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Tuesday, July 7, 2020

NNPC secures $1.16m grant from USTDA for 1,350mw power plant

The Nigerian National Petroleum Corporation, NNPC, yesterday, said it has secured a $1.16 million grant from the United States Trade and Development Agency, USTDA, being part funding for the 1,350 megawatts, MW, electricity NNPC-Abuja Independent Power Project, IPP. In a statement in Abuja, Group Managing...

Era of $100 per barrel oil is over as Nigeria, other African oil states lure selective investors with new deals

* Africa faces lower output, disappointing bid rounds * Changes include revisions to taxes and royalties * Cheaper renewables, demand “peak” driving change * Nigeria raised amount firms pay government for deepwater By Libby George CAPE TOWN, Nov 11 - The Era of $100 per barrel is coming...

Senate to support $10bn NLNG investment in gas sector

The Senate is throwing its full weight behind the 10billion dollars Train seven Project investment in the nation’s gas sector, by the Nigeria Liquefied Natural Gas ( NLNG). It also urged Nigerians to actively participate in the project which would create 10,000 new...

Oil Worth $42bn Stolen In Nigeria Within Nine Years – NEITI

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said that Nigeria lost about $42 billion to crude theft as well as domestic and refined petroleum products losses between 2009 and 2018. This is according to the latest edition NEITI’s Policy Brief titled “Stemming the Increasing...

Dangote refinery’ll reduce fuel imports in West Africa –OPEC

The Organisation of Petroleum Exporting Countries has said the refinery being built by Dangote Group is expected to reduce the need for fuel imports in West Africa. OPEC, in the current edition of its World Oil Outlook, noted that the refinery would refine as much...

How Nigeria’s Bid To Boost Oil Royalties Could Backfire

What Happened After years of unsuccessful efforts to change oil production regulation, Nigeria's National Assembly has finally passed a bill to overhaul Abuja's relationship with the globe's major oil companies. On Oct. 29, the parliament voted to amend the Deep Offshore and Inland Basin Production...

Dangote Refinery will be a game changer for Nigeria’s economy – Sylva

The Minister of State for Petroleum Resources, Chief Timipre Sylva, has stated that the 650,000 per day capacity Dangote Refinery and Petrochemical Plant, which is under construction, will be a success story coming out of Nigeria. The minister also pledged the support of the federal...

Nigeria’s royalty will spark drop in deepwater output, group warns

A new bill increasing taxation on Nigeria’s oil industry would drive a decline in deepwater production of around 20% by 2023, industry group Oil Producer Trade Section (OPTS) has said. A note from the group provided to Energy Voice said the Deep Offshore and Inland...

Aberdeen based oil explorer suffers setback at Nigerian oil well

As Eland Oil & Gas suspends operations after component fails during drilling Aberdeen-based Eland Oil & Gas has suspended well operations at one of its promising Nigerian sites due to technical problems. The firm has been operating in West Africa with a focus on Nigeria...

Nigeria’s Dangote Refinery not interested in crude-for-fuel swap deal, targets mid-2021 for lunch

Nigeria’s Dangote refinery, which is being built privately by Africa’s richest man, is scheduled to be at full capacity in the middle of 2021. The refinery in Lagos will be ready for commissioning at the beginning of 2021, with full capacity reached by the end...
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