Monthly Archives: January 2018

Why oil exploration yet to start in Chad Basin – NNPC

  THE Nigerian National Petroleum Corporation (NNPC) has attributed security challenges to be the stumbling block in the exploration of oil in the Chad Basin. This was even as he said there are oil prospects in the basin General Manager, Frontier Exploration Services, Dr Mazadu Bako stated this during the 50th-anniversary celebration of Geology Department, […]

Oil production cost from Egina field put at $20 per barrel

  The cost of producing a barrel of crude oil from the Egina oil field by the Nigerian National Petroleum Corporation (NNPC) and Total Upstream Nigeria Limited (TUPNI) has been put at $20 per barrel, THISDAY reports.   The Group Operating Officer (GOO) Upstream of the NNPC, Mr. Rabiu Bello, disclosed this recently in his […]

Fuel depot price hits N165 per litre Jan 30, 2018

  Despite what seems like the best efforts of the Nigerian National Petroleum Corporation (NNPC) to end the protracted petrol scarcity in the country, the fuel supply situation may worsen as the price has hit N165 per litre at the depots, against the official price of N133.28, THISDAY reports.   A market survey showed that […]

NNPC, Total to Produce Oil from Egina Field at $20 Per Barrel

  The cost of producing a barrel of crude oil from the Egina oil field by the Nigerian National Petroleum Corporation (NNPC) and Total Upstream Nigeria Limited (TUPNI) has been put at $20 per barrel.   The Group Operating Officer (COO) Upstream of the NNPC, Mr. Rabiu Bello, disclosed this recently in his presentation at […]

Total, NNPC JV prepare for FID on new Ikike oilfield project

  While speaking at the arrival ceremony of the Egina floating production storage offloading (FPSO) unit, at the Ladol Island fabrication complex, offshore Lagos, Mr. Nicolas Terraz, Managing Director, Total Upstream Companies in Nigeria, said that the final investment decision (FID) on the Ikike oil field project is the next focus of Total and NNPC, […]

NNPC stinks despite regime change, says Bukola Saraki

• Senate president vows to expose culprits in high places • Corporation insists govt owing N170.6 billion subsidy Deep-Seated illegality and abuse of financial procedures still bedevil the Nigerian National Petroleum Corporation (NNPC) two years after a regime change, Senate President Abubakar Bukola Saraki declared yesterday in Abuja. Saraki said the problem had continued in […]

Kaduna Refinery Shut Over Lack of Crude

The Kaduna Refining and Petrochemical Company (KRPC) shut down operations on January 15 due to the non-availability of crude oil.   The Executive Director, Services, of KRPC, Abdullahi Idris, disclosed this to the News Agency of Nigeria (NAN) in Kaduna.   He said the refinery, whose fuel plant was inaugurated in 1980, was functioning at […]

CIF: Ship owners lack financial muscle to lift crude – Stakeholders

  The new arrangement by the Federal Government to make indigenous ship owners participate in the lifting of Nigerian crude oil has come under attack of some stakeholders. According to them, local ship owners do not have enough vessels to compete effectively with their foreign counterparts. They argue that any effort geared towards changing the […]

NPDC targets 500,000 bopd

  The Nigerian Petroleum Development Company (NPDC), one of the upstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC),  is to  increase its daily crude oil production to 500,000 barrels per day before 2022. The NPDC currently produces about 200,000 barrels per day and going by its work programme, it will increase to 300,000 barrels […]

Nigeria’s economy to be driven by oil revenue this year’

  A renowned economist and financial expert, Bode Agusto, has predicted that the nation’s economy will gain significant higher grounds this year, but will be driven by the crude oil market. According to him, though this would be possible because of the rise in oil price, which will oscillate between $60 and $80 per barrel, […]