NNPC Expands Pipeline Networks to Meet Domestic Gas Demand

NNPC Expands Pipeline Networks to Meet Domestic Gas Demand

The Nigerian National Petroleum Corporation (NNPC) has said it is expanding and integrating gas pipeline network in the country to meet unprecedented demand of the substance. The Group Managing Director of NNPC, Mallam Mele Kyari, disclosed this at the NNPC Day, during the just concluded …..

Total looks to sell stake in Nigerian offshore block

Total looks to sell stake in Nigerian offshore block

French oil major Total wants to sell its 12.5% stake in a deepwater oilfield off the coast of Nigeria, industry and banking sources told Reuters. The stake in Oil Mining Lease (OML) 118, which is located some 120 kilometers (75 miles) off the Niger River Delta, is …..

Chevron highlights Nigerian gas success story

Chevron highlights Nigerian gas success story

The development of Nigeria’s vast gas resources has been one of the major policy thrusts of successive governments in Nigeria.  It is worthy of note that Nigeria is blessed with resources for growth and global competition in gas. According to the Department of Petroleum Resources (DPR), …..

Nigeria targets oil companies for a greater share of profits

Nigeria targets oil companies for a greater share of profits

In a move Nigeria’s president hailed as a “landmark moment”, Africa’s largest oil producer approved legislation this week to bolster its share of revenues from international majors. The authorities say the amendment — heralded as the biggest change in decades to its production sharing deals …..

Total Planning to Sell $750 Million Stake in Major Nigerian Oil Block

Total Planning to Sell $750 Million Stake in Major Nigerian Oil Block

Total is seeking to sell its 12.5 per cent stake in a major deepwater oilfield off the coast of Nigeria, industry and banking sources have said. The plan is reportedly an effort to adjust the energy company’s Africa portfolio amid a broad expansion. Reuters reports …..

DPR suspends fuel loading in Lagos communities

DPR suspends fuel loading in Lagos communities

The Department of Petroleum Resources has suspended further loading of fuel from depots and tank farms in Satellite Town and Ijegun with a view to addressing some environmental issues in the communities. The Assistant Director, Downstream, DPR, Dr Akenn Musa, made the disclosure on Monday …..

Nigeria’s petrol subsidy rises by N58.6bn in a single month

Nigeria’s petrol subsidy rises by N58.6bn in a single month

The amount spent on fuel subsidy by the Nigerian National Petroleum Corporation increased by N58.6bn within one month, the latest figures released by the corporation on its financial report for July 2019 has shown. According to the report, obtained on Tuesday, the corporation spent the …..

Nigeria risks oil sector disruption due to long contracting cycle – NAPE

Nigeria risks oil sector disruption due to long contracting cycle – NAPE

The Nigerian Association Petroleum Explorationists (NAPE), has urged the Federal Government to address concerns bordering on the long contracting cycle in the petroleum industry, adding that such practice continues to hamper investments and development. According to the body, the long contracting cycle results in a …..

NNPC signs MoU with Russian firm, Lukoil to produce, refine, trade in oil

NNPC signs MoU with Russian firm, Lukoil to produce, refine, trade in oil

Nigeria and Russia Thursday in Sochi, Russia, signed an important Memorandum of Understanding (MoU), which will enable both countries’ oil giants, Nigerian National Petroleum Corporation (NNPC) and Russia’s Lukoil to elevate commercial relationship to a government-to-government backed partnership. With signing of the MoU, NNPC and …..