May 2, 2014
NNPC to increase crude oil reserves, production

THE Nigerian National Petroleum Corporation (NNPC), has embarked on fresh exploration campaigns in offshore, onshore and the inland basins of Chad, Anambra, Benue, Bida and Sokoto Dahomey to increase the country’s crude oil reserve and production.  Specifically, NNPC expects the outcome of the programme to boost the national crude oil reserve and production to 40…

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December 2, 2013
Why kerosene price remains high, by PPPRA

The Executive Secretary of the PPPRA, Reginald Stanley, has identified factors responsible for the high cost of kerosene at the retail end in the country. He listed the challenges to include long chain of handling, smuggling because of the huge arbitrage in price, use of kerosene in diesel blending and fuelling aircraft as well as…

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December 2, 2013
AfDB commits N10.4b to Africa energy fund

African Development Bank (AfDB) has approved a $65-million (N10.4 billion) equity investment package in the Africa Renewable Energy Fund (AREF) comprising $25 million from its statutory resources, $35 million from the Sustainable Energy Fund for Africa (SEFA) and $4.5 million from the Global Environment Facility (GEF). AREF is a private equity fund that will invest…

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December 2, 2013
Nigeria’s refineries, battle for survival

Nigeria, a nation blessed with abundant hydrocarbon resources, has been known for its much brouhaha on issues that border on its energy sector, due to reliance on the industry for the nation’s economic survival. From fuel pump price increase to subsidy saga, crude oil theft to pipeline vandalism, the debate has now shifted to the…

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November 20, 2013
Oil Sector Lost N60.8 Trillion in 30 Years

NIGERIA’S inability to locally generate local content in men and materials needed in driving its oil and gas industry has resulted in the loss of an estimated $380 billion in the last 30 years, the Executive Secretary of Nigerian Content Development and Monitoring Board (NCDMB), Ernest Nwapa, has said. Speaking Tuesday at the opening of…

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November 11, 2013
Total invests N15b in downstream operations since 2010

•Plans 60 new filling stations TOTAL Nigeria Plc has estimated its downstream investment in Nigeria between 2010 and 2013 at about N15 billion ($100 million), even as it unfolds plans to build additional 60 new filling stations across the country. According to the company’s Managing Director, Alex Vovk, the investment profile was made in line…

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November 7, 2013
NNPC’s monopoly, parlous refineries behind kerosene scarcity, says Rep

INDICATIONS have emerged that the monopoly of importation by the Nigerian National Petroleum Corporation (NNPC) and the poor state of Nigerian refineries are the major factors responsible for scarcity of Dual Purpose Kerosene (DPK) in the country. The Chairman, House Committee on Petroleum Downstream, Dakuku Peterside, who made this known at a seminar organised by…

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November 7, 2013
Nigeria’s crude oil earnings drop by 22.2% in 2012

Revenue from Nigeria’s crude oil and gas exports fell significantly by 22.2 per cent to N1, 780.9 billion, according to the 2012 yearly report of the Central Bank of Nigeria (CBN). Besides, it said that the combined capacity utilisation of the country’s three refineries fell by 3.6 percentage points, below the level of 34.7 per…

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November 5, 2013
Shell records $300m drop in profit on refining cost, disruptions in Niger Delta

ROYAL Dutch Shell has recorded a decrease in its third quarter earnings from $6.2 billion it earned last year to $4.2 billion in 2013. Shell blamed weak refining margins across the industry and the deteriorated security situation in Nigeria for 31per cent drop in third-quarter profits to $4.25 billion. Shell said it took a $300…

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November 5, 2013
Govt spends N634b on kerosene subsidy in three years

FACTS have emerged that the Federal Government may have spent about N634 billion to subsidise Dual Purpose Kerosene (DPK) in the last three years. This figure, which was disclosed by the Chairman, House Committee on Petroleum Downstream, Dakuku Adol Peterside, represents one third of the nation’s expenditure on capital projects in a year. Peterside, who…

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October 31, 2013
Oil Resource Curse and the Yamani Syndrome

ALL in all, I wish we had discovered water’. These words have been attributed to Ahmed Zaki Yamani, Saudi’s Minister of Petroleum and Mineral Resources from 1962 to 1986. At the height of the 1973 oil embargo, which saw the Arab world virtually re-defining the nature of international economic relations, Yamani cautioned at the peak…

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October 30, 2013
Crude oil theft: Another face of terrorism, says Alison-Madueke

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, has declared that the incidence of oil theft and its global support system represents another face of terrorism.She argued that the development remained a clog in the wheel of the nation’s high economic growth trajectory.Alison-Madueke stated this in London recently while delivering the Keynote at the Powerlist…

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October 30, 2013
Oil resource curse and the Yamani syndrome

ALL in all, I wish we had discovered water’. These words have been attributed to Ahmed Zaki Yamani, Saudi’s Minister of Petroleum and Mineral Resources from 1962 to 1986. At the height of the 1973 oil embargo, which saw the Arab world virtually re-defining the nature of international economic relations, Yamani cautioned at the peak…

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October 30, 2013
Angola in exploration frenzy

Angola is the busiest site for wildcat exploration drilling among Africa’s top three oil producers. Over eight exploration wells were being drilled between August and September 2013. Whereas Nigeria’s rig count is the highest, at 43, in September 2013, the focus by the country is on production wells. Libya’s oilfield activity has been so shaken…

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October 30, 2013
Nigeria’s oil production to hit 2.70mbpd by 2020, says report

THE latest international report in the industry has projected a brighter future for the nation’s oil output, which is estimated to hit 2.70 million barrels per day (mbpd), by 2020. The United Kingdom based Business Monitor International (BMI) also suggested that 2013 oil production would be lower than 2012 output, linking the possible drop to…

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October 30, 2013
Oil marketer forged documents in N963.7m subsidy payment, says witness

A PROSECUTION witness, Mr. Ihechukwu Ireogbu, Tuesday told an Ikeja High Court, Lagos, presided over by Justice Lateefat Okunnu, that an oil marketer, Rowaye Jubril, forged some documents to fraudulently obtain N963.7 million subsidy payment from the Federal Government. Ireogbu, the managing director of MGI Inspection Limited, testified at the ongoing trial of Jubril and…

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October 4, 2013
Akwa Ibom plant to generate 100 mmcf of gas daily

INVESTORS in the Akwa Ibom Gas Plant have affirmed that the first phase of the facility will be ready to supply 100 million metric cubic feet (mmcfpd) of gas per day. The gas plant, supported by the Akwa Ibom Government under the Public Private Partnership (PPP), is a joint venture between Seven Energy and Frontier…

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October 4, 2013
Police arraign two new oil subsidy suspects

THE police on Thursday arraigned two new oil marketers, Chinyerem Nweze and Olaniran Ogundipe, before a Federal High Court Lagos, over alleged N1.3 billion subsidy fraud. They were charged together with their companies, Geacan Energy Limited and Petroleum Brokers Limited, on a six-count charge bordering on conspiracy and fraud. But they pleaded not guilty to…

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October 4, 2013
NEC approves N15b to tackle oil theft

• FG gets N4.8b loan to fight poverty DETERMINED to tackle persistent oil theft in the Niger Delta, the National Economic Council (NEC) yesterday approved N15 billion to be used in equipping the security agencies to enable them effectively deal with the matter. Meanwhile, the Federal Government has just obtained N4.8 billion (about $300 million)…

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October 4, 2013
Sovereign wealth fund raises hope for second Niger Bridge, aviation, others

WITH the inauguration Thursday of the Council and Board of the Nigerian Sovereign Investment Authority (NSIA), the provision of such critical infrastructure as the second Niger Bridge, Gurara Dam Phase 2, seaports and aircraft leasing company, would only be a matter of time. At their inauguration in Abuja, President Goodluck Jonathan challenged Nigerians to imbibe…

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September 17, 2013
Constitution review, PIB, others top agenda as Reps resume

KEY issues, including the task of completing the constitution review process, the Petroleum Industries Bill (PIB), consideration of committee reports and strengthening of the oversight functions of the legislature will form the crux of business in the House of Representatives when the parliament resumes on Tuesday from its annual recess.  Chairman, House Committee on Media…

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September 10, 2013
NEITI cautions against indiscriminate award of oil prospecting licences

THE Nigeria Extractive Industries Transparency Initiative (NEITI) has called for transparency in the acquisition and awards of oil prospecting licences and mining leases. The Executive Secretary of NEITI, Mrs. Zainab Ahmed, made the call at the appraisal workshop for awardees of oil prospecting licenses organised by the Directorate of Petroleum Resources (DPR). Represented by the…

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September 10, 2013
PIB: Why NASS needs patriotism

SINCE the latest drafting of the Petroleum Industry Bill (PIB) by its Technical team led by Group Executive Director of Nigerian National Petroleum Corporation, (NNPC), Engr. Abiye Membere, the sector has expectedly been witnessing deluge of reactions from stakeholders. The exercise is viewed by most opinion leaders as an excellent effort by the foresighted honourable…

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September 6, 2013
3,936 Nigerian doctors practise in UK

NIGERIANS and other nationals top the list of foreign doctors practising in the United Kingdom (UK), according to the British National Health Service (NHS).  A fact sheet on the number of registered doctors in 2012 published by DailyMailOnline showed that India tops the list with 25,336 doctors; Pakistan, 8,998; South Africa, 5,695; Ireland, 4,010; Nigeria,…

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