Category Archives: Uncategorized

IOC Commends Nigerian Government, NNPC on improved security

  The Federal Government and the management of the Nigerian National Petroleum Corporation (NNPC) have been commended for the improved security situation in the Niger Delta which has rubbed off positively on the operations of international oil companies.   This commendation was given by Antonio Vella, chief operating officer, Upstream, Eni, when he led the […]

Crude Oil Production May Rise By 180,000bpd Next Year

Nigeria’s crude oil production is expected to rise further if Royal Dutch Shell and its partners, next year, decide whether to go ahead with the development of the nation’s Bonga Southwest offshore oilfield, a senior company official said on Tuesday.   The project, one of the country’s largest with an expected production of 180,000 barrels […]

Nigeria Lost N3.8tn to Oil Theft in Two Years, Says NNRC Report

  The Nigeria Natural Resource Charter (NNRC) Tuesday disclosed that its latest report on crude oil theft in Nigeria showed the country lost about N3.8 trillion within the last two years – 2016 and 2017 to the menace.   The UK-funded non-governmental organisation (NGO) also added that the estimated financial value of what Nigeria lost […]

$21bn debts, revenue loss: Reps invite Kachikwu, NNPC, NPDC, others

  House of  Representatives adhoc committee probing $21 billion debts owed indigenous companies by International Oil Companies, IOCs, and revenue leakages, yesterday, invited Ibe Kachikwu, Minister of State for Petroleum Resources, and chief executive officers of all oil companies operating in Nigeria.   Chairman of the Ad-hoc Committee, Daniel Reyenieju, PDP, Warri Federal Constituency) who […]

Nigerian government not willing to save for rainy day – CBN cries out

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day. CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic […]

NCDMB to revitalise shut LPG plant to save 1,000 jobs

The Nigerian Content Development and Monitoring Board (NCDMB) would revamp the shut Liquefied Natural Gas (LPG) plant to save about 1,000 jobs. This comes as the NCDMB applauds the Nigeria LNG Limited (NLNG) for awarding the contract for the provision of a new build Liquefied Petroleum Gas (LPG) ship to a fully indigenous company, E.A. […]

Africa’s richest man arranges $4.5 bln of financing for oil refinery

  Africa’s richest man, Aliko Dangote, has arranged more than $4.5 billion in debt financing for his Nigerian oil refinery project and aims to start production in early 2020, he told Reuters.   Dangote, who built his fortune in cement, is building the world’s largest single oil refinery with capacity of 650,000 barrels per day […]