Category Archives: Uncategorized

NNPC Begins Rehabilitation Of Port Harcourt Refinery

The Nigerian National Petroleum Corporation on Thursday announced the formal commencement of the first phase of the rehabilitation of the 210,000 barrels per day capacity Port Harcourt refinery.   Port Harcourt refinery complex also houses the 60,000 barrels per day old refinery that was built in 1965 and the 150,000 barrels per day new refinery, […]

New Refineries to Overrun Inefficient Plants By 2024

An increase in the number of new refining capacity, expected to extend till the end of 2024, signifies major competition ahead for the oil industry, with possible shutdowns, the International Energy Agency (IEA), said in its Oil 2019 Report.   The IEA noted specifically that such a capacity expansion will require shutdowns to balance, estimating […]

Nigeria to deploy technology in oil pipelines monitoring

The Managing Director, Nigerian Pipelines Storage company (NPSC), Luke Anele, has said the agency is deploying new technologies to monitor activities in oil pipelines across the country. Mr Anele made the disclosure in an interview with the News Agency of Nigeria (NAN), in Abuja on Wednesday. NPSC is a subsidiary of Nigerian National Petroleum Corporation […]

41billion barrels of crude oil remain untapped in SSA region – NNPC chief

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has stated that more than 41billion barrels of crude oil and 319trillion cubic feet of gas are yet to be discovered in Sub-Saharan Africa.   The NNPC GMD stated that from available information, the African global crude oil and gas outlook […]

PIB passage set to transform Nigeria’s oil industry – NNPC GMD

The Group Managing Director of the Nigerian National Petroleum Corporation, Dr Maikanti Baru, has said the passage of the four components of the Petroleum Industry Bill, which is expected to usher in a new legislation, will change the fortunes of the nation’s oil and gas sector for the better.   Baru said the passage of […]

Nigeria’s crude oil export threatened as 30 cargoes remain

There are indications that crude oil imports from Nigeria could be further threatened with the country’s highest oil buyer, India, signing an agreement to import 0.6 million barrels of oil from the United States   India was Nigeria’s top crude oil buyer in five of the last six years.   Nigerian and Angola crude oil […]

Nigeria, Sao Tome move to exploit 500m barrels of oil

A new production sharing contract (PSC) yesterday entered into by Nigeria, Sao Tome and Principe Joint Development Authority (JDA) and Total Nigeria Plc is to exploit over 500 million untapped barrels of crude oil in West Africa. Coming 18 years after an earlier treaty was struck, Total and major stakeholders from the two nations as […]

NIMASA seeks amendment to Nigeria’s crude oil trade terms

The Nigerian Maritime Administration and Safety Agency, NIMASA, said it is focused on ensuring that the nation’s crude oil trade terms are changed from the present Free on Board, FOB to Cost Insurance Freight, CIF.   Disclosing this in Benin over the weekend, Director-General of NIMASA Dakuku Peterside, said in a bid to create enabling […]

Dangote, Chevron Nigeria seal gas supply deal

Chevron Nigeria Limited (CNL), operator of the CNL and the Nigerian National Petroleum Corporation (NNPC) joint venture, on Wednesday, signed a Gas Sale and Aggregation Agreement (GSAA) with Dangote Fertiliser Limited (DFL) and Gas Aggregation Company of Nigeria Limited (GACN) as the ‘aggregator’.   The agreement was executed on behalf of the three companies by […]

OML 11: Presidency orders NNPC to take over entire operatorship

Twenty Six years after oil exploration came to an end in Oil Mining Lease (OML) 11 located in Ogoni, Rivers State, the Presidency has directed the Nigerian National Petroleum Corporation (NNPC) to take over the operatorship of the oil asset.   A letter in possession of Daily Sun with reference number SH/COS/24/A/8540 addressed to the […]