Category: Oil & Gas

United States oil prices rose above $70 a barrel on Monday for the first time since November 2014 and Brent crude climbed to fresh highs, buoyed as a deepening economic crisis in Venezuela threatened the country’s already tumbling oil supply. According to the News Agency of Nigeria (NAN), Brent crude oil futures were at $75.59…

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has announced a three-point smart strategy aimed at ending gas flaring in the nation’s Oil and Gas Industry. Dr. Baru made the announcement while delivering the lead paper on a panel session at the ongoing 50th Offshore Technology Conference (OTC), in…

By Energy Worth The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, has disclosed that the country is expecting over $25bn worth of investments in the gas sector. He announced this on Wednesday in different panel sessions at the ongoing 50th Offshore Technology Conference in Houston, United States, according to…

By Energy Worth The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has ordered the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Maikanti Baru; the Director, Department of Petroleum Resources (DPR), Modecai Ladan; and Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Saidu Abdulkadir, to provide the information being sought by a human…

The Group Managing Director of the Nigeria’s National Petroleum Corporation (NNPC), Dr. Maikanti Baru said Nigeria’s participation at the annual Offshore Technology Conference (OTC) in Houston, Texas, United States of America, had grown from mere jamboree-like activity in the 1990’s to a fully-fledged engagement where indigenous oil services companies parade their competencies and proven job…

The Big Oil playbook has been straightforward for decades: Higher prices mean offshore projects that are further, deeper, more complex than ever before. It’s different this time, according to Royal Dutch Shell Plc. Deepwater projects need to break even at $40/bbl, or preferably lower, said Harry Brekelmans, Shell’s project and technology director, in an interview…

SABIC and ExxonMobil announced today that they have created a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8 million tonne ethane cracker currently planned for construction in San Patricio County, Texas. The facility will also include a monoethylene glycol unit and two polyethylene units. “We are very pleased…

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the target of the corporation is to make its foremost upstream subsidiary, the Nigerian Petroleum Development Company (NPDC), the number one exploration and production company in Nigeria. Dr. Baru, who spoke on the sidelines of the 18th Annual…

By Energy Worth The Federal Government has said that two of the 38 modular refineries granted licences to operate in the Niger Delta region will be completed and ready for inauguration by December this year. It noted that the President Muhammadu Buhari administration’s resolve to establish modular refineries was part of the long-term plan to…

By Oke Peter The Senate has declared as illegal the current payments by the Nigerian National Petroleum Corporation (NNPC) to augment the differentials between the landing cost of the Premium Motor Spirit (petrol) and the pump price. The legislature asked the corporation to stop further payment of subsidy, but should clear the arrears owed marketers…