May 2, 2014
Gas-to-Power: NNPC Turns to Local Security to Protect Pipelines

The Nigerian National Petroleum Corporation (NNPC) has said that it is greatly engaging local vanguards and vigilante groups to provide security coverage for its crude oil and gas pipelines that are located at the creeks of Niger Delta. NNPC said it has opted to maintain such strategies rather than providing financial settlements to local chiefs…

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May 2, 2014
FG, Shell, Others Lose $1bn to Closure of Forcados Export Terminal

The federal government and the International Oil Companies (IOCs), including Shell Petroleum Development Company (SPDC) and Chevron Nigeria Limited may have lost a total of $1billion to the closure of the Forcados Export Terminal, since March 4, 2014, THISDAY has learnt. Shell at the weekend confirmed that the export terminal has remained closed for over…

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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
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
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 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
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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March 4, 2014
NEITI Seeks Review of 445,000bpd Domestic Crude Oil Allocation to NNPC

The Nigeria Extractive Industries Transparency Initiative (NEITI) has asked for a quick review of the 445,000 barrels per day (bpd) domestic crude oil allocation to the Nigerian National Petroleum Corporation (NNPC). NEITI in a presentation to the House of Representatives on the Berne Declaration Report, which indicted the NNPC of inordinate crude oil trades, hinged…

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March 4, 2014
Ogbeifun: No Country Takes 13 Years to Sign a Bill Like PIB

Dr Brown Ogbeifun, Former President of Petroleum and Natural Gas Senior Staff Association of Nigeria, and former Deputy President-General of Trade Union Congress of Nigeria, Dr. Brown Ogbeifun, spoke with journalists on the protracted Petroleum Industry Bill before the National Assembly. Linda Eroke presents the excerpts What is your impression on the state of oil…

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March 4, 2014
Auditor-General: Constitution Bars Us from Auditing NNPC

Contrary to the testimony made last week by the Auditor-General for the Federation (AuGF), Mr. Samuel Ukura, before the House of Representatives’ Committee on Public Accounts that it had commenced the audit of the Nigerian National Petroleum Corporation (NNPC), his office has in another breadth disclosed that it is not empowered to audit the oil…

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March 3, 2014
NUPENG Accuses IOCs of Stalling Passage of PIB

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has accused international oil companies (IOCs) of stalling the passage of the Petroleum Industry Bill (PIB) currently before the National Assembly. The PIB was set up by the federal government to carry out a comprehensive review of the oil and gas industry, with the underlying…

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March 3, 2014
NEITI: Nigeria Loses $8bn Through Crude Oil Swaps

Nigeria may be losing an estimated $8 billion annually through the crude oil-for-refined products exchange arrangement, better known as crude oil swaps, which the Nigerian National Petroleum Corporation (NNPC) has with oil traders such as Trafigura, Vitol, Aiteo Energy Resources, Mercuria, Glencore, Taleveras Group Nigeria Limited, Sahara Energy Limited, Etena Oil and Gas Limited, Ontario…

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February 24, 2014
Ijegun Oil Spill to Blame for Fuel Scarcity in Lagos

Petroleum industry officials yesterday blamed the worsening fuel scarcity  across the Lagos metropolis on the recent oil spill at the Ijegun area of the state .   The spill had   flooded over 300 houses in the area, forcing the officials of the  Pipelines and Product Marketing Company (PPMC)  to lock the valve so as…

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February 24, 2014
PPPRA: NNPC is Recipient of Kerosene Subsidy Claim

It was a revelation galore Wednesday as the Executive Secretary of the Petroleum Products Pricing Regulatory Agency (PPPRA), Reginald Chika Stanley, told the House of Representatives Committee on Petroleum Downstream investigating the retention of subsidy on kerosene, that the  Nigerian National Petroleum Corporation (NNPC) was the recipient of subsidy claims accruing from the importation of…

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February 24, 2014
Senate Orders Committee to Conclude Work on PIB

One year after mandating the Joint Committee on Petroleum (Upstream, Downstream) and Gas to carry out further legislation on the controversial Petroleum Industry Bill (PIB), the Senate yesterday ordered the committees to henceforth conclude work on the bill and return it to the chamber for prompt passage.   Senate President, David Mark while giving the…

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February 24, 2014
We Are Not Selling Our Oilfield Company, Says Oando

Oando Plc has denied having any discussion with three investors on selling the Oando Energy Services (OES), its oilfield services division.   There were reports that the company planned to conclude the sale in the next two months to raise $330million for the acquisition of the ConocoPhillips’ Nigerian assets. But the spokesman of Oando, Dr….

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February 24, 2014
NNPC: Smugglers, Peddlers, Others Bane of Effective Kerosene Supply

Revelations emerged Tuesday that a combination of forces may have been working behind the scene to subvert the good intention of the federal government to provide kerosene to Nigerians at the subsidised rate of N50 per litre.   As a result of this and the increasing demand for the product by many Nigerians, the Nigerian…

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February 24, 2014
Finance Ministry Cannot Be Trusted with NNPC’s Forensic Audit, Says Senator

Senator Olubunmi Adetunmbi, representing Ekiti North senatorial district, Tuesday disagreed with a human rights lawyer, Mr. Femi Falana (SAN), that the National Assembly lacks the power to undertake forensic audit of   accounts of  the Nigerian National Petroleum Corporation (NNPC).   Adetunmbi, in a statement in which he defended the decision of the Senate Committee…

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February 24, 2014
Malabu Oil Block: House Recommends Restoration of Ownership to Abacha, Others

The House of Representatives ad hoc committee  that looked into the controversy surrounding the  Malabu Oil and Gas deal has recommended that the son of late Head of State, Muhammad Abacha and his partners, Kweku Amafegha and Pecos Energy Limited, be allowed to repossess Oil Prospecting Licence (OPL 245).  The licence, which was said to…

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February 24, 2014
FG Assures of Crude Oil Exploration in Chad Basin

The Federal Government has restated its unwavering commitment to the exploration of crude oil and gas in the Chad Basin inspite of all drawbacks.   It said the National Petroleum Investment Management Services (NAPIMS), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has continued with seismic acquisition activities in the Chad Basin frontier area,…

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February 13, 2014
$6.1bn investment to boost gas supply to power sector

Plans by the Nigerian Petroleum Development Company (NPDC) to invest $6.1 billion in its oil and gas operations are potentially seen to boost gas production that could ease pressure on the supply deficit that currently hinders the supply of electricity.   The NPDC plans to between now and 2018 grow its gas production to 900…

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February 13, 2014
Oil Majors Sell Nigerian Stakes Worth $6.5bn in 2013

International oil companies (IOCs) are divesting their stake in Nigerian oil fields. Shell, Total and Chevron are among the companies which have sold their stake in shallow water assets in Nigeria.   The three major companies have sold stakes worth $6.5 billion in 2013. Oando Energy Resources will soon take over ConocoPhillips energy business in…

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February 13, 2014
Kerosene Subsidy: NNPC Denies Flouting Presidential Order

The Nigerian National Petroleum Corporation (NNPC) has absolved itself of blame for flouting any presidential directive to discontinue the subsidy on kerosene as alleged by the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi.   THISDAY had exclusively obtained and reported the presidential directive given by the late President Umaru Musa Yar’Adua…

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