Monthly Archives: February 2018

NNPC in final talks with Vitol, GE, Eni others to overhaul refineries

  Nigeria’s state oil firm NNPC is in the final stages of talks with two consortiums that include top traders, energy majors and oil services companies to revamp its dilapidated refineries, Reuters reports.   The move is aimed at helping Nigeria save billions of dollars on fuel imports. Four banking and trading sources said the […]

NNPC, Kogi sign MoU to produce 84m litres of bio-fuel per annum

  The Nigerian National Petroleum Corporation (NNPC) and the Kogi State Government have executed a Memorandum of Understanding for the development of fuel-ethanol processing plant that would produce 84 million litres of bio-fuel per year.   Speaking during the signing of the MoU today in Abuja, the Group Managing Director of the NNPC, Dr. Maikanti […]

Petroleum Ministry urges stakeholders to provide accurate data

  Dr Folasade Yemi-Esan, the Permanent Secretary, Ministry of Petroleum Resources on Monday urged oil and gas stakeholders to collate accurate, up-to-date data for the industry, NTA News reports.   Esan said this at the opening of the OPEC Data Management Training Workshop in Abuja. According to her, the ministry is working with other stakeholders […]

U.S. to overtake Russia as world’s top oil producer by 2019 at latest – IEA

  The International Energy Agency (IEA) said on Tuesday that the United States will overtake Russia as the world’s biggest oil producer by 2019 at the latest, as the country’s shale oil boom continues to upend global markets, Reuters reports.   IEA Executive Director Fatih Birol said at an event in Tokyo the United States […]

Hull offshore equipment manufacturer secures £500k supply contract with Nigeria LNG

  North Sea Ventilation Ltd (NSV), the Hull-based specialist manufacturer, has secured a £500k order to supply cooling equipment to Nigeria LNG Ltd. Established in 1992, NSV supplies heating, ventilating, air-conditioning and refrigeration systems for the energy sector. The £9m-turnover company currently sells to customers around the world, with 80% of its sales to international […]

Diversification will bring more benefits, says Guinness MD

  The ongoing efforts to diversify the economy from dependence on crude oil will enhance national development and create more opportunities for Nigerians, Guinness Nigeria Plc Managing Director, Mr Peter Ndegwa, has said.   He said the diversification of the economy and improvement from a raw-material only country to manufacturing economy will create a more […]

Pass PIGB to attract investments in the oil industry – SPE

  Speaking at a briefing to announce the 18th Annual Oloibiri Lecture Series and Energy Forum, scheduled for March 1, to begin on the 1st of March, Nwosu, who is also Deputy Managing Director (Technical), Addax Petroleum, stated that the challenges confronting the industry are very well known. He said: “Incentives to invest in the […]

Oil thieves cause SPDC to shut down 175,000bbl/d pipeline twice

  The Shell Petroleum Development Company of Nigeria Limited (SPDC) as operator of SPDC Joint Venture (SPDC-JV) facilities, recorded two incidences of oil spillage in the month of January to crude oil saboteurs.   The company stated that the first was recorded on the first day of January 2018 at its 12-inch Imo River-Ogale pipeline […]

Nigeria’s higher oil output balanced OPEC production in January – IEA

  The International Energy Agency (IEA) has said improved crude oil output in Nigeria made up for the losses recorded by some OPEC member countries to steady production month-on-month at 32.16 mb/d in January, THISDAY reports.   In disclosing this in its Oil Market Report for February, IEA also noted that compliance with OPEC supply […]