27 C
Lagos, South Africa and New York
Saturday, June 6, 2020

FG to allocate 80% of crude lifting to NNPC

By Prince Okafor The Federal Government has disclosed its plan to allocate 80 percent of crude lifting to Nigerian National Petroleum Corporation, NNPC Trading, an arm of the Corporation which evolved from the merger of its trading companies. NNPC Trading, currently handles 40per cent of the...

ExxonMobil to Raise 2018 JV Budget for Nigerian Fields

By Chineme Okafor in Abuja United States oil firm, ExxonMobil has unveiled plans to raise its budget for funding joint venture (JV) operations in Nigeria’s oil and gas fields with the Nigerian National Petroleum Corporation (NNPC) in 2018. ExxonMobil’s Senior Vice-President, Mr. Jack Williams stated this...

Lagos gets $116m grants from USTDA to build 20, 000b/d modular refinery

The U.S Trade and Development Agency, USTDA, has awarded a $116 million grant to Eko Petrochemical & Refining Co. Ltd for a 20, 000 barrels per day modular refinery. A statement by the company said the fund is for a feasibility study to recommend technologies...

Nigeria LNG road delivery scheme to provide cheaper fuel

ABUJA, Aug 29 (Reuters) - Nigeria launched a scheme on Tuesday to transport liquefied natural gas (LNG) to regions not linked by pipeline, supplying power plants and industry with cheaper, cleaner fuel, officials said. Nigeria, a major oil producer, lacks refining capacity, so most crude...

NNPC, Total sign agreement to deliver without pipelines

The Nigerian National Petroleum Corporation (NNPC) Tuesday signed a Joint Venture agreement with the Greenville Oil and Gas Co. Limited and Total for the production and distribution of Liquified Natural Gas (LNG) from Rumuji, Rivers state without pipelines to other parts of Nigeria, especially...

Egypt signs oil and gas exploration deals with Shell, Apex

CAIRO  - Egyptian Oil Minister Tarek El Molla has signed three oil and gas exploration deals for 16 new fields in the Western Desert worth at least $81.4 million in total with Royal Dutch Shell and the U.S.-based Apex International Energy. The Petroleum Ministry said...

Nigeria’s NNPC shorts Shell, Chevron out of Plan to Extend $1bn Gas Pipeline to Cote d’Ivoire

• Only 70mmscf/d of gas available in the existing 150mmscf/d pipeline • NNPC to cut down third-party sales of Nigerian crude by 80% from 2018 By Ejiofor Alike Shell and Chevron, which are major shareholders in the Chevron-run West African Gas Pipeline Company Limited (WAGPCo), owners of...

Nigeria launches $200 mln fund to help local oil and gas firms

ABUJA, Aug 24 - Nigeria launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, the oil minister said, part of a government drive to improve access to low-cost credit across the economy. The Nigerian Content...

Pakistan eyes LNG deal with Nigeria, Algeria

The Pakistan government is set to ink a Liquefied Natural Gas, LNG) deal with Nigeria and Algeria, SweetcrudeReports has learned. According to a Pakistani newspaper, The Tribune Express, the deal is a multi-billion dollar one with state company, the Nigerian National Petroleum Corporation, NNPC. Pakistan currently...

Angolan Oil Bullish Amid Risks Elections Crisis

After Angola’s critical elections, the oil will still flow, unabated—despite talk of a potential opposition upset. Angola is—on any given day—Africa’s first or second-largest producer. In recent months, it’s been the second largest, but late last year and early this year, it had overtaken Nigeria...