Shell Petroleum Development Company of Nigeria Limited says it has increased the size of its contractor support fund by $200m in a bid to boost the financial capacity of vendors and suppliers in Nigeria’s oil and gas industry. The oil major said in a statement on Sunday that with the latest move, the fund size…
Mayowa Okekale – Abuja The gale of transparency and probity which has pervaded the operations of the Nigerian National Petroleum Corporation (NNPC) under the current dispensation received global affirmation over the weekend with the conferment of the highest discloser status by the global extractive industries watchdog, Extractive Industries Transparency Initiative (EITI). The accolade is the…
By Oke Peter The national power grid lost 1,770 megawatts in two days as generation fell below the 3,000MW mark on Friday, the latest data obtained by our correspondent on Saturday revealed. The total available electricity generation fell to 2,938.5MW as of 6am on Friday from 4,708.3MW on Wednesday. Data from the Nigeria Electricity System…
By Oke Peter Nigeria’s effort at ensuring local sufficiency in refined petroleum products was bolstered Thursday with the formal commencement of the first phase of the rehabilitation of the 210,000 barrels per day capacity Port Harcourt Refinery complex that comprises the 60,000 barrels per day old Refinery built in 1965 and the 150,000 barrels per…
By Tsvetana Paraskova Amid growing global concern about the overuse of plastic, Austria’s oil and gas group OMV and Austrian Airlines have partnered to turn the plastic cups the airline’s passengers have used into synthetic crude that could be later processed into fuels or other plastic products. OMV said on Friday that it had started…
By Irina Slav A senior United States government official has told Indian media that private local refiners had stopped importing crude oil from Venezuela, noting the cooperation of Indian companies in this respect. “My understanding is that Indian private companies, who were importing Venezuelan oil, have stopped,” the official, whose name was not disclosed, said…
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, disclosed on Thursday, in Port Harcourt, Rivers State, during the kick-off of the rehabilitation of the Port Harcourt refinery that: “It is my hope that sometimes in 2020, we will collectively sit here and celebrate 90 percent capacity utilisation in Port…
The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigeria LNG Limited will on Friday (today) sign the Nigerian content plan for the NLNG’s Train 7 project, estimated to cost $1bn. The Executive Secretary, NCDMB, Mr. Simbi Wabote, and the Managing Director, NLNG, Mr. Tony Attah, met at the board’s headquarters in Yenagoa, Bayelsa…
Supply cuts by the Organisation of Petroleum Exporting Countries (OPEC) and United States’ sanctions against Iran and Venezuela will push the oil market into undersupply and boost the cost of crude in coming months, Morgan Stanley forecasts. The investment bank previously said oil prices were more likely to fall after Brent crude topped $65 a…
By Oke Peter The operating deficit recorded by the nation’s refineries rose by 39 percent to N132.5bn in 2018, compared to the previous year, data from the Nigerian National Petroleum Corporation (NNPC) showed on Tuesday. The refineries posted a loss of N95.09bn in 2017, according to the NNPC data. The refineries, which are located in…
