of Nigeria (NAN) has reported. At least 20 people were killed and 54 were injured on Friday when a pipeline ruptured…
NNPC generates N2.6tr revenue …Records increase in pipeline vandalism
The Nigerian National Petroleum Corporation (NNPC) on Tuesday said total revenues generated from the sales of white products for the period October 2017 to October 2018 stands at ₦2.684 trillion, while petrol contributed about 88.32 per cent of the total sales value of ₦2.371 trillion. This is as the national oil company raised the alarm…
No need for extraordinary OPEC meeting, says Saudi oil minister
By Irina Slav There is no need for the Organisation of Petroleum Exporting Countries (OPEC) to schedule an extraordinary meeting before April, Saudi Arabia’s Energy Minister, Khalid al-Falih, told media, as quoted by Reuters. At the same event, an industry conference taking place in Abu Dhabi, Al-Falih also said the market was moving in the…
Morocco-Nigeria gas pipeline: Penspen chosen to conduct Front-End Engineering study
Morocco’s state-owned Company “Office National des Hydrocarbures and des Mines (ONHYM) and Nigerian National Petroleum Corporation (NNPC) have chosen Penspen to carry out the 1st phase of the FEED (Front-End Engineering) of the gas pipeline project to run from Nigeria upto Morocco. The FEED first Phase consists of a detailed review of the feasibility study…
NNPC, DPR, stakeholders mull new measures to sanitise oil sector
By Oke Peter Stakeholders in the nation’s oil and gas sector on Thursday, in Abuja, called for collaborative measures to end sharp practices that could undermine safety of lives, investments and properties in the country. The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru; Chairman, House of Representatives Committee on Petroleum…
NNPC to crash price of cooking gas
The Nigerian National Petroleum Corporation (NNPC) is set to implement effective commercial framework that would halt the export of propane and butane which are major components in the production of Liquefied Petroleum Gas (LPG), also known as cooking gas. The Corporation explained in a press release by its Group General Manager, Group Public Affairs Division,…
JP Morgan says payments to Libya Oil-Fund Fixer weren’t bribes
By Jonathan Browning JPMorgan Chase & Co. acknowledged that Bear Stearns made millions of dollars of payments to a friend of the son of Libyan dictator Moammar Al Qaddafi around the time it raised $200 million for the country’s wealth fund. But the bank is refuting the Libyan Investment Authority’s central allegation in a London…
ExxonMobil begins drilling Haimara-1 exploration well offshore Guyana
ExxonMobil said today that it has begun drilling the Haimara-1 exploration well offshore Guyana, the first of two planned wells in January. The Stena Carron drillship is drilling the well, which is located 19 miles (31 kilometers) east of the Pluma-1 discovery in the southeast Stabroek Block. The Noble Tom Madden drillship is expected to…