Pipeline explosion averted in Aboru, Lagos

Pipeline explosion averted in Aboru, Lagos

The Nigeria Security and Civil Defence Corps says it averted an oil pipeline explosion in the Aboru, Agbado/Oke Odo Local Council Development Area, Lagos State on Sunday. The commander of Agbado/Oke Odo Unit, Mr Malik Ojetola, said in a statement on Sunday that the unit …..

‘$6b required to develop 5m tons LPG infrastructure’

‘$6b required to develop 5m tons LPG infrastructure’

At least $6 billion is required to develop infrastructure to enable Nigeria achieve the 2023 target of  five million tons of liquefied petroleum gas (LPG) also called cooking gas consumption. Programme Manager, National Liquefied Petroleum Gas Expansion Plan, recently constituted by the Federal Government to …..

COVID19: Equities market shed N399.82bn in a week

COVID19: Equities market shed N399.82bn in a week

Amid the rising cases of coronavirus in Nigeria, presidential directive to lockdown Lagos state and Abuja for 14 days and further drop in crude oil prices, especially Bonny Light which fell to USD21.41 per barrel on Thursday, April 2, 2020, from $24.83 per barrel on …..

Nigeria’s oilfields face shutdown risk amid volatile market

Nigeria’s oilfields face shutdown risk amid volatile market

The collapse of crude oil prices and the oversupply of the commodity in the global market amid shrinking demand may force some producers in Nigeria to shut down their oilfields, ’FEMI ASU reports Given the high cost of producing a barrel of crude oil in …..

Cooking gas sellers get exemption from lockdown

Cooking gas sellers get exemption from lockdown

COOKING gas retailers have obtained an exemption from the lockdown, the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) said on Wednesday. Its Executive Secretary, Mr Bassey Essien, said in a statement that in a bid to avoid a misinterpretation of the directive, NALPGAM sought …..

NUPENG Distributes Sanitisers, Safety Gears to Members

NUPENG Distributes Sanitisers, Safety Gears to Members

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has distributed hand sanitisers, safety gears to tanker drivers and other vulnerable members at various operational locations. According to a statement jointly signed by the National President of NUPENG, Williams Akporeha, and General Secretary, Afolabi …..

OPEC to hold emergency meeting with Russia, others on output cut

OPEC to hold emergency meeting with Russia, others on output cut

The Organization of Petroleum Exporting Countries (OPEC) has invited Nigeria and other members of the group for an emergency meeting scheduled for Monday next week in an attempt to strike a deal to cut production output to strengthen crude oil prices. The meeting, which is expected to …..

Nigeria: Improved Gas Supply Pushes Power Generation to Over 4,200MW

Nigeria: Improved Gas Supply Pushes Power Generation to Over 4,200MW

Following the intervention of the Nigerian National Petroleum Corporation (NNPC) in addressing the issue of gas availability to thermal power plants, power supply has risen above 4,200 megawatts. The Transmission Company of Nigeria (TCN) thursday announced an improvement in power generation following the supply of …..

Hope Rises for Nigeria as Crude Oil Prices Climb

Hope Rises for Nigeria as Crude Oil Prices Climb

The international prices of crude oil spiked yesterday, raising hopes in the country that Nigeria could meet its financial obligations to its citizens and fulfil its global commitments in the short term as the Brent sold for $34.42 per barrel With dwindling prices of the …..

Nigeria cuts crude selling prices to woo buyers

Nigeria cuts crude selling prices to woo buyers

Nigeria has cut the official selling prices for its crude oil to record lows to clear a glut of unsold April-loading cargoes before releasing the May programme on Monday. The country has had to grapple with an unprecedented excess of oil triggered by the coronavirus …..