Category: Oil & Gas
Nigeria saves $1bn through crude oil, refine products exchange
Nigeria has so far saved over $1 billion through the application of the Direct Sales, Direct Purchase (DSDP) agreement, the architect of the system, Engr. Salihu Garba Aliyu has said. The Nation has reported. The DSDP, a swap agreement first signed in May 2017 by which crude oil is exchanged for equivalent amount of refined…
Shell, Eni face $1.1bn Nigerian lawsuit over 2011 oil deal
The government of Nigeria is suing Royal Dutch Shell, Eni and othotherer companies for more than $1 billion over a 2011 oil deal it says was tainted by corruption. According to the World Oil, the suit, filed Wednesday in London, alleges that money the oil companies paid to acquire an oil exploration license in the…
ExxonMobil donates $50,000 to Family Compass to build healthy families
Darren Woods, ExxonMobil chairman and chief executive officer, presented $50,000 to Family Compass today to further the organization’s goals of ending child abuse and neglect. The grant marks the 13th annual ExxonMobil Chairman’s Gift given during the holidays to benefit and highlight a deserving nonprofit organization in North Texas. “Every child in our community should…
$44bn Aramco/ADNOC Indian mega refinery delayed
By Tsvetana Paraskova The commissioning of a mega refinery and petrochemical complex worth US$44 billion and involving Saudi Aramco and ADNOC has been pushed out by two years to 2025, a top executive at the Indian consortium part of the project told Reuters on Tuesday. Ratnagiri Refinery & Petrochemicals Ltd (RPPL), the joint venture company…
Total grooms 1,000 Rivers pupils in English Language
The Total E & P Nigeria Limited (TEPNG) recently sponsored quiz, spelling and comprehension competition for over 1,000 primary five and six pupils as well as students at the junior secondary school level, in Ahoada East Local Government Area of Rivers State. The essence of the competition was to awaken and encourage the pupils and…
DAPPMAN suspends depot closure, gives FG five-day ultimatum
Damilola Shittu – Abuja The Depot and Petroleum Products Marketers Association of Nigeria has suspended its earlier directive to shut down depots nationwide and has given the Federal Government a five-day grace to pay part of the outstanding debt which it owed the marketers. DAPPMAN had declared on Sunday that it would from midnight of…
Avoid panic buying, NNPC urges Nigerians
Damilola Shittu – Abuja Despite threats by petroleum depot owners to shutdown operations if their unpaid N800 billion subsidy claims were not cleared, the Nigerian National Petroleum Corporation (NNPC) says it has sufficient petroleum products in its facilities and urged consumers across the country not to engage in panic buying. The Corporation said it currently…
OPEC cuts oil production by 1.2m barrels to offset price
The Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers yesterday agreed to cut about 1.2 million barrels of oil to address falling oil price, which is currently facing a record low of $63 a barrel. The deal made possible by the cartel and allied oil-producing nations including Russia would see the15-member OPEC…
NNPC, NCDMB to grow Nigerian content to 70%
The Nigerian National Petroleum Corporation (NNPC) and the Nigerian Content Development and Monitoring Board (NCDMB) have committed to growing Local Content in the Oil and Gas Industry from the current 40 per cent to 70 per cent by 2027 as part of strategies to sustain economic development in country. NNPC Group Managing Director, Dr Maikanti…
WAPCo set to supply gas to Togo
Axxela Limited, a Nigerian gas and power portfolio company, has signed a Gas Transportation Agreement with the West African Gas Pipeline Company Limited to transport over 15 million standard cubic feet per day of natural gas via the West African Gas Pipeline to Lome, Togo. The Punch has reported. The Chief Executive Officer, Axxela, Bolaji…