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Kachikwu laments Nigeria’s loss to oil production contracts

  The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, on Tuesday said the country had lost a lot of money to Production Sharing Contracts entered into with oil companies in the past.   Kachikwu said the terms of the contracts would change to enable the Federal Government to get more from oil production […]

‘Why Nigeria cannot implement local content 100%’

  Crude oil production may be affected if the Nigerian Content Development and Monitoring Board (NCDMB), were to enforce full implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.   The Executive Secretary, NCDMB, Simbi Wabote, at the Public Hearing organised by the Senate Ad-Hoc Committee investigating the $16billion Egina project, said […]

U.S. May Halt Crude Oil Import From Nigeria

  There are indications that the United States may halt crude oil import from Nigeria by 2022, as it moves closer to becoming a net export of petroleum products.The United State Energy Information Administration (EIA) has projected that the United States will become a net energy exporter in 2022 in the newly released Annual Energy […]

‘Non-oil economy still in recession’

Nigeria’s economy is still vulnerable with fragile growth driven by increased oil production and rising crude oil Price.   Chief Executive Officer, RTC Advisory Services Limited, Mr. Opeyemi Agbaje made this observation at a media parley in Abuja.   He noted that, while there was miraculous reversal in oil price and production out put,  other […]

Nigeria to save billions of Naira training oil workers locally — OGTAN

Capital flight plaguing the country must be curtailed if the oil industry domesticates training of oil and gas workers, Dr. Afe Mayowa, President of Oil and Gas Trainers Association of Nigeria (OGTAN), has said.   Speaking ahead of the forthcoming maiden edition of the Nigeria Education Summit of the association billed for April 16, Mayowa […]

Gas Supply, Others Deny Nigeria’s Power Sector N40.55bn Revenue in One Month

Despite over 192 trillion standard cubic feet of gas reserves yet to be tapped, power plants in the country still lack adequate gas to run turbines, giving rise to N40.548 billion revenue losses by the sector in one month.   This loss was due to insufficient gas supply, distribution infrastructure, transmission infrastructure and water reserves. […]

Nigeria Earned N1.2B From Oil in Fourth Quarter of 2017

The Federal Government earned N1.226 billion from crude oil during the last quarter of 2017, according to the Central Bank of Nigeria (CBN).   Besides, about N115.58 billion was allocated to the 13 per cent Derivation Fund for distribution among the oil-producing States during the period under review.   This was lower than both the […]

‘Why Kaduna Refinery Is Not Working, Profitable’

On Thursday February 15, it would be exactly one month since the Kaduna Refining and Petrochemical Company (KRPC) shut down operations, due to the non-availability of crude oil.Besides the non-availability of crude, the facility, like others around the country has been functioning grossly under capacity since it has not undergone a Turn Around Maintenance (TAM) […]