OIL & GAS
NNPC, 2019 Budget and Baru’s Optimism
It was not the first time the Group Managing Director of the Nigeria National Petroleum Corporation, NNPC, had been upbeat about developments in the country’s oil sector in the last three years. But when he told senators recently that Nigeria would meet the oil production target of 2.3 million barrels of oil per day benchmark used in the 2019 budget, he portrayed a sector that is on a rising curve of growth.
Oil Producers Bank on Kachikwu for $1bn Investment Fund
Africa’s oil producers will be looking up to Nigeria’s Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, to help them attract as much as $1 billion they intend to invest in building energy infrastructure across the continent.
Fuel subsidy soars to N3bn in one day
Oil price yesterday rose to $70 per barrel, highest level since November 2018, pushing the under recover oust also known as subsidy on Premium Motor Spirit (PMS), popularly called petrol, to N3 billion in one day. Though the higher crude price increases government’s revenue on crude export, the heavy dependence on import for petrol neutralises the gains as it pushed the landing cost to N205 per
N205bn Worth of Petroleum Products Lost to Vandals in 10 Years
Between 2008 and 2017, Nigeria lost a total of N205.4 billion worth of petroleum products to vandals who hacked into petroleum products pipelines of the Nigerian National Petroleum Corporation (NNPC), a report from the state-run oil company has disclosed.
How govt limits rise in LPG per capita consumption -–– Experts
Despite its position as the second largest producer of Liquefied Petroleum Gas, LPG, industry expert have attributed blames to the government for stalling progress of LPG per capital usage in country.
Oil theft: Navy hands over 8 suspects, 1 vessel to EFCC
The Nigerian Navy Ship (NNS) DELTA on Monday in Warri handed over eight suspected oil thieves and a vessel to the officials of the Economic and Financial Crimes Commission (EFCC). The News Agency of Nigeria (NAN) reports that the vessel was laden with about 100,000 litres of Automotive Gasoline Oil (AGO) which was believed to have been illegally acquired by the suspects.
Oil rises above $71 as Libya civil war threatens supply
Brent, against which Nigeria’s crude oil is priced, hit a high of $70.86 per barrel, with instability in Libya raising the prospect of further supply constraints at the same time that the Organisation of Petroleum Exporting Countries has made cuts to production.
Total empowers 149 SAP beneficiaries
Total Nigeria Plc said it has empowered 149 beneficiaries since inception of its Skills Acquisition Program (SAP). SAP is a sustainable youth development scheme where less privileged youths of our host communities are trained in vocations of their choice.
Appeal Court upholds 15-year jail term for TASUED NASU executives
A Court of Appeal sitting in Ibadan has upheld the 15-year jail term handed to three Non-Academic Staff Union executives of Tai Solarin College of Education, who were accused of converting to personal use the sum of N6.6m belonging to the union.