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Saturday, June 6, 2020

Nigeria to hands off refineries to investors on basis of O&M after rehabilitation –Kyari

The Nigerian National Petroleum Corporation (NNPC) has said that the corporation would not be involved in the management of the nation’s refineries after their rehabilitation. According to statement from Kennie Obateru, Group General Manager, Group Public Affairs Division, in a televised interview in Abuja...

FG queries huge expenditure on moribund refineries

The Federal Government has revealed that it spent N1.5 trillion on fuel subsidy in 2019. Senior Special Assistant to the President on Niger Delta Affairs, Senator Ita Enang, disclosed this in a communiqué in Abuja. The communiqué was issued after a consultative meeting between a...

Dangote refinery to spur Nigeria’s lead refinery capacity growth in Africa by 2023

With Dangote's 65000 barrels per-day refinery in full operation from 2021, Nigeria is expected to lead refinery capacity additions from planned and announced refineries (new-build) in Africa by 2023. Aliko Dangote, Africa’s richest man, will begin oil production from two assets he snapped up from...

Nigeria imposes offshore oil worker restrictions in coronavirus battle

YENAGOA, Nigeria - Nigeria’s petroleum regulator has ordered oil and gas companies to reduce their offshore workforce and move to 28-day staff rotations as part of measures to curb the spread of the coronavirus, according to a circular seen by Reuters. A man walks...

Dangote refinery to produce 20,000 bpd oil from July – Official

Africa’s richest man, Aliko Dangote, will begin production of oil from two assets he snapped up from Royal Dutch Shell Plc in July, adding a new source of income to a fast-expanding business empire. In an interview with Bloomberg, the group executive director at Dangote...

U.S. blames ‘state actors’ for shocking oil markets, pleads for calm

Timothy Gardner (Adds Treasury Secretary Mnuchin, details) By Timothy Gardner WASHINGTON, March 9 (Reuters) - The Trump administration on Monday accused “state actors” of touching off an historic slump in global oil prices, and urged Russia’s ambassador to the United States to consider the importance of calming...

NNPC’s trading surplus declines 70% to N3.95bn in one month

Abuja — A significant decline was recorded in the bottom line figures of the Nigerian National Petroleum Corporation, NNPC, in November 2019, as it posted trading surplus of N3.95 billion, dropping by 70.14 per cent from a surplus of N13.23 billion recorded in the...

Nigeria to back $2.59 bln Ajaokuta-Kaduna-Kano natural gas pipeline gas pipeline with sovereign guarantee

ABUJA, March 4 - Nigeria will issue a sovereign guarantee to back the bulk of a gas pipeline that is a core part of the government’s energy strategy, Finance Minister Zainab Ahmed said on Wednesday. The Ajaokuta-Kaduna-Kano natural gas pipeline aims to enable Nigeria...

Occidental Petroleum could trim 2020 spending on coronavirus impact

Feb 28 - Occidental Petroleum Corp Chief Executive Vicki Hollub said on Friday that the company is ready to reduce spending this year if oil markets continue to be roiled by global coronavirus fears. "As global commodity prices have declined sharply in recent days,...

Nigeria need reforms in energy sector to avoid looming 35% drop in oil output – Analyst warns

ABUJA, March 1 - Cost increases and uncertainty in Nigeria’s crucial energy sector could lead to a 35% decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in new research due to be published on...