April 25, 2014
NNPC Seeks Swift Embrace of Cooking Gas by Nigerians

The Nigerian National Petroleum Corporation (NNPC) has said that it is ready to reinvigorate and increase the domestic consumption of Liquefied Petroleum Gas (LPG), which is also known as cooking gas across the length and breadth of Nigeria. It stated in a statement yesterday in Abuja of its willingness to encourage greater use of cooking…

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April 25, 2014
NOSDRA partners military to tackle oil pollution

The National Oil Spill Detection and Response Agency has entered into partnership with the Nigerian Army to tackle the menace of oil spill and environmental degradation caused by the activities of multinational oil companies across the country. According to the agency, the partnership became critical as a result of the rising cases of oil pollution…

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April 25, 2014
Engota to Acquire Assets in Nigerian Oil Industry

New investment fund, Engota, will begin working internationally within the finance industry to build a portfolio of oil exploration and production assets in the lucrative Nigerian market, the Business Wire reported yesterday. “Nigeria holds some of the richest and lowest cost of production oil deposits in the world. Engota’s indigenous status opens the door to…

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April 23, 2014
Nigeria’s Power Sector Requires 10,000km Gas Pipelines, Says GE Boss

The President and Chief Executive Officer (CEO) of General Electric (GE) Nigeria, Dr. Lazarus Angbazo, has stated that Nigeria requires 10,000 kilometres of gas pipelines to power the country’s electricity sector. Speaking to select journalists in Lagos at the weekend, Angbazo said gas supply was probably one of the biggest challenges facing the country’s power…

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April 23, 2014
Onshore Divestment by IOCS on the rise

There are growing concerns over the rise in the level of divestment in Nigeria’s Delta region by the international oil companies (IOCs). Records indicated that before the end of this year, about 22 oil blocks mostly in the onshore basin of the Niger Delta, will be sold by the IOCs as part of their efforts…

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April 23, 2014
Nigerian Firms Win Big in $40 billion Oil Contract Awards

The Nigerian National Petroleum Corporation (NNPC) has awarded yearly crude oil lifting contracts worth about $40 billion to mostly Nigerian companies, and by so doing, downsizing contracts awarded to international oil traders.In a break with tradition, no contracts were given directly to foreign traders such as Glencore, Trafigura and Vitol, with only Switzerland’s Mercuria winning…

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April 23, 2014
$5bn Oil blocks sale: EFCC, ICPC, Foreign Govt. to scrutinize bidders

THE allocation of $5 billion four oil wells from which Shell is divesting its holdings in Nigeria will be done under very strict scrutiny by global anti-graft institutions as well as foreign governments.     The agencies are said to be working in league with the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices…

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April 16, 2014
Nigerian power firm secures $255m capital

Nigeria’s oil firm Seven Energy said on Tuesday it had secured $255 million in equity funding from global investors, including Singapore’s Temasek, to boost gas supply to the country’s ailing power sector.

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April 16, 2014
NSE Woos Oil Exploration Firms for Listing

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has urged companies in the oil and exploration to list their shares on the Nigerian bourse  and enjoy the benefits that exist in the capital market. Onyema made the call on Monday during the listing of Seplat Petroleum Development Company Plc on…

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April 15, 2014
SEPLAT BECOMES FIRST OIL FIRM LISTED ON STOCKS MARKET

Seplat Petroleum Development Company Plc, yesterday, became the first indigenous Nigeria crude oil production company to be listed simultaneously on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE). This development occurred just as the Minister of Petroleum Reourses Diezani Alison Madueke promised to lead other oil firms to the capital market.Seplat has listed…

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April 15, 2014
FG grants Mobil licence to build 575MW power plant

The Nigerian Electricity Regulatory Commission, NERC, has granted operating licence to international oil company, Mobil Producing Nigeria Unlimited, MPN, to build and operate a 575-megawatt power plant in Eket, AkwaIbom State. Head, Public Affairs Department at NERC, Dr. Usman Abba Arabi, said in a statement that the planned power plant will boost Nigeria’s power sector….

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April 15, 2014
Shale: Nigeria’s crude export to US declines by 91%

NIGERIA has started to witness the negative effect of shale oil exploration in the United States of America, USA, and other parts of teh world, as Nigeria’s crude oil export to North America dropped by 91.31 per cent in one year. Specifically, data obtained from the Nigerian National Petroleum Corporation’s, December 2013 Petroleum Information, disclosed…

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April 15, 2014
Nigeria Pays $10m to Ghana over Failure to Meet Gas Supply Agreement

The Federal Government has paid $10 million to Ghana as compensation for Nigeria’s failure to meet the gas supply agreement it entered with latter. Under the agreement signed in 1999,  Nigeria was required to supply Ghana with 123 Million Metric British Thermal Units (MMBtu) per day. However, Nigeria was said to have failed to meet…

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April 15, 2014
Gas supply hits one trillion cubits in Nigeria

The recurrent problem of gas supply to power plants across the country, noted as one of the critical issues that require urgent attention to stimulate efficient power delivery in the country, will soon be a thing of the past, as the nation’s gas reserves has hit over one trillion cubits.   Speaking at the closing…

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April 15, 2014
Nigeria Planning Country’s First Nuclear Power Plant

Nigeria is the largest oil producer in Africa and is currently the world’s 12th largest oil producer, pumping 2.25 million barrels per day. Nigeria in 2012 was also the world’s fourth leading exporter of LNG. According to the U.S. government’s Energy Information Administration, “Nigeria has one of the lowest net electricity generation per capita rates in…

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