News Oil & Gas

NNPC, Schlumberger collaborate on frontier exploration

Ihesiulo Grace 13 January 2017 0

  The Nigerian National Petroleum Corporation, NNPC, has stepped up collaboration with the reputable multinational oil service company, Schlumberger, in the deployment of state-of-the-art technology in the ongoing search for commercial hydrocarbon deposits in the Chad basin and other parts of

Business News Oil & Gas

Chevron appoints new MD

Ihesiulo Grace 31 December 2016 0

Chevron Nigeria Limited (CNL) has announced the appointment of Mr Jeffrey Ewing to the position of Chairman and Managing Director of its companies in Nigeria, effective January 1, 2017. Its General Manager, Policy, Government and Public Affairs (PGPA), Mr Esimaje Brikinn disclosed this in a statement issued and made available to the News Agency of […]

Business Oil & Gas

NNPC lifted crude oil worth N6.6trn in 22 months — Report

Ihesiulo Grace 22 December 2016 0

The Nigeria National Petroleum Corporation (NNPC) lifted crude oil worth N6.6trillion between January 2015 and September 2016, a report by the Nigeria Extractive Industries Transparency Initiative (NEITI) has said. NEITI in its summary of the report, contained in its occasion paper series issued for December, lauded the corporation for publishing its monthly reports since

Headlines News Nigeria Oil & Gas

Transparency in procurement processes our watchword, NDDC chairman assures

Ihesiulo Grace 16 November 2016 0

As part of measures to ensure transparency in the Niger Delta Development Commission, (NDDC), the agency is taking some giant strides to strengthen its procurement processes. The Chairman of the NDDC Governing Board, Senator Victor Ndoma-Egba (SAN), said this after an extra-ordinary meeting of the board on Monday in Abuja, according to a statement signed […]

Headlines News Oil & Gas

FG to scrap NNPC, DPR, PPPRA as Buhari targets single regulator for oil sector

Ihesiulo Grace 14 November 2016 0

    There is an air of upset in the oil sector following the plan by the government to scrap regulatory authorities including the Nigerian National Petroleum Corporation (NNPC), Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA). This was contained in the draft National Oil Policy document released by the Ministry

Headlines News Oil & Gas

Nigeria Targets 60% Drop In Petroleum Products Import By 2018

Ihesiulo Grace 25 October 2016 0

The Nigerian government says it is targeting at least 60% drop in importation of petroleum products by 2018 and export increase by 2019. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, told a gathering in Lagos that current reforms initiated by the government would ensure the reduction in importation and subsequently position the country […]

Headlines News Oil & Gas

Recession: Petrol sells above N145 per litre in 15 states

Ihesiulo Grace 18 October 2016 0

Despite the federal government’s assurance that the price of petrol will reduce from N145 per litre, it sold above the price in 15 states of the federation, last September, data from the National Bureau of Statistics, NBS, has shown. According to the NBS, Cross River State led the price table with N154.6, followed by Kaduna, […]

Headlines News Oil & Gas

Shell, partners empower 60 Ogoni entrepreneurs

Ihesiulo Grace 17 October 2016 0

The Shell Petroleum Development Company Joint Venture said it had trained another 60 youths in entrepreneurship, business planning, management and pitching as part of its employment generation initiatives in Ogoniland. It said in a statement on Sunday that 50 of the trainees, who were successful in the final assessment, received start-up funds for their business […]

Oil & Gas Politics

North moved against Jonathan because of oil blocs – Ofeimun

Ihesiulo Grace 10 October 2016 0

Awoist and poet, Odia Ofeimun, is not happy with how Nigeria has been destructured and unitarised over the years and how some vested interests are interpreting restructuring as a move to dismember the country. At the 20th anniversary lecture of the City People magazine, penultimate Thursday, he traced the socio-political history of the country and […]

Business Oil & Gas

Recession: NNPC warns, reserves running out.

Ihesiulo Grace 4 October 2016 0

—The Nigerian National Petroleum Corporation, NNPC, yesterday, painted a gloomy outlook for Nigeria’s economic fortunes, as it disclosed that the country’s crude oil and gas reserves were fast depleting. The NNPC in a statement in Abuja, therefore, begged oil and gas exploration companies, professionals and other stakeholders to focus on increasing the nation’s oil and

Business Oil & Gas

In Five Months FG saves N173bn.

Ihesiulo Grace 3 October 2016 0

The Federal Government says it has been saving a total of $4m (N1.22bn) daily in fuel import bill since May 12, this year when it stopped paying subsidy claims to importers. The Minister of Budget and National Planning, Senator Udo Udoma, who confirmed the figure, said the liberalisation policy in the oil sector had also […]

Business Oil & Gas

Global Oil bench mark: $50 per barrel.

Ihesiulo Grace 3 October 2016 0

Global oil benchmark, Brent crude, extended its rally on Sunday to hit the $50 per barrel mark, the third time this year. This comes as the expected return of the Forcados export terminal has helped to boost Nigeria’s planned crude oil exports this month to about 1.98 million barrels per day, the most since January. […]

Business Oil & Gas

China seeks more crude oil export from Nigeria

Ihesiulo Grace 14 March 2016 0

China has said it seeks more crude oil exports from Nigeria in spite of the recent changes in oil prices. Economic and Commercial Counsellor of the Chinese Embassy in Nigeria, Mr. Zao LingXiang, said this in an interview in Abuja. According to him, “But the total amount of export to China was only about one […]

Business Oil & Gas

Oil prices move away from 12-year low as China shares rise

Ihesiulo Grace 8 January 2016 0

Oil prices rose more than two per cent on Friday following China shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes.   Beijing had suspended equities trading as the sharp falls in them triggered the circuit-breaking mechanism for a second time since its introduction this week.   […]

Business Oil & Gas

DPR shut 6 filling stations in Ogun

Ihesiulo Grace 8 January 2016 0

The Department of Petroleum Resources (DPR), on Thursday, sealed-off not less than six filling stations selling fuel above official price in Ogun state.   DPR, who carried out the acts in conjunction with the Nigeria Security and Civil Defence Corp (NSCDC also sealed those hoarding the product.   Some of the affected stations include Amour […]

Business Headlines News Oil & Gas

Supreme Court Stops Sale of Oil Blocks

Ihesiulo Grace 19 May 2015 0

A legal halt was on Monday ordered to the planned sale of three oil blocks by the Supreme Court, a day the country learnt of a fresh huge crude find. A five-man panel of the Supreme Court ordered that the status quo ante bellum be maintained in plans by Chevron Nigeria Limited to sell Oil […]

Business Oil & Gas

Marketers Deregulate Fuel Sale, Price Hits N150

Ihesiulo Grace 14 May 2015 0

Consumers of Premium Motor Spirit (PMS) also known as petrol have continued to lament as the price of product has risen from N87 to about N150 per litre in different parts of the nation. Investigations showed the rise in price is fuelled by many irregularities, including extortion at depots, jetties and filling stations. It was […]

Business Oil & Gas

NNPC Seeks Global Partnership in Gas Development

Ihesiulo Grace 6 May 2015 0

The Nigerian National Petroleum Corporation, (NNPC), is leading the drive to attract massive global investments into the nation’s gas sub-sector as a way of ameliorating the effect of drop in crude oil prices on the Nigerian economy. In an address at the panel session organinsed by the Petroleum Technology Association of Nigeria, (PETAN), at the […]

Headlines News Oil & Gas

Amosun Blames NNPC for Pipeline Vandalism

Ihesiulo Grace 6 May 2015 0

The Ogun State Governor, Senator Ibikunle Amosun, has attributed the incessant vandalism of petroleum pipelines in various parts of the country to the dereliction of duty on the part of the Nigerian National Petroleum Corporation (NNPC). Amosun, who said this when he visited the scene of a vandalised pipeline along Iperu-Ogere road in Ikenne Local […]

Business Oil & Gas

2015 Budget: Senator Confirms Approval N143bn For Fuel Subsidy

Ihesiulo Grace 30 April 2015 0

Contrary to reports that there was no provision for fuel subsidy in the 2015 budget, the Senate Committee Chairman on Finance, Senator Ahmed Makarfi, on Thursday said Senate approved N143bn for fuel subsidy in the budget. Speaking with newsmen in Abuja, Makarfi also gave an insight into how the nation can effectively address the issue […]