Category: Oil & Gas

The Group Executive Director, Finance and Account of the Nigerian National Petroleum Corporation (NNPC), Mr Isiaka Abdulrazak has disclosed that the corporation recorded a trading surplus of N250 billion in 2016. Abdulrazak said this in a quarterly publication of the NNPC, a copy of which was obtained by the News Agency of Nigeria (NAN) on…

By Oke Peter The National Engineering and Technical Company Limited on Friday announced that its profit before tax for the 2017 financial year dropped by 34 per cent to N3.26bn when compared with the previous year. NETCO, a subsidiary of the Nigerian National Petroleum Corporation, stated that the PBT decreased by 34 per cent when…

ExxonMobil has announced that production of liquefied natural gas (LNG) has safely resumed at the PNG LNG project in Papua New Guinea following a temporary shutdown of operations after a severe earthquake occurred in the region on Feb. 26. LNG exports are expected to resume soon. One train is currently operating at the LNG plant…

Total has pledged its support to create the United Nations Road Safety Trust Fund. As a founding member, Total will contribute $1 million to this prevention fund. Total’s pledge, under the scope of Total Foundation, is a contribution to achieve the United Nations Sustainable Development Goal which aims to halve the number of global deaths…

By Oke Peter The Department of Petroleum Resources (DPR) on Wednesday, accused oil marketers of using the name and logo of the Nigerian National Petroleum Corporation to cheat the public at the NNPC fillings stations by under-dispensing Premium Motor Spirit, popularly known as petrol. According to the DPR, such marketers must be cautioned by the…

MCEDD, the premier deepwater conference, continued on Tuesday afternoon and into today in Milan, Italy, with a timely mid-day keynote examination of the future of ultra-deep offshore activity, accompanied by a full slate of technical presentations on a variety of technical subjects. Following lunch on Tuesday, Total’s V.P. for Deepwater, Benoît Ludot, delivered a very…

Exxon Mobil Corporation has announced that the size of the natural gas resource at the P’nyang field in Papua New Guinea has increased to 4.36 trillion cubic feet of gas, an 84 percent increase from a previous assessment completed in 2012. The increase supports a potential significant expansion of operations in the country. The independent…

Nigeria, a member of Organization of the Petroleum Exporting Countries (OPEC), expects oil and gas investment to hit $40 billion in the next five years. OPEC, which made this known its upstream investment plans that was released recently, said that regardless of all the challenges and uncertainties, OPEC members continue to invest in additional upstream…

The Manufacturers Association of Nigeria (MAN) has sought government’s intervention in re-categorising gas users under the new gas policy, in a bid to manage the rising cost of production being borne by local producers. According to the manufacturers, while the articulation of the National Gas Policy, which has already been gazetted, is highly commendable, certain…

By Energy Worth About 160 projects, with an overall estimated cost of some $156 billion, are being undertaken by members of the Organisation of the Petroleum Exporting Countries (OPEC) in the oil and gas upstream sector. Besides, Nigeria, a member of OPEC, expects oil and gas investment to hit $40 billion in the next five…