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Author Archives: admin

Nigerians Should Prepare for More Pains- Petroleum Minister

…….by Musa Ibrahim…….. The Minister of State for Petroleum Resources Chief Timipre Sylva has said that Nigerians should prepare to soak-in more pains as the government plans to embark on optimization of Petroleum products costs in the coming days ahead. The Minister said as the crude oil price has gone up to $60 per barrel in the international market and ...

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Nigerians Replacing Expatriates in Oil Majors– Petroleum Minister

Nigerians oil and gas professionals are replacing foreign expatriates in oil majors in Nigeria no thanks to covid-19. This is because most of the expatriates who travel back home because of the pandemic have not returned to Nigeria after the lockdown was eased and international flights were allowed into the country. This was disclosed by the Minister of State for ...

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DPR Issues Licence to establish first Floating LNG Production Plant

The Department of Petroleum Resources (DPR) has issued Licence to Establish (LTE) the first floating LNG production plant for the processing of 176MMcfd natural gas and condensate to UTM Offshore Limited, an indigenous oil and gas company at a presentation ceremony at the DPR headquarters in Abuja. The Director/CEO, DPR Sarki Auwalu while presenting the licence explained that the milestone ...

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Oil Prices Hit Year-high, Boosted by Supply Cuts from OPEC+

Oil prices rallied high at the first trading session of the week with Brent futures nearing $60 a barrel, boosted by supply cuts among OPEC+ members and hopes that the stimulus package in play at the world’s largest economy would see the light of the day. Brent crude traded at $59.95 a barrel thereby touching its one-year high. West Texas ...

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NNPC Records 54 Percent Increase in Trading Surplus for November

…………Posts Crude Oil, Gas Export Sales of $108.84m…….., The Nigerian National Petroleum Corporation (NNPC) has announced a trading surplus of ₦13.43billion for the month of November 2020 up by 54% when compared to the ₦8.71billion surplus recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a ...

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PIB Should Formally Address IOCs, Host Communities Issues – MOMAN

The Major Oil Marketers Association of Nigeria (MOMAN) says the Petroleum Industry Bill (PIB) should formally address issues between International Oil Companies and their host communities. Mr Tunji Oyebanji, Chairman, MOMAN said on Friday in Lagos that this would help to curb oil theft, pipeline vandalism and reduce the cost of crude oil production. Oyebanji noted that the recent Public ...

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NNRC Commends NASS Efforts in Passage of PIB

The Nigeria National Resource Charter (NNRC) has commended recent efforts by the National Assembly toward ensuring the passage into law of the protracted Petroleum Industry Bill (PIB). The NNRC, a non-profit policy institute that promotes effective management of natural resources for public good, made the commendation in a statement issued by its Programme Coordinator, Ms Tengi George-Ikoli on Friday in ...

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NPA Expects 20 Ships with Petroleum Products

The Nigerian Ports Authority (NPA) says it is expecting 20 ships laden with petroleum products, food items and other goods from Feb. 5 to Feb. 15. According to a publication by NPA called Shipping Position the ships are expected to arrive at the Lagos Port Complex. NPA added that the ships contained bulk sugar, bulk wheat, general cargo, frozen fish, ...

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FG to Allow Successful Marginal Oil Field Bidders to Pay in Naira Equivalent

…………by Cyril Madu………. The federal government will allow the current successful bidders of the marginal oil field to pay in Nigeria naira equivalent of other currencies particularly the American dollars. This is a deviation from past bid rounds conducted by the Department of Petroleum Resources (DPR) in which investors are mandated to pay in foreign currencies. The Director/Chief Executive Officer, ...

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NLNG Generated $108 billion in 21 Years and Paid Out $35 Billion as Dividend

The Nigeria Liquidified Natural Gas (NLNG) said it has generated about $108 billion since it started operation about 21 years ago. It also explained it had given out about $35 billion in dividends to shareholders. General Manager, External Relations and Sustainable Development of the NLNG, Mrs. Eyono Fatayi-Williams, stated these on behalf of the Managing Director of the company while ...

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