Monthly Archives: January 2018

NNPC account feels strain as petrol landing cost nears N180/litre

  Analysts have said that the account of the Nigerian National Petroleum Corporation (NNPC) is increasingly becoming over-burdened as the landing cost of petrol has risen following the recent surge in global oil prices, Daily Trust reports.   The price of crude oil hit more than a three-year high at the beginning of last week […]

Operators project Nigeria’s LPG market to grow to $10b in 5yrs

  Operators under the aegis of the Nigeria Liquefied Petroleum Gas Association (NLPGA), say they have projected the value for Nigeria’s Liquefied Petroleum Gas (LPG) market in the next five years to hit over $10 billion, The Nation reports.   The Chairman, Safety & Technical Committee of the NLPGA and Deputy President of the association, […]

Operators mull building Nigeria’s LPG market to $10b

Players in the Nigeria’s Liquefied Petroleum Gas (LPG) subsector are putting measures in place to grow the LPG market to $10 billion in the next five years.   The players, under the aegis of the Nigeria Liquefied Petroleum Gas Association (NLPGA), said they had projected the value for LPG market in the next five years […]

Delta communities vow to shut Forcados terminal over oil spills

  Nigeria may suffer another disruption in crude oil exports as Odimodi and Forcados communities in Delta State have threatened to shut down the Forcados Export Terminal, The Guardian reports.   The communities threatened to shut down the facility over the spilling of over 40,000 barrels of crude oil that spread to seven Niger Delta […]

Blockchain could have positive impacts on Nigeria’s oil sector – Experts

As emerging frontiers, especially digital ledger systemS also called Blockchain become a more globally recognised solution, experts have called for frameworks that will enable Nigeria’s oil and gas sector to benefit from the innovation, The Guardian reports.   A report conducted by Deloitte, titled, “Is Blockchain’s Future in Oil and Gas Transformative or Transient?,” discovered […]

Reps look into recovering $21bn in lost PSC revenues from IOCs

  Nigerian lawmakers ordered an investigation on Thursday into whether the government could recover $21 billion in revenues from international oil companies (IOCs) due to non implementation of provisions under the country’s deep offshore oil exploration and drilling law, Reuters reports.   Oil minister Emmanuel Ibe Kachikwu said in December the government had failed to […]

PIGB to curb theft, revenue loss in Nigeria’s oil sector – NEITI

  The Nigeria Extractive Industries Transparency Initiative (NEITI), Sunday, commended the National Assembly for the passage of the Petroleum Industry Governance Bill (PIGB), stating that the Bill would stem the massive loss of revenue recorded in the petroleum industry, arising from corrupt practices and process lapses, Vanguard reports.   NEITI, in a statement in Abuja, […]

Nigeria’s excess crude account held $2.32 billion as at Jan 15

  Nigeria’s excess crude account stood at $2.317 billion as of Jan. 15, a state governor said on Thursday, Reuters reports.   The figure was given by the finance minister during a meeting of Nigeria’s national economic council, according to Abdullahi Umar Ganduje, the governor of Kano state, who briefed reporters after the meeting.   […]