April 5, 2016
Fuel Crisis: IOCs Agree to Sell Forex to Oil Marketers- NNPC

from Vanguard News Michael Eboh The Nigerian National Petroleum Corporation, NNPC, yesterday, disclosed that a number of international oil companies, IOCs, in the upstream oil and gas sector have agreed to provide foreign exchange for oil marketing companies for the importation of premium motor spirit, also known as petrol. Speaking during a tour of petrol…

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April 1, 2016
Fuel Crisis: PPPRA Re-Engages Private Oil Marketers to Ease Pressure

From Thisday Ejiofor Alike The Petroleum Products Pricing Regulatory Agency (PPPRA) has released the second quarter petrol import allocations to the Nigerian National Petroleum Corporation (NNPC) and the private oil marketing companies, a development that will potentially ease the current product shortages, THISDAY has learnt. THISDAY also gathered that as part of the measures to…

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April 1, 2016
NNPC Failed To Remit 66% Of Sales Proceeds In H2 2015 – Report

From BizWatch Nigeria A UK based natural resources accountability group, Natural Resource Governance Institute, NRGI, has disclosed that Nigerian National Petroleum Corporation, NNPC, retained 66 per cent of sales proceeds in the second half of 2015. The report which was released on Thursday, March 31, noted that what the Corporation retained for the period under…

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April 1, 2016
China reduces import of Nigerian crude oil

Punch Newspapers Nigeria saw its share of China’s crude oil imports shrink by 7.5 per cent last year as the world’s largest energy consumer reduced its import of Nigerian crude to 10.56 million barrels. China’s crude import from Nigeria stood at 11.41 million barrels in 2014, data obtained on Monday from the Nigerian National Petroleum…

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May 11, 2015
There Isn’t Enough Petrol to Lift – NUPENG

Despite last week’s claims by the Nigerian National Petroleum Corporation (NNPC) that it has 1.2 billion litres of petrol in stock, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), on Sunday evening there are no products for its members to load from the various depots. The union therefore called on Nigerians to direct…

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May 4, 2015
Brent crude rises above $67 per barrel

The price of oil rose to $67 a barrel on Monday from $64 due to expectations that the crude supply glut would end soon. Earlier on Friday, oil services firm, Baker Hughes Inc., said prices might further rise due to the number of U.S. active rigs that had fallen for a record 21 weeks in…

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April 27, 2015
NERC calls for review of gas supply to generation plants

The Chairman of Nigeria Electricity Regulation Commission, NERC, Dr. Sam Amadi, has called for the separation of gas supply to power generation plants from the Nigerian National Petroleum Corporation, NNPC, to guarantee regular power supply. Amadi, told journalists through an email last week that the poor power supply being experienced at the moment could be…

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April 21, 2015
Reviving Nigeria’s moribund oil industry

With perceived executive high-handedness, long contracting cycle, crude oil theft and non-passage of the Petroleum Industry Bill (PIB), among others, Ejiofor Alike writes that the incoming administration has enormous task to revatilise the moribund oil and gas sector, restore the confidence of investors and reposition the industry on the path of sustainable growth. In recent…

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April 1, 2015
External reserves fall to $29.79bn

The nation’s foreign exchange reserves fell by 4.9 per cent to $29.79bn on March 30, from $31.35bn in February, data from the Central Bank of Nigeria on Tuesday showed. Year-on-year, the reserves fell by 21.3 per cent from $37.83bn in March 2014 to stand at the new balance of $29.79bn on Monday, the data showed….

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March 20, 2015
NOSDRA and Omni-Blu aviation firm partner to improve management of oil spills

The National Oil Spill Detection and Response Agency (NOSDRA) has entered into agreement with Omni-Blu Aviation Limited to use specialised aircraft (air tractors) for oil spill combat emergency in Nigeria. The deal is under Public Private Partnership (PPP) with annual subscription – payable by all international oil companies and other industry operators based on average…

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March 18, 2015
Oil spills in Nigeria are a ‘National Emergency’ – Amnesty International

Amnesty International on Thursday said two major oil companies operating in Nigeria, Shell and ENI, reported a combined 553 oil spills in 2014, a “seriously alarming” figure that qualifies as a “national emergency.” The rights watchdog said that analysis of the latest figures released by both companies established that Anglo-Dutch Shell reported 204 spills last…

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March 11, 2015
Nigeria increases export trade to N17.2trn

The value of external merchandise exported from Nigeria rose sharply in 2014 from 14.2 trillion in 2013 to 17.2 trillion, showing an increase of 20.8 per cent. However, the hope of increasing non-oil trade was yet to materialise as crude and mineral products accounted for the bulk of the exports. According to the 2014 foreign…

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March 10, 2015
Oando Begins Production On Qua Iboe Field

Oando Energy Resources Inc. has completed all civil and pipeline works associated with the Qua Iboe field and associated crude delivery and sales infrastructure, with commercial oil production from the field’s reservoirs now at an initial rate of 2,150boepd gross to the partners. Oando Energy Resources holds a 40 per cent working interest in the…

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March 3, 2015
PMS scarcity worsens as FG assures of adequate supply

Fuel scarcity that hit parts of the country recently continued yesterday in many parts of the nation, Daily Trust gathered. Reports from various states say there were long queues at the few filling stations that are dispensing fuel yesterday. But the Nigerian National Petroleum Corporation (NNPC) and its downstream subsidiaries have assured that the scarcity…

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February 23, 2015
Shell’s N25 billion compensation excites Bodo Community

Bodo community in Gokana Local Government Area of Rivers State appears to be enjoying a new vista following the payment of N25 billion oil spill compensation by the Anglo-Dutch oil giant, Shell Petroleum Development Company of Nigeria (SPDC). Our correspondent, who visited the area, last Thursday, said the community was agog with construction of new…

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February 10, 2015
Over $1.48 billion in remittances owed to FG – Highlights of PWC’s Forensic Audit on NNPC

For those who care for this, found it on the Facebook page of Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala Highlights of Investigative Forensic Audit done by Pricewaterhouse Cooper into the allegations of unremitted Funds into the Federation Accounts by the NNPC for the period January 2012 to July 2013….

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February 4, 2015
NNPC – Nigeria’s current daily crude oil losses through vandalism at 60,000 barrels (N535 million)

The Nigerian National Petroleum Corporation (NNPC) has deplored the recent increase in attacks on crude oil and gas pipelines, pointing out that the Escravos-Lagos Gas Pipeline was vandalized with four breaks over the weekend. The Group Executive Director (GED) Gas and Power of the Corporation, Dr. David Ige, who revealed this in a television interview…

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February 3, 2015
Pre-election Jitters?: Foreign investors withdrew $4.5bn from Nigerian Stock Market in 2014

Foreign investors sold off Nigerian stocks valued at N846.5 billion ($4.5 billion) last year, the Nigerian Stock Exchange (NSE) data showed on Monday. This was 65 per cent more than in 2013 as decline in oil prices and the naira currency depressed sentiment. Reuters reported that with an Islamist insurgency raging in the country’s north…

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February 2, 2015
Oil shock: FG reduces its capital budget for JV oil operations by 40% to $8.1 billion

Following the dwindling oil prices in the global market, the Federal Government has directed Joint Venture Companies, JVCs, to cut their 2015 budgets by 40 per cent. The National Petroleum Investment Management Services, NAPIMS, which issued the directive on behalf of the government, reminded them that the budgets were drawn early in 2014 when crude…

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January 21, 2015
Nigeria pays Ghana $10m in default of energy agreement

Nigeria has paid the sum of $10m to Ghana in breach of contract for failing to supply gas as spelt out in the West African Gas Pipeline project agreement. This was disclosed by Ghanaian President John Mahama while visiting Germany. President Mahama said the country’s power plants that rely on gas from the West Africa…

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January 18, 2015
FG reduces PMS pump price to 87 Naira per litre

The Nigerian government has announced a reduction in the fuel price of petrol from N97 per litre to N87 per litre. The Minister of Petroleum Resources, Diezani Alison-Madueke, said at a press conference at the presidential villa, Abuja, on Sunday that the new price regime would take effect at midnight today. Mrs. Alison-Madueke said the…

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January 14, 2015
DPR to revoke non-performing Marginal Fields by March 2015

The Federal government has announced plans to revoke the licences of the operators of non-perfoming or idle fields, especially the marginal field owners, in March this year. The country has 315 oil fields in total but out of this number, only 218 are currently productive with about 97 oil fields lying idle. This is despite…

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January 14, 2015
Nigeria Loses Over $6 bn yearly to Crude Oil Theft – TUC Boss

The State Chairman, Trade Union Congress of Nigeria (TUC) Rivers State, Comrade Hyginus Chika Onuegbu has called on governments at all levels and other employers to, instead of seeking to embark on reducing the workforce in their ploy, following austerity, they should cut down on some of the wasteful spending on political hangers, other executive…

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January 8, 2015
Nigerian Professor Develops Effective Corrosion MGT Methods in Oil Industry

A PTDF researcher and associate Professor of Petroleum Microbiology/Microbiotechnology from the Federal University, Ndufu-Alike, Ikwo, Ebonyi State (FUNAI), Dr.Chuma Okoro, has developed the most cost effective method of managing souring and corrosion related problems in the global oil and gas industry. Dr. Okoro, who made this known during his presentation at the 2014 PTDF/FUNAI Technology…

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