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Shell subsidiary firm begins gas, power plant project in Aba cluster

By Nathan Nwakamma Yenagoa, Oct. 16, 2020 Shell Nigeria Gas Limited (SNG), a subsidiary of Royal Dutch Shell, has commenced the construction of a 40 megawatts power and gas plant to service the Aba business clusters. Mr Ed Udobong, SNG’s Managing Director, said this in a...

339 companies bid for 2020/21 crude oil sales contract – Kyari

By Edith Ike-Eboh Abuja, Oct. 15, 2020 No fewer than 339 companies are bidding for the 2020/21 sales and purchase of the Nigerian crude oil grades. The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari disclosed this at the 2020/2021 Crude oil tender...

NNPC cuts loss by 99.7% – Report

by Edith Ike-Eboh Abuja, Oct. 15, 2020 The Nigerian National Petroleum Corporation (NNPC) says it has recorded a 99.7 per cent reduction in its loss profile from ₦803billion in 2018 to ₦1.7billion in 2019. NNPC disclosed this in its 2019 Audited Financial Statement (AFS), released by...

Troops impound stolen products, destroy illegal refining sites in S/S

By Sumaila Ogbaje Abuja, Oct. 15, 2020 The Defence Headquarters says the troops of Operation Delta Safe have impounded large quantity of stolen petroleum products and destroyed many illegal refining sites in the South-South zone in the last one week. The Coordinator, Defence Media Operations, Maj.-Gen....

World Bank president commends FG for removing fuel subsidy

By Folasade Akpan Abuja, Oct. 14, 2020 Mr David Malpass, President of the World Bank Group, has commended the Federal Government for removing subsidies on petroleum products. He said this in Washington D. C. on Wednesday at the opening press conference for the World Bank at...

Oil prices slip as rising coronavirus cases stokes demand concerns

The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday that oil demand in 2021 will rise by 6.54 million barrels per day (bpd) to 96.84 million bpd, 80,000 bpd less than its forecast a month ago, as a...

Nigeria seeks additional reserves from 57 untouched marginal fields; targets oil reserves to 40 billion barrels

NNPC says to pressure lawmakers for quick passage of oil reform bill Lagos, Nigeria — Nigeria's oil industry regulator, the Department of Petroleum Resources, said Oct. 13 that the country is now aiming to increase its oil reserves, including condensates, substantially to 40 billion barrels...

Eni seeks World Bank’s arbitration against Nigeria over oilfield dispute

MILAN/LAGOS - Eni (ENI.MI) has filed a request for arbitration against Nigeria at the World Bank's dispute settlement body and plans to argue that the country's failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell (RDSa.L) nearly a...

World Energy Outlook 2020 shows how the response to the Covid crisis can reshape the future of energy

It has been a tumultuous year for the global energy system. The Covid-19 crisis has caused more disruption than any other event in recent history, leaving scars that will last for years to come. But whether this upheaval ultimately helps or hinders efforts to accelerate...

Nigeria’s Delayed Oil Reform Bill to Get Lawmakers’ Backing, Kyari Says

By Elisha Bala-Gbogbo The head of Nigeria’s state oil company expressed confidence that the nation’s long-delayed oil and gas industry reforms will be passed by Parliament. The Petroleum Industry Bill, legislation that has been two decades in the making, seeks to overhaul the laws that govern...
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