Category: Oil & Gas
Our refineries ‘ll be fixed by 2020 —Kachikwu
Plans by Nigerian government to fix Nigeria’s moribund refineries and make them work in utmost capacity will not materialise until 2020, Ibe Kachikwu, Nigeria’s oil minister has said. Dr Kachikwu spoke in Lagos on Monday at the 18th edition of the International Biennial Health Safety and Environmental (HSE) Conference on the oil and gas industry…
Nigeria loses $6bn in corrupt oil deal
Nigeria will lose an estimated $6 billion in revenue to international oil companies, Shell and Eni, over the deal on the controversial oil block, widely known as Oil Prospecting License (OPL) 245. icirnigeria.org reported the new findings quoting a report by Global Witness called Take The Future. According to icir.org, leaked emails and confidential documents…
How marginal oil field producers can survive in Africa —Expert
The sustainability of Africa’s marginal oil field producers came under evaluation in London at the weekend, where an energy expert, Professor Anthony Adegbulugbe harped on the need to leverage on other unique opportunities in the oil and gas business beyond only upstream activity. Adegbulugbe, who doubles as the Chairman of Green Energy International Limited, gave…
Slump in oil price threatens government’s economic plan
The downward slide of crude price may hamper current economic prospects in the country, particularly if the development refuses to abate, oil and gas analysts have said. The prices of oil had fallen on Friday with Brent oil inventory for January delivery, sliding 6.1 percent to $58.80 per barrel, while West Texas Intermediate (WTI) dropped…
Malabu oil scam: UK court repatriates $73m to FG
Although the Nigerian Government is yet to prosecute and convict many individuals and entities involved in the alleged monumental fraud running into billions of Naira in the controversial Oil Prospecting Lease 245, the United Kingdom has returned the sum of $73 million seized in connection with the fraud to the Nigerian Government. However, the name…
Oil prices hit 2018 lows over global supply glut
Oil prices slumped to 2018 lows on Friday in thin but volatile trading, dropping over concerns of a global supply overhang amid a bleak economic outlook. Even plans by the Organisation of the Petroleum Exporting Countries (OPEC) producer group to start withholding supply in 2019 to rein in any glut did not provide much support…
Exploration: NNPC advocates new funding options for operators
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) says it is devising new ways to attract more funding for operators in Nigeria’s oil and gas industry to launch them into a new phase of exploration. The operators have been grappling with funding challenges which has cut down investment in oil exploration. Group Managing Director…
Total moves to minimise sea accidents
French oil giant Total has called for enforcement of use of life jackets by sea farers before embarking on trips on waterways to minimise accidents. The Executive General Manager, Corporate Social Responsibility of Total Upstream Companies in Nigeria, Mr Vincent Nnadi, made the call at the 2018 Marine Safety Awareness Campaign for River Niger waterways…
Russia, OPEC to sign partnership deal
Russia is planning to sign a partnership agreement with Organisation of Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday. Novak said the deal would be discussed at the OPEC December 6 meeting. The News Agency of Nigeria (NAN) reports that on September 11, Novak said that he believed OPEC and their allies within…
N800bn subsidy debt: Oil marketers appeal to FG
Oil marketers on Sunday appealed to Federal Government to effect quick payment of its outstanding N800 billion subsidy debts. The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), made the appeal in a joint interactive session with journalists in Lagos. They urged government…